The massive economic recovery package enacted last year included about $300 billion in tax cuts over 10 years. About $232 billion was in cuts for individuals, nearly all in the first two years.Ummmmm, those aren't "tax cuts". THEY ARE WELFARE PAYMENTS! You actually have to pay taxes in order to have them cut...
The most generous was Obama's Making Work Pay credit, which gives individuals up to $400 and couples up to $800 for 2009 and 2010. The $1,000 child tax credit was expanded to more families, and the working poor can qualify for as much as $5,657 from the Earned Income Tax Credit.
Rep. Ryan was on TV last night making your point - these so-called tax cuts are actually outlays. We’re back to “that depends on what the meaning of ‘is’ is”. OMG
Actually, for me they worked out to be tax cuts, in that last year I had $80,000 less income than the previous year, so the credits reduced the tax burden enough to get a token refund.
So, for the middle class group which fell into that category, they were cuts and for some made the difference between paying in more and getting some back.
While that was almost enough income for our family scrape by with some dipping into savings, everything was paid for except the house, and that was bought in a down market years ago with payments less than many pay for their car.
With a 'normal' mortgage payment and a car payment, the ends would not have met.
The sad thing is that the people in that group just might perceive the tax credits as a gimmie for them, and not see the train heading their way.