Obama says tax cuts will be felt by April 1
After the US Senate gave the final approval to the economic stimulus plan and President Barack Obama has signed it into law Tuesday. The President said in his weekly radio and Internet address that Americans will start to feel the benefits of the tax cuts by April 1.
“Never before in our history has a tax cut taken effect faster or gone to so many hardworking Americans”
He said the Treasury Department has begun directing employers to reduce the amount of taxes withheld from people’s paychecks in accordance with the new law, and that in six weeks, a typical family will start taking home at least $65 more every month.
Obama also said that “Making Work Pay” tax break will affect 95 percent of working families.
Watch Barack Obama’s weekly address: 2/21/2009
The stimulus package of federal spending and tax cuts is designed to revive the economy and save or create 3.5 million or more jobs.
It will inject a sudden boost of cash into transportation, education, energy and health care, while aiming to help recession victims through tax cuts, extended unemployment benefits and short-term health insurance assistance. It also will add to a rapidly growing national debt.
[source: Huff Post]