Here is one tax cut idea Obama is floating. Like I knew was going to be the case, I will not be eligible. What a surprise.
But in talking about his economic recovery package, Obama has mentioned his campaign promise to offer a "net tax cut" for "95% of American workers."
One option that could get Obama a good way toward that 95% is his proposed Making Work Pay credit -- a centerpiece promise in his campaign. The credit would essentially work as a payroll tax credit equal to $500 for individuals and $1,000 for couples.
The credit would have an income threshold. Only those making $75,000 or less ($150,000 or less for couples) would get the full credit. Individuals making between $75,000 and $85,000 (and couples making between $150,000 and $170,000) would get a partial credit.
The credit also would be refundable, meaning that even tax filers without any tax liability