Obama will sign bill with largest tax cut ever* today

February 17, 1:18 PMProgressive Politics ExaminerJay McDonough

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President Obama is scheduled to sign the $787B economic stimulus bill in Denver today.  Democrats are crowing about passing the bill just three weeks into the Obama presidency.  One of the claims they won't make now, but most assuredly will in 2010 and 2012 is this stimulus bill is the largest tax cut ever.  Seriously drifting into the GOP talking points, the bill includes $282B in tax cuts over two years. 

The Democrats won't talk much about the tax cuts now, but most assuredly will in 2010 and 2012.  Come election time, the Democrats will be sure to mention that it was them, without Republican support, that provided the largest tax cut ever.  Get used to hearing it.  You'll hear it a lot more then.

(* There is a caveat.  The Bush 2001 tax cut, larger than the tax cuts made by Presidents Reagan, Kennedy and others) did total $1.35T.  That tax cut, however, was to be spread over a 10 year span, so the Obama cuts are larger than those pushed by President Bush and the Republican controlled congress.)

Now, it should be pretty clear, at this point, these kinds of tax cuts aren't particularly stimulating, or at least not as stimulative as programs that put folks to work.  The size of the tax cut in the stimulus bill was an attempt to draw Republican support to the bill.  Alot of good that did.  But, at the end of the day, Democrats will be sure to take credit for the cuts, whether they're particularly effective or not.

Politics is full of irony.