Politifact Virginia: Obama promises $1500 tax cut for Americans - NBC12 - WWBT - Richmond, VA News On Your Side

Politifact Virginia: Obama promises $1500 tax cut for Americans

RICHMOND, VA (WWBT) - President Obama spent most of last week storming across North Carolina and Virginia hoping to drum up support for his American Jobs Act.

He made a lot of promises to the people who turned out for his various rallies.

Promises like this one, when Obama said, "What we are proposing is that the payroll tax we passed in December gets extended, gets expanded, and that will mean an extra $1,500 in your pockets compared to if we do nothing."

$1,500 would be nice, but is that claim too good to be true? According to the reporters from Politifact Virginia, that claim is true.

At one point the government took 6.2% of your paycheck before you even saw it. But, last year, as part of an agreement connected to the Bush tax cuts, that percentage was slashed down to 4.2%.

Now, the President would like to cut the rate to 3.1%.

The median household income across the country is just under $50,000, which means they would get to keep an extra $1,533. In Virginia, it would be even a tick higher at nearly $2,000.

The catch of course, is that it has to pass through congress. While republicans generally support cutting taxes, this particular tax cut is tied to many other things the GOP might not be willing to get behind.

Warren Fiske from the Richmond Times-Dispatch believes that could prevent that $1500 from getting to you.

 "There's considerable Republican opposition to it right now.  There's a feeling that the last stimulus package offered by the Obama administration is disappointing in its results, and there's reluctance to do another stimulus project," said Fiske.

And you can see all the information behind this week's Politifact Virginia report on their web site, www.politifactvirginia.com and you can see all our past reports on Ryan's political blog, www.decisionvirginia.com.

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