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Obama monitors Israeli attacks on Gaza
(Agencies)
Updated: 2008-12-29 16:23
Axelrod assured taxpayers that a promised middle-income tax cut was "vital" and at the top of Obama's agenda. "People need money in their pockets," he said. "That'll get our economy going again." US Congress should have a new stimulus plan ready for the new president to sign soon after he takes office January 20, Axelrod said. "Obviously, the sooner the better. I don't think Americans can wait," he said. "People are suffering, our economy is sliding, and we need to act. And so our message to Congress is to work on it with all deliberate speed." As part of his tax plan, Axelrod assured Americans that higher income citizens would be paying more in taxes, but not immediately. That is planned to happen through revocation of tax cuts for that group that were passed during the Bush administration or by allowing the measure to expire in 2010. "Whether it expires or we repeal it a little bit early we'll determine later, but it's going to go. It has to go." Axelrod said. "We feel it's important that middle class people get some relief now." Those cuts will be part of the new administration's stimulus plan, Axelrod said. "This package will include a portion of that tax cut that will become part of the permanent tax cut that he'll have in his upcoming budget." He placed the cost of the planned stimulus at "$675 billion to $775 billion" but said "those numbers are not fixed."
"We want to do it in a way that leaves a lasting footprint, by investing in energy and health care projects and refurbishing the nation's classrooms and labs and libraries so our kids can compete, and rebuilding our crumbling roads and bridges and waterways," Axelrod said. "And in this way, we're not only creating work, but we're laying the foundation for the future of our economy."
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