Obama's Stimulus: Tax Break or Chump Change?

Reader Comments
Back to blog

Chump Change. I'm sure we will end up paying triple in income taxes in what we are receiving now.
Not long after he did this, Discover turned around and raised my finance charge / interest rate up almost 6% due to 'the economic hardtime', so now I owe even more on the balance. Because of MY economic hard times, I had to use my card for some of the necessities of life, which I would rather not have used it at all.
In the past three years, I have paid well over half my balance in interest alone, yet my bill has not gone down by more than 1500.00 - that's only 500 a year!
The only 'winners' in USA are the car manufacturers, the banks and credit card companies.

DJ of TX 10:18PM July 22, 2009

My income is pension, social security, and IRA
withdraw. I didn't earn my pension so no tax break
there. My IRA distribution triggers social security
benefits tax so for evey $1 I use adds $1.85 to my
taxable income for a marginal tax rate of 28%. My
gross income is $50K, that group that isn't going to pay any taxes. Don't know who got the gold mine, however I know who gets the shaft.

Robert N Pratt of VT 6:39AM July 09, 2009

My CPA advised the Obama tax break as a farce, due to the annual IRS tax rate not decreasing along with the payroll tax reduction. This being true will cause most of us to owe more taxes at end of 2009. I try to align my deductions to be on the plus side allowing me to get back a small amount each year. I attempted to research this on the IRS website to no avail as the last update being in January 2009. Could someone in the know research this matter and expose the farce if true?

Sonny Vincent of MS 12:00PM April 20, 2009

I make less than $35,000. The increase in my take home pay is $8 a week. Yeah, it is better than having $8 dollars subtracted from my check, but I say keep my $8 dollars if it means my kids and grandkids are going to be stuck paying off trillions of dollars in debt.

Ryan of IN 10:52AM April 10, 2009

We were notified yesterday our company in the child care industry will be implenting their own comprehensive plan that includes salary reducitons anywhere from 4%-8%. I've worked long and hard to get where I am and make what I make. But at least this tax break will offset some of the pinch.

swilhite of FL 6:17AM March 27, 2009

I have been a very hard working single mother raising a son with out help from anyone,ever. Although a small increase, it is better than having it taken OUT of my salary. Most people look at it as only $13.00 a week. However,I look at it as an extra $52.00 a month. Sad as it may be,I am happy for even this small amount. Yes,I wish it was more, but small steps forward are better than any steps backwards. I agree that the welfare program and the banking issues are a disgrace and an insult to the taxpayers of this country. I hope the President will take SERIOUS action against these people and make them pay for their despicable action and abuse. That would be very gratifying and right. Who knows, maybe we will get even more of our monies back once these issues have had time to be addressed. It takes time to fine tune everything, one foot in front of the other. That I have always preached to my son,keep going forward. This is AMERICA, anything is possible. Thank you.

Debra Archer of FL 11:50AM March 20, 2009

I received mine today. Two dollars and twenty cents...For two weeks. That amounts to about 50 bucks a year. I made $40,000.00 last year. I must be too rich to get any help. Oh wait, maybe I'm not rich enough like a bank. Freaking ridiculous!!!

Scott of NE 9:53AM March 13, 2009

If I understand Obama's tax "break" correctly, it is merely a change in the amount of tax WITHOLDING and does not change, in any way, the amount of tax we will owe at the end of the year. So how stupid can you get?? And how fraudulent can you get?? This has been promoted as a TAX BREAK. This IS NOT A TAX BREAK. It is a witholding break. It merely puts off until tomorrow the same amount of tax we will ultimately owe. I stand in sheer awe at the audacity of our new president.

Gary Jacobsen of AZ 3:10PM March 09, 2009

Just stop spending money. Even an economics fool knows better than this ridiculous package. Who cares about his 13 bucks? Is that supposed to be an insult? We work our tails off and educate ourselves without help from the freebie programs and these people want to get in office and throw our efforts in the nearest dumpster. Forget the stimulus bill; an old lady who has raised 6 kids on welfare could think of a better way to grow the economy; this is the most ignorant, stupid idea we have seen lately.

kay kahn of FL 6:46PM March 02, 2009

Just stop spending money. Even an economics fool knows better than this ridiculous package. Who cares about his 13 bucks? Is that supposed to be an insult? We work our tails off and educate ourselves without help from the freebie programs and these people want to get in office and throw our efforts in the nearest dumpster. Forget the stimulus bill; an old lady who has raised 6 kids on welfare could think of a better way to grow the economy; this is the most ignorant, stupid idea we have seen lately.

kay kahn of FL 6:45PM March 02, 2009