GOP may OK tax increase that Obama hopes to block (Payroll tax)

[FarLeftFist]

WASHINGTON (AP) — News flash: Congressional Republicans want to raise your taxes.

Many of the same Republicans who fought hammer-and-tong to keep the George W. Bush-era income tax cuts from expiring on schedule are now saying a different "temporary" tax cut should end as planned. By their own definition, that amounts to a tax increase.

The tax break extension they oppose is sought by President Barack Obama. Unlike proposed changes in the income tax, this policy helps the 46 percent of all Americans who owe no federal income taxes but who pay a "payroll tax" on practically every dime they earn.

There are other differences as well, and Republicans say their stand is consistent with their goal of long-term tax policies that will spur employment and lend greater certainty to the economy.
"It's always a net positive to let taxpayers keep more of what they earn," says Rep. Jeb Hensarling, "but not all tax relief is created equal for the purposes of helping to get the economy moving again." The Texas lawmaker is on the House GOP leadership team.

At issue is a tax that the vast majority of workers pay, but many don't recognize because they don't read, or don't understand their pay stubs. Workers normally pay 6.2 percent of their wages toward a tax designated for Social Security. Their employer pays an equal amount, for a total of 12.4 percent per worker.

More at Link: http://news.yahoo.com/gop-may-ok-tax-increase-obama-hopes-block-124016578.html

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ANYTHING the President does they will do the EXACT opposite. Edit: OBVIOUS CLASS WARFARE.

[yankeeswin]

1. Of course "not all tax relief is created equal"

Some is actually geared at working people, therefore the Republicans couldn't care less about it.

[FarLeftFist]

4. Exactly. Why would middle class and working poor need to keep more of their money?

The same $20 bills that these billionaires wipe their asses with makes a big difference in the hands of the middle class.

[Motown_Johnny]

2. Regressive taxes they like. Progressive ones not so much

That is what keeps getting lost, primarily with the discussions on Reagan.


Yes, on occasion Reagan raised taxes but never on the wealthy. He always cut taxes for the haves and raised them on the have nots.

[Tennessee Gal]

3. So it is okay with Republicans to end a tax cut that benefits

those making under $106,800 per year? Is that the gist of this?

No surprise there.

[Angry Dragon]

5. GOOD..............I hope they do

[judgegblue]

6. leave the rate, lift the cap

Why haven't Dems pushed to lift the cap off the payroll tax so that the super rich can pay as well as the workers? If the cap were lifted, the increased revenue would keep Soc Sec sound and keep a tax break for the rest of us. In fact, lifting the cap might allow a lowering of the rate for everyone. Doesn't this make sense?

[Tennessee Gal]

9. Lifting the cap and lowering the rate makes sense to me.

[GoCubsGo]

10. Yes, it makes perfect sense.

That's why it will never happen, I'm afraid. Removing the cap, and taxing all income is the solution for SS, and part of it for Medicare. That, and eliminating that godawful Part D, and allowing for negotiating of drug prices on top of it will end the Medicare problem.

[Renew Deal]

7. Obama should come out against universal health care!

That's the quickest way to get republicans to support it.

[Tennessee Gal]

8. Reverse psychology. Sometimes it works.

[Skink]

11. They must figure they don't even need a stealth way to end social security

Obamas just gonna give it to them