Yesterday , we posted about Congress 'saving' 160 million Americans on their payroll taxes by continuing the program... for a whole 2 months. The hope was that it would eventually be extended past that, or become permanent as part of an overall tax reform - like the one we proposed a couple weeks ago. According to one person, don't expect it, because DC needs that money more than you do...
First, a clarification. Congress did not cut taxes - they simpley avoided a tax increase. These things happen when they continue to do gimmick 'tax reform' every year, then go to war every year or two (or in this case two months)... So, don't get too excited about what was agreed to yesterday, because you already have it in your check. For you, nothing happened. The only good news was, it didn't get worse. Yet.
Maybe the reason the cut was extended was that no one has any intention of permanently extending a cut in the most regressive tax out there. Millionaires pay the same actual amount as those who make $100,000. Why? Because the taxable cap is $110k... Making adjustments to the Payroll Tax is the easiest and fairest way to make taxes equitable, which is why it will never happen. But, we digress.
Nope, on the Hill, a press conference was given where the person stated that any tax cut will be lucky if it lasts for one year. That person was ...... BIG SURPRISE .... Nancy Pelosi. Stunned aren't you. In the same announcement where she stated that keeping the cut will create another 600,000 jobs - which is so incorrect that we can't believe how ignorant she is - San Fran Nan said that the cut was only because the economy was so bad, they needed to help, but by next year, it should be much better. Therefore, taxpayers WON'T NEED THE MONEY in 2013. But DC does.... Stupid, stupid , stupid!
It kind of cements the belief that lots of Democrats think that they need your money more than you do. Good Luck winning back the house next November with that thought process, Ex Madame Speaker.. Unless the gameplan is to get a longterm reform - ahem, like the one that we proposed last week - winning back the House will be an epic fail. Remember grandma, that 9% approval rating applies to the 178 Democratic members too - and you're their frigging leader!
In case we never stated our position before we'll do it now.. The main cause of the budget deficit isn't that Americans are overtaxed - it's that DC overspends. Blame it on both the Bush and Obama Administrations, and Congress members in office for the past 10 years. But, we don't think that tax cuts need to be done at this time either. Cutting is the priority, but we do think that the tax system needs to be equitable, and it isn't right now. The middle class is getting squeezed to death from taxes at ALL levels of government, and it needs to be fixed.
Yanking another $1000-1500 annually from earners is not what needs to be done. Eliminate the cap of payroll taxes, and drop the rate another half-point to a full point. Tax cuts for lower and middle class incomes. Social Security gets funded. Yes, higher earners will pay more, but by cutting the rate, they will be offset so that it only affects those making $150k or more with a tax they already pay most of the year. The others that don't pay it a majority of the year are making so much, they won't miss it. It's fair - and it'll never happen. Republicans have their reasons. And Pelosi has hers....
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