Keller @ Large: Spend Or Save Taxes?

BOSTON (CBS) — Shortly before midnight Thursday, President Obama’s tax plan got enough votes from the House of Representatives to pass.

Critics are upset it extends Bush-era tax cuts for everyone, including the rich.

The bill includes a one-year cut in social security payroll taxes that could put hundreds of dollars back into your paycheck next year.

The goal is to boost consumer spending. But will it work?

Some people say they’ll spend it rather than save, while others report the opposite.

WBZ’s Jon Keller talks with people about what they’ll do with an unexpected tax return.

More from Keller @ Large
  • JayfromSterling

    Eventually we have to get off the consumer spending to stimulate the economy, how about cutting budgets in government. Stop funding losing programs like Amtrak. Cut back the Postal Service since its a open wound bleeding cash. Reward federal and state departments for return funds instead of making them spend all their money in fear that their funding will drop next year. My extra cash goes to my daughters college…

  • mwils

    For most middle class people, the increase in the weekly or bi-weekly paycheck will scarcely be noticed. The funds will just be “absorbed” into paying existing debt. No one will be vacationing or buying unnecessary consumer items because of this. It just burdens those on soc. sec. who are not getting COLA this year and next.

  • John

    Most of this money goes to the rich. My recomendation is to save the money in order to pay the new taxes required to pay for the givaways to the rich.

  • taxedout

    Raise taxes Higher, and give mine to Obama’s auntie!!!!!!

  • mikey

    Until the cost of my health insurance is cut, I will continue to plod along without witnessing much financial freedom.

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