What ever will I do with the extra $13 per week of my money that I get to keep!!! I can hardly contain myself!! This should serve as an insult to all hard-working Americans. Look at it this way, this is equivalent to a pay increase of $0.32 per hour. You've got to be kidding me!!
Across the Internet, I've been reading a consistent rebuttal that I would like to address. The rebuttal is this: About 150,000,000 Americans will benefit from this tax cut. At $13 per week, about $100 billion will be injected back into the economy (Obama says $300 billion but I call bullshit). While debatable, the dollar velocity is about 7 times, which suggests that, overall, over $700 billion would be injected into the economy.
Here's my rebuttal to the rebuttal: Most states, counties, and cities have increased the property tax burden for this year, increased sales tax rates, and increased service fees. Here in Washington State we have witnessed a 0.02% increase in the sales tax, about a 7% increase in property taxes, and increases in tobacco and alcohol tax rates are currently being proposed and will likely pass. Occupational tax rates are also increasing as well as health care premiums. And let's not forget that energy costs are on the rise again.
So I ask you? How is the federal tax cut an economic stimulus when most of us are burdened with higher state and local taxes? Isn't this simply a transfer of federal resources to the states? Hmmmmmmmm. Doesn't sound like a stimulus to me. It sounds more like spinning wheels in mud. We need additional relief at the state and local levels in order to call any of this a stimulus! The only stimulus I see is more government revenue! Suck on that for a while you liberal bitches.