The New York Times reports today that,
The legislation Mr. Obama is developing with Congressional Democrats will devote about 40 percent of the cost to tax cuts, including his centerpiece campaign promise to provide credits up to $500 for most workers, costing roughly $150 billion. The package will also include more than $100 billion in tax incentives for businesses to create jobs and invest in equipment or factories.
Obama had hoped to sign the stimulus legislation into law immediately after his inauguration on January 20th; however, according to House Majority Leader, Steny Hoyer (D-MD),
It’s going to be very difficult to get the package put together that early so that it can have sufficient time to be reviewed, and then sufficient time to be debated and passed
A more likely goal would be mid-February before Congress leaves on a Presidents’ Day recess. We certainly want to see this package passed through the House of Representatives no later than the end of this month, get it over to the Senate, and have it to the president before we break for the presidential break.
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1 » President Elect Obama’s Stimulus Plan Contains $300 Billion in Tax … » Tax Lawyer Search Online // Jan 6, 2009 at 3:01 pm
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