Poor Obama Gets No Credit for Cutting Everyone’s Taxes

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Photo: Jim Watson/Getty Images

Did you know that President Obama's stimulus package last year cut taxes for 95 percent of working families? Probably not, because, unlike President George W. Bush's tax rebate, which came in the mail in the form of a big fat check — everyone gather around, the tax cut is here, hooray! — Obama decided to just take out fewer taxes from your paychecks. The administration thought that, with this subtle method, people would be more likely to stimulate the economy by spending the money, rather than saving it, unpatriotically. But not only did nobody really notice that they even received a tax cut — therefore robbing Obama of any political benefit — but a study by a University of Michigan economics professor shows that more people actually spent the Bush tax cuts than the Obama tax cuts.

From Obama, the Tax Cut Nobody Heard Of [NYT]