Obama tax cuts: Twitter universe reacts to surprise deal announcement
Tax cuts were on Twitter’s radar Monday afternoon after President Obama announced a deal to extend expiring tax cuts, renew jobless benefits and institute a broad one-year cut in Social Security taxes.
The deal ends a political stalemate that had been building in a lame-duck Congress since Republicans' triumph in the Nov. 2 midterm. Politicians, commentators and bloggers reacted with vigor to the surprise announcement.
In a live video address, Obama said the compromise includes a 2% payroll tax cut for next year, extending jobless benefits for 13 months and extending tax cuts for all Americans for two years.
“Make no mistake, allowing taxes to go up on all Americans would have raised taxes by $3,000 for a typical American family and that could cost our economy well over a million jobs,” Obama said at the White House.
"We have arrived at a framework for a bipartisan agreement. For the next two years, every American family will keep their tax cuts -- not just the Bush tax cuts, but those that have been put in place ...
... over the last couple of years that are helping parents and students and other folks manage their bills.
"I have no doubt that everyone will find something in this compromise that they don’t like."
President George W. Bush introduced the temporary tax cuts for the wealthiest Americans during his first term.
The deal garnered mixed reactions online, a selection of which can be viewed below.
“Obama Tax” shot to the top of Google Trends and Twitter traffic spiked during Obama’s address about 4 p.m. PST.
-- Craig Howie
Join more than 50,000 others by clicking here for Twitter alerts of each new Ticket item. Follow us @latimestot or @craighowieLAT. Our Facebook Like page is over here. Also available on Kindle now with a two-week free trial.
Image: President Obama announces a bipartisan deal on tax cuts Monday. Credit: The White House.