Payroll taxes and partisan rhetoric
When a political party identifies itself as a champion against taxes, insisting on extending ten-year tax cuts that benefit rich folks indefinitely, then says it's OK to allow certain other tax cuts to expire (a payroll tax cut that would help low income earners), it becomes clear what the goal is.
The 6.2% Social Security payroll tax on employees that was temporarily reduced to 4.6% by Democrats is ending on schedule, thanks to Republicans, who want that particular tax to expire.
The tax cut only applies to the first $100,000 in earnings, meaning that a maximum of $2,000 will be gained by any earner. That is to say, for millionaires it's not that significant of a cut to be concerned with. Millionaires will forgive their Congress for such a petty loss.
But the gains for the federal coffers could be $120B. So even if it is a tough chunk for earners to swallow, Republicans really have to show fiscal responsibility at this point in time. They're running for the White House, afterall.
On the other hand, is this just a negotiating tactic? For those of us that earn less than $100,000, are we going to have to give up something enormous just to gain back the 2% of the money we worked hard to earn?
Oh, the games people play with other people's money.
The 6.2% Social Security payroll tax on employees that was temporarily reduced to 4.6% by Democrats is ending on schedule, thanks to Republicans, who want that particular tax to expire.
The tax cut only applies to the first $100,000 in earnings, meaning that a maximum of $2,000 will be gained by any earner. That is to say, for millionaires it's not that significant of a cut to be concerned with. Millionaires will forgive their Congress for such a petty loss.
But the gains for the federal coffers could be $120B. So even if it is a tough chunk for earners to swallow, Republicans really have to show fiscal responsibility at this point in time. They're running for the White House, afterall.
On the other hand, is this just a negotiating tactic? For those of us that earn less than $100,000, are we going to have to give up something enormous just to gain back the 2% of the money we worked hard to earn?
Oh, the games people play with other people's money.
