Sunday, January 29, 2012

Another “Deal” in the Works

And the circus continues...

WASHINGTON (Reuters) - Top Republican lawmakers on Sunday said they expect to forge a deal with Democrats to extend the payroll tax cut before it expires at the end of February but offered no specifics on how they would pay for it.

“I’m confident that we’ll be able to resolve this fairly quickly,” top congressional Republican John Boehner said on ABC’s “This Week” television show.

Republican and Democratic lawmakers have started negotiating a deal to extend unemployment benefits and a tax break for 160 million Americans beyond February. If they fail, the payroll tax, which funds the federal Social Security retirement program, will revert to 6.2 percent from 4.2 percent and leave workers with about $900 less in their wallets this year.

That could harm the country’s fragile economic recovery with some economists forecasting a cut in U.S. growth of up to 1 percent.

(3) Comments
Posted by Owen at 1303 hrs
Politics + Politics - General

  1. The obvious solution would be to take that $900 from each of the lowest 99% of wage earners, and give it to a member of the top 1% in the form of a $89,100.00 tax break. That would sure spur the economy, right? That’s how the conservative logic goes.

    Posted by .(JavaScript must be enabled to view this email address) on January 29, 2012 at 2118 hrs


  2. I really can’t get exited about the payroll tax cut.

    First, it pays for entitlement programs which are already underfunded. Therefore cutting the tax used to pay for it seems irresponsible.

    Second, I’m not sure most pwople pay all that much attention to what’s deducted from their paychecks. It’s quite possible that many didn’t realize why their take-home had increased and will not miss it when the tax reverts.

    Although I would like to see some reform to SSI, as it seems that they’ve made it difficult for legitimate claimants to obtain benefits even while ultimately awarding benefits to everyone who’s sufficiently persistent in persuing even the most questionable disability claim.

    SSI costs have exploded as some lawyers have specialized in winning benefits for practically any claimant. Government has responded to this by making the first hurdle (getting approved without appealing) very difficult, but then failing to adequately defend the taxpayer in the appeals process.

    It’s a system that serves everyone badly- except for the lawyers and those getting “ion disability” who are not really disabled.

    Posted by .(JavaScript must be enabled to view this email address) on January 30, 2012 at 0927 hrs


  3. Perhaps we should consider passing Obozo’s first budget since he’s taken office.

    Do you folks realize that Obozo may be the first modern day U.S. President in history to never have a national budget passed during his term of office? Now there’s “hope and change” for ya’.

    Posted by .(JavaScript must be enabled to view this email address) on January 30, 2012 at 0940 hrs


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