Stimulus tax cut redux

Juan Williams:

The bulk of [the stimulus package] was composed of tax cuts. In fact, the stimulus was one of the largest single tax cuts in U.S. history. To say the stimulus failed is to make the argument that tax cuts do not stimulate the economy.

Ninety-five percent of all Americans got a tax cut under the plan. Small businesses and working families received a tax cut. First-time homebuyers received a tax credit.

Parents caring for their young children received a tax credit. Some 8 million people received tax credits and financial assistance to help pay for their college education.

The next time a Republican brags about his or her opposition to the failed stimulus, a cynic might respond by asking why they hate tax cuts so much.

As this blog has previously explained, tax credits and tax cuts are not the same thing. Remember, the stimulus package contained not one permanent tax rate reduction and only one temporary tax rate cut (the payroll tax). Everything else was a grab bag of tax credits, many of which were rewards for favored leftist projects such as green energy and high-speed rail.