Wednesday, January 7, 2009

Will the Tax Cut Work?

A poll on SmartMoney. com asks if the Obama plan for $300 billion in tax cuts is a good idea. One third said yes; one quarter said no and the rest were spread between 'only if I get it' and 'it should be bigger.'

But one incredibly intelligent person not only answered the poll but commented on the question itself. I was so impressed with this person's words that I had to copy them here.

"The question is too simplistic. Yes it will benefit many but not others. Businesses will benefit and so will entrepreneurs who will not have to pay taxes on profits from their quick start-ups. But will it benefit those of us on unemployment? Not for a long time and many not ever.

Overall it will be a good thing but the same could be said about many plans. The key is to follow through and follow up and not just give money away as we did to the banking industry.

I realize that many people hate having more government in their lives but right now we have no choice.

When you take out a mortgage you accept bank control for a time with the proviso that once the loan is paid off the house is yours! Tax cuts and new regulations must be done the same way with definite goals and expected time frames in place."

Okay, can figure out which curmedgeon wrote it?

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