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Thread: GOP may OK tax increase that Obama hopes to block

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    rolleyes GOP may OK tax increase that Obama hopes to block

    The GOP now want to hurt everyone BUT the wealthy. Great job guys!


    News flash: Congressional Republicans want to raise your taxes. Impossible, right? GOP lawmakers are so virulently anti-tax, surely they will fight to prevent a payroll tax increase on virtually every wage-earner starting Jan. 1, right?
    Apparently not.
    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.
    CONTINUED: GOP may OK tax hike that Obama hopes to block - politics - msnbc.com
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    Re: GOP may OK tax increase that Obama hopes to block

    Yes, because MSNBC doesn't hate the GOP at all... What is the tax break extension specifically?
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    Re: GOP may OK tax increase that Obama hopes to block

    Quote Originally Posted by digsbe View Post
    Yes, because MSNBC doesn't hate the GOP at all... What is the tax break extension specifically?
    A temp reduction in the employee paid for part of SS
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    Re: GOP may OK tax increase that Obama hopes to block

    Quote Originally Posted by digsbe View Post
    Yes, because MSNBC doesn't hate the GOP at all... What is the tax break extension specifically?
    What is your point? Most everyone who ISNT a GOPer hates them. They are incompetent, hypocritical fools that seem to deep-six America when they hold office. (minus Ron Paul)
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    GOP may OK tax increase that Obama hopes to block

    GOP may OK tax increase that Obama hopes to block - Yahoo! News

    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.
    ........ seriously? SERIOUSLY?
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    Re: GOP may OK tax increase that Obama hopes to block

    I am a little confused by the article in the OP, but the hypocrisy of the GOP is not surprising.

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    Re: GOP may OK tax increase that Obama hopes to block

    Quote Originally Posted by SheWolf View Post
    I am a little confused by the article in the OP, but the hypocrisy of the GOP is not surprising.
    Whats confusing?
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    Re: GOP may OK tax increase that Obama hopes to block

    wealth trickles up, as well. the GOP seems to spend less time thinking about that possibility.

    that being said, i don't see a way to make social security solvent without increasing revenue. my opinion is that raising the contribution ceiling is the most feasible solution.

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    Re: GOP may OK tax increase that Obama hopes to block

    Quote Originally Posted by The Giant Noodle View Post
    Whats confusing?
    I guess it's just not very clear, it just says it's a payroll tax... would it do away with the Making Work Pay Credit? I am not sure..

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    Re: GOP may OK tax increase that Obama hopes to block

    The temporary reduction in the payroll tax has reduced cash inflows to Social Security. It has had an actuarial impact on the program's long-term imbalances. Moreover, the Social Security Disability Insurance program is nearing insolvency. Unless some offset is found to focus on Social Security's long-term future, which is vital given the importance of the program, I don't necessarily disagree with allowing the temporary tax reduction to expire. This, in my opinion, is a clear example where the long-term should take precedence over the short-term.

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