By John W. Lillpop
Middle class California workers planning to party with those extra dollars from Barack Obama's much heralded tax cut would be well advised to avoid spending too lavishly until the dust has settled in Sacramento.
As reported in the Washington Times, in part:
Taxpayers from coast to coast are less than impressed with the plan's (Obama's stimulus package) $400-a-year refundable tax credit, which would show up in most paychecks this spring as an added $13 per week when federal withholding rates are adjusted. It drops to about $7.70 a week at the start of 2010.
'It's an extra bag of popcorn and a Pepsi, if you know what I mean," said Glen Falke, 64, an arborist from upstate New York. 'It's not a big deal for me.'
But residents of cash-strapped California are especially underwhelmed because a slew of proposed state tax increases - on everything from the gas tax to sales tax - threaten to wipe out the modest payday bonus from Mr. Obama.
'That $13 isn't going to do much when the state is raising everything," said Linda Fernandez, 65, a special-education teacher in San Dimas, Calif. '
'The middle class never really benefits," she said. "The problem is all politicians promise us the world and very few can deliver much.'
Well said, Linda!
Fact is, Californians are falling victim to a vicious Ponzi scheme, orchestrated by liberals, whereby the federal government sends money to taxpayers, only to have said money turned over to tax-hungry leeches at the state level.
Obama-nomics: Downgrading the American dollar to CHANGE!