Damn this all sounds so darn familiar.  I just cannot put my finger on where I have heard all this before. (sarcasm)

The Wall Street Journal noted that the “Obama tax-cut proposals, if enacted, could pack more punch in two years than either of George W. Bush’s tax cuts did in their first two years.” Many of Obama’s proposals, the newspaper wrote, were, in fact, extensions of measures carried out by the Republican administration over the last eight years.

One such provision under the Obama plan would allow businesses to reduce taxes by claiming immediate depreciation of half of their spending on new equipment, rather than spreading out that depreciation over years.

Another would allow businesses to write off the huge losses they incurred last year and any suffered in 2009, enabling corporations to apply retroactively for refunds on taxes paid over the last five years.

Corporations will also get thousands of dollars in tax credits for each job supposedly created or retained.

Under the plan, ordinary working people will receive a tax credit worth up to $500 for individual workers and $1,000 for families—adding up to about $150 billion of the total package. This under conditions in which the decline in the value of US homes alone will lead to the wiping out of some $6 trillion in US household wealth.

This means families crushed by high levels of debt and other living expenses will either pay a little less in taxes or receive a rebate of a few hundred dollars. The new administration will also adjust payroll taxes for the current year, meaning an average worker is likely to see his or her paycheck increase by about $10 a week!

$10 a week and that will be eaten up by new taxes imposed by the state and local governments to cover their budget shortfalls.  So where is the benefit, please tell me again.