Locals react to President's tax cut extension - WSFA.com Montgomery Alabama news.

Locals react to President's tax cut extension

Posted by: Melissa McKinney - bio | email

PRATTVILLE, AL (WSFA) - With a stroke of his pen, President Obama makes it official.  Americans won't see their taxes go up January 1st.

The tax cut bill will extend the Bush-era tax cuts for two years.

It also renews benefits for millions of unemployed Americans and lowers the social security and estate tax rate.

But, it won't be cheap.  The bill comes with a whopping price tag of $858 billion dollars over two years. But the president says its provisions will help the economy recover.

"I think it'll help all the way around," says Doug Whittaker.

You'd probably be hard pressed to find anyone not happy with the President's decision to keep from raising taxes.

Folks like Doug Whittaker say it's best for our nation's bottom line.

"I think every little bit of help we can get right now will help bolster the economy. You tend to spend more if you have more."

"That's more shopping," says Rebecca Newell.

Newell and her husband James say tax cuts are always good.

"Only way we're going to grow is to put more money in everyone's pockets," says James Newell.

But there's one part of the bill they're not so sure about.

"The additional funding for the unemployment insurance...it just bothers me a little bit. I don't know how we're going to fund that," adds Newell.

With the national debt in the trillions, many are concerned this new $858-billion dollar bill will add to it.

They're urging legislators to consider where the money's going.

"There's a lot of things where you could cut back on and probably appropriate spending somewhere else.  It's a fine line. But I think the more you can put into the economy, the more you're going to bolster it," says Whittaker.

"If it means reducing the size of the federal government, so be it," adds Newell.

According to the president, the bill saves most middle class families a tax increase of about $3,000 dollars next year.

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