Tax Cuts Coming Soon

By: Associated Press
By: Associated Press

The Treasury Department has begun directing employers to reduce the amount of taxes withheld from people's paychecks.

It's part of the economic stimulus package President Barack Obama signed into law this week. Treasury is directing employers to make the changes as soon as possible and no later than April 1.

In his weekly radio and Internet message, Obama says the measure will mean a typical family will bring home at least $65 more every month.

His ambitious $787 billion package of federal spending and tax cuts aims to revive the economy and save or create 3.5 million or more jobs. It's intended to inject a sudden boost of cash into transportation, education, energy and health care. It also offers extended unemployment benefits.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

Obama says the stimulus bill is "only a first step on the road to economic recovery." He says the country also needs to repair the banking system, get credit flowing again and stem foreclosures.

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