Tax cuts have become the panacea of conservative economic thinking, but curiously, the AP reports Republicans are now lining up to raise taxes on nearly half of all Americans. In his radio address this weekend, President Obama called for an extension to the payroll tax holiday he signed into law last year, which benefits every working American, lowering the 6.2 percent tax that funds Social Security to 4.2 percent. The tax cut will expire in January, and many of the same Republican lawmakers who fought tooth and nail to preserve the Bush tax cuts for the wealthy are now coming out against an extension of the payroll tax holiday.
Why? Social Security payroll taxes mainly benefit middle- and working-class Americans, as the tax only applies to the first $106,800 of a worker’s wages. Thus, no matter how much money someone makes, they will see a maximum benefit of $2,136 from the holiday — a pittance compared to the savings for the wealthy from the Bush income tax cuts. Republicans claim these cuts for lower-income earners will do less to stimulate the economy than cuts for the wealthy or employers:
“It’s always a net positive to let taxpayers keep more of what they earn,” says Rep. Jeb Hensarling (R-TX),but not all tax relief is created equal for the purposes of helping to get the economy moving again.”
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14 comments:
This is the irrational "If Obama is for it we are against it" attitude that will hand him a victory in the next election. Pig headed.
Will any of you water-carriers for the GOP that live here please explain how you all are now FOR raising taxes? (I will allow you to talk out of both sides of your mouth, if it makes it easier for you.)
Social Security is broke. If you will not let the cuts needed to fix it pass then more money is needed to correct it. Simple math that Obama can play politics with, just like he did giving you the take break morons.
Although I disagree with his use of name-calling, 10:10 is right. The withholding tax goes to fund social security, social security is already strapped for cash and will only become more so given the government's policies, so how does it make any sense (unless you deny logic) to "borrow" (read: steal) even more money from the system you are already driving to bankruptcy? Yes, not all tax "breaks" are created equal. Consider yourselves educated, Drew and 9:38.
10:39 Why not a new tax to cover the medicare drug program too? A still unfunded entitlement created by republicans and put on the credit card.
So raise the taxes on the rich! That'll create a larger fund quicker than taxing us vanishing middle class! But noooooo, we can't tax the rich, they're entitled! Give me a break!
You libs just don't get it. He used this measly $5 dollar a week tax break to say he gave the working man something. And then he cut billions out of the medicare funds for the elderly Americans(who have paid into the system).And then puts it in the till for his socialist takeover of the healthcare(to give to the illeagals and freeloaders)so he can play politics. You people just play along with twisting things around to try and make out you are the good guys. When in fact you are the whole problem in a nut shell.
And another thing Drew the drug program that the Republicans set up is the only thing that came in with a surplus in medicare. Because they put free market princaples in place to have competive bidding among the insurers. It's all the free handouts that that make it go broke (set up by the Dummiecrats)
How in the world can the drug program show a surplus when it has no revenue to pay for it? Just moved money from other medicare programs which are now going broke. Smoke and mirrors from the rebublicans to fool the masses.
...and, Drew, I'll bet you were all for it when it was passed into law! Another giveaway program for taxpaying Americans to pay for. But now you use it as a club to strike out at "Republicans," many of whom opposed it, so your savior can get re-elected to enact more freedom and prosperity crushing programs and to legislate from the White House through regulation. Damned if you do, damned if you don't!! RINOs never learn and libs are incapable of learning!
Someone missed all of the story. The Republicans didn't just want to let the tax break expire. They proposed to give it to the employers instead of the workers.
TR is right. steal from the poor and give to the rich. that's the republican way!
You all must be blind the article said they would take 2% from the social security tax. How about the old people that can't work. You are taking the food out of their mouthes for this. A true tax cut would be from federal income tax. Quit stealing from grandma and grandpa.
How about we get rid of the earned income credit. It gets old seeing people that are collecting every kind of benefit there is getting thousands of dollars back at the end of the year. I don't know a single married family that gets back that much. We keep rewarding the people that keep having child after child and throwing more money their way. It's time people start to be accountable for their actions and responsible for their choices!
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