"After the inauguration, the new Obama administration made it clear from day one that pleasing Wall Street rather than distraught homeowners would be the focal point of policy."
Bush enacted TARP. President Obama simply ensured that it worked, minimizing losses to the government. In fact, some reports indicate that it will result in a profit.
One of the first things President Obama did was enact the
stimulus, which created and expanded numerous programs to help see Americans through the crisis he inherited.
I don't understand it, either. The stimulus included not only the broad
Making Work Pay tax cut that gave most families an $800 refundable tax credit but also the child tax credit and the earned-income tax credit, which were especially helpful to lower-income families.
If the child tax credit isn't extended, 7.6 million children who get the benefit through their families would lose it entirely, and the credit would be reduced for an additional 10.5 million children. The biggest losses,
according to the Center on Budget and Policy Priorities, would be among families earning $12,850 to $16,333, many of which include a parent working full time for minimum wage. Also set to expire are expansions of the earned-income tax credit that have helped working families that include 14.9 million children.
moreIn 2009 and 2010, the Making Work Pay provision of the American Recovery and Reinvestment Act will provide a refundable tax credit of up to $400 for working individuals and up to $800 for married taxpayers filing joint returns.
This tax credit will be calculated at a rate of 6.2 percent of earned income and will phase out for taxpayers with modified adjusted gross income in excess of $75,000, or $150,000 for married couples filing jointly.
For people who receive a paycheck and are subject to withholding, the credit will typically be handled by their employers through automated withholding changes. These changes may result in an increase in take-home pay.
The amount of the credit will be computed on the employee's 2009 income tax return filed in 2010 and the employee's 2010 tax return filed in 2011. Taxpayers who do not have taxes withheld by an employer during the year can also claim the credit on their 2009 and 2010 tax returns.
linkThere was also the $2,500 expanded tax credit for college tuition, the $1,500 expanded earned income tax credit and more.
New tax credit for workers $116.2 billion
Extend patch for the alternative minimum tax $69.8 billion
Expand eligibility for Child Tax Credit $14.8 billion
Tax Cuts for Individuals Expand higher education tax credits $13.9 billion
Incentive for first-time homebuyers $6.6 billion
Increase Earned Income Tax Credit $4.7 billion
Increase tax credits for residential energy efficiency improvements $2.0 billion
Incentive for alternative vehicle $2.0 billion
Tax Cuts for Individuals Incentive for car buyer $1.7 billion
Total above stimulus benefits: $232 billion
Total complaining: $0
The "sucking up to Banks" meme sucks.