House Republicans were desperately searching Wednesday for a face-saving way to end their opposition to Barack Obama's proposed extension of tax breaks targeted at millions of working-class Americans.
Their obstructionism is backfiring badly, with the House Republicans being assailed from not just Democrats but Senate Republicans and usually supportive media outlets such as the Wall Street Journal.
If Congress does not pass a bill to extend the tax cuts by December 31, about 160 million Americans will face tax rises in January. The tax breaks are worth about $1,000 a year to those earning $50,000.
1 comment:
The problem with this scheme is that the 2% tax break becomes income and is taxed as such so, they have in effect raised tax revenue to the Fed & State coffers. Then starting Jan 1, 2011 they are going to add an average $17 fee to new mortgages and refinances...Google it...They are bribing us with our own money. http://www.suntimes.com/business/9504742-420/payroll-tax-cut-extension-adds-17-a-month-to-typical-mortgage.html
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