Isn't it amazing that there was a big Obama tax cut and nobody noticed? I know they intended it that way to get people to spend and help kick start the economy but what a pity that people didn't realize the rather wonderful thing that they got. It would have helped the Democrats, but it's nice to know they put the country first.
Here are excerpts from the New York Times:
"...In a troubling sign for Democrats as they head into the midterm elections, their signature tax cut of the past two years, which decreased income taxes by up to $400 a year for individuals and $800 for married couples, has gone largely unnoticed."
"...Actually, the tax cut was, by design, hard to notice. Faced with evidence that people were more likely to save than spend the tax rebate checks they received during the Bush administration, the Obama administration decided to take a different tack: it arranged for less tax money to be withheld from people’s paychecks..."
You know... I do remember Art saying last year that he was puzzled at having received so much money back from our taxes. However, he didn't want to look a gift horse in the mouth and was just happy to have the extra money to spend... which we did using the (Obama) stimulus energy tax breaks for windows and solar voltaic panels.
It took 8 years for the economy to go down the tubes. It's going to take a bit more patience to see it get better again. It boggles my mind that so many people actually thought it would be corrected in the first year.