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Thread: In surprise move, GOP leaders admit defeat in payroll tax battle

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    In surprise move, GOP leaders admit defeat in payroll tax battle

    In surprise move, GOP leaders admit defeat in payroll tax battle


    House GOP leaders had wanted to offset the cost of a payroll tax extension by spending cuts. But their decision Monday suggests that the political cost of a stalemate was too high.


    By Gail Russell Chaddock, Staff writer / February 13, 2012

    The move, which would keep payroll taxes at their current 4.2 percent rate through 2012, is expected to add another $83 billion to federal budget deficits. Republicans had wanted to offset that amount through spending cuts.

    In surprise move, GOP leaders admit defeat in payroll tax battle - CSMonitor.com

    GOP finally gave in to the Democrats and allowed a tax cut for the working class. I had expected them to fight against it harder than they did, but I guess it's a tight rope to walk when you're fighting against tax cuts for working people, and fighting against tax increases for super-rich people, especially when working people are having a very, very difficult time of it.

    It was fun to watch them fight against tax cuts during an election year, but it's good that they've finally capitulated and agreed to allow it.

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    Re: In surprise move, GOP leaders admit defeat in payroll tax battle

    I'm glad to see this too. It will help a lot of folks feel a bit less of a payroll pinch. To be fair, however, unless the government comes up with some serious spending cuts and stops the "not in my district" mentality, it's just a political ploy to make people feel good for the moment while the country inches even closer to ultimate bankruptcy.

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    Re: In surprise move, GOP leaders admit defeat in payroll tax battle

    Two weeks ago when discussing the latest lunacy surrounding America's exponential curve #1 also known as its debt balance, we suggested what the GOP election strategy should be: "[if] the debt ceiling becomes a sticking point at the election, Obama's chances of reelection plunge. Which makes us wonder - will Republicans grasp that the paradox of defeating Obama is precisely in giving him a carte blanche on all the stimulus programs he wants? Because if Congress approves another $200, 300 or even $400 billion in stimulus pork (the only thing better than one Solyndra? One thousand Solyndras!) the Treasury will drown in the need to raise hundreds of billions more, and will in fact hit the ceiling well in advance of the elections. As for the stimulus projects themselves, they will crash and burn just like all centrally planned endeavors, and actually result in a far worse outcome than if they had never been attempted. [Because] the best way to finally get back to a fiscally prudent regime? Why go to town, of course." We were delighted to discover that our policy anti-recommendation has finally been adopted. Because as the WSJ reports when it comes to the latest payroll tax extension we find something quite stunning: "House Republican leaders said Monday they would introduce a bill extending the payroll-tax break for the rest of the year without finding spending cuts to offset the program's cost. The proposal marks a major shift for Republicans, who previously had insisted that the costs of extending a trio of provisions expiring at the end of the month be offset with spending cuts." That's right - no offsetting spending cuts. Which means one thing - much more debt. How much more? At least $160 billion much. Which means that the debt ceiling discussion will hit not in November as we speculated previously, but potentially as soon as September.
    GOP Finally Discovers Obama's Achilles Heel: Just Let Him Do What He Does... And Encourage It! | ZeroHedge
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    Re: In surprise move, GOP leaders admit defeat in payroll tax battle

    Quote Originally Posted by BooRadley View Post
    In surprise move, GOP leaders admit defeat in payroll tax battle - CSMonitor.com

    GOP finally gave in to the Democrats and allowed a tax cut for the working class. I had expected them to fight against it harder than they did, but I guess it's a tight rope to walk when you're fighting against tax cuts for working people, and fighting against tax increases for super-rich people, especially when working people are having a very, very difficult time of it.

    It was fun to watch them fight against tax cuts during an election year, but it's good that they've finally capitulated and agreed to allow it.
    You must not have been paying attention. The republican congress passed a one year extension of the payroll tax cut back in december. The issue was how to pay for it, not whether it should happen. What was odd was the republican argument that suddenly taxes had to be paid for now that Obama wanted them.

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    Re: In surprise move, GOP leaders admit defeat in payroll tax battle

    Quote Originally Posted by BooRadley View Post
    In surprise move, GOP leaders admit defeat in payroll tax battle - CSMonitor.com

    GOP finally gave in to the Democrats and allowed a tax cut for the working class. I had expected them to fight against it harder than they did, but I guess it's a tight rope to walk when you're fighting against tax cuts for working people, and fighting against tax increases for super-rich people, especially when working people are having a very, very difficult time of it.

    It was fun to watch them fight against tax cuts during an election year, but it's good that they've finally capitulated and agreed to allow it.
    From the article :
    The move, which would keep payroll taxes at their current 4.2 percent rate through 2012, is expected to add another $83 billion to federal budget deficits. Republicans had wanted to offset that amount through spending cuts.
    Shouldnt we just be doing spending cuts anyways? Shrug

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    Re: In surprise move, GOP leaders admit defeat in payroll tax battle

    WTF, ZeroHedge actually thinks it's a good thing the GOP caved? Oh tay.


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    Re: In surprise move, GOP leaders admit defeat in payroll tax battle

    Quote Originally Posted by OpportunityCost View Post
    From the article :

    Shouldnt we just be doing spending cuts anyways? Shrug
    We should ahve been doing spending cuts during the economic boom of the early 2000's. Instead, we spent like drunken sailors and then started hollering for spending cuts when the economy had already tanked, when it would have disastrous effects.

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    Re: In surprise move, GOP leaders admit defeat in payroll tax battle

    Quote Originally Posted by BooRadley View Post
    We should ahve been doing spending cuts during the economic boom of the early 2000's. Instead, we spent like drunken sailors and then started hollering for spending cuts when the economy had already tanked, when it would have disastrous effects.
    I couldn't agree more. Came into 2000 with a balanced budget, and wham. Suddenly a "balanced budget" was congressionally interpreted as "unlimited funds, wheeeee!"

    Now the damage is done, and we're never going to get those dollars back. All pork should be automatically eliminated, and cuts should start with congressional and administrative salaries, and go right down the line. Then corporations and rich folk (sorry, TurtleDude) need to ante up a bit more, after tax loopholes are eyeballed... hard.

    Won't happen but...

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    Re: In surprise move, GOP leaders admit defeat in payroll tax battle

    Huzzah...we made more debt. We should all celebrate.

    Instead of this tax holiday, lower the cost of fuel. That will generate some real stimulus.
    We went from sticks and stones may break my bones but words will never hurt me to safe spaces.

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    Re: In surprise move, GOP leaders admit defeat in payroll tax battle

    Quote Originally Posted by DiAnna View Post
    I couldn't agree more. Came into 2000 with a balanced budget, and wham. Suddenly a "balanced budget" was congressionally interpreted as "unlimited funds, wheeeee!"

    Now the damage is done, and we're never going to get those dollars back. All pork should be automatically eliminated, and cuts should start with congressional and administrative salaries, and go right down the line. Then corporations and rich folk (sorry, TurtleDude) need to ante up a bit more, after tax loopholes are eyeballed... hard.

    Won't happen but...
    There was no balanced budget.
    Taxing the "rich" more will do little to dent our spending.

    What needs to happen is the whole ****ing system collapses so people can pull their heads out of their asses and fix the problem instead of jerking off for political points hoping the system doesn't collapse while they're still alive.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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