One of Barack Obama's oft-repeated promises was a middle-class tax cut. During the campaign, he proposed it as rebate on payroll taxes for most workers.

Obama's team has been working on a major economic proposal to jump-start the economy, and Obama has said a tax cut will be part of that.

"To get people spending again, 95 percent of working families will receive a $1,000 tax cut — the first stage of a middle-class tax cut that I promised during the campaign and will include in our next budget," Obama said in a speech at George Mason University.

We'll be watching to see if this proposal actually becomes law.