Senate Democrats oppose latest tax cut proposal of President Elect Obama.
Wired PR News.com – President Elect Barack Obama’s tax cut plan was met with opposition on Thursday. As reported by the Associated Press (AP), Democrats in the Senate deemed the tax cuts as ineffective for major economic stimulation or job creation. Senator John Kerry of Massachusetts is quoted by the AP as remarking, “I’d rather spend the money on the infrastructure, on direct investment, on energy conversion, on other kinds of things that much more directly, much more rapidly and much more certainly create a real job.”
Obama’s rescue plan has been estimated to cost $800 billion, with approximately $300 billion going to individual and business tax cuts. Some have expressed issues with the marginal increases provided for workers per week from the plan. Montana Senator Max Baucus is said to remark that it is too soon for Obama’s plan to receive such criticism, and is quoted as stating, “This is an early part of this whole process. A lot of preliminary questions are going to be asked.”
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