Republicans want to raise taxes on those making less than 106K a year

Discussion in 'Politics' started by Chris, Aug 21, 2011.

  1. Chris
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    Chris Gold Member

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    Social Security payroll taxes apply only to the first $106,800 of a worker's wages. Therefore, $2,136 is the biggest benefit anyone can gain from the one-year reduction.

    The great majority of Americans make less than $106,800 a year. Millions of workers pay more in payroll taxes than in federal income taxes.

    The 12-month tax reduction will cost the government about $120 billion this year, and a similar amount next year if it's renewed.

    That worries Rep. David Camp, R-Mich., chairman of the tax-writing Ways and Means Committee, and a member of the House-Senate supercommittee tasked with finding new deficit cuts. Tax reductions, "no matter how well-intended," will push the deficit higher, making the panel's task that much harder, Camp's office said.

    But Republican lawmakers haven't always worried about tax cuts increasing the deficit. They led the fight to extend the life of a much bigger tax break: the major 2001 income tax reduction enacted under Bush. It was scheduled to expire at the start of this year. Obama campaigned on a pledge to end the tax break only for the richest Americans, but solid GOP opposition forced him to back down.

    Many Republicans are adamant about not raising taxes but largely silent on what it would mean to let the payroll tax break expire.

    Republicans cite key differences between the two "temporary" taxes, starting with the fact that the Bush measure had a 10-year life from the start. To stimulate job growth, these lawmakers say, it's better to reduce income tax rates for people and for companies than to extend the payroll tax break.

    The Associated Press: GOP may OK tax increase that Obama hopes to block
     
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  2. driveby
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    driveby Gold Member

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    Nt
     
  3. Grampa Murked U
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    Grampa Murked U Diamond Member

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    Yes we do, eventually anyways. Everyone should share the burden of supporting the thieves in Washington. Currently the bottom half pay nothing to DC. I fail to see the controversy. Even Obama says everyone should pay their fair share.
     
  4. Truthmatters
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    Truthmatters BANNED

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    yeap , they are going to have a real tuff time navigating this one
     
  5. Cuyo
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    Cuyo Training a Guineapig army

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    Actually that's inconsistent with the specific increase being discussed.

    Everyone who makes even a dollar in wages pays into FICA, and it's the FICA holiday expiry that's being considered.

    Memes notwithstanding.
     
  6. CaféAuLait
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    CaféAuLait This Space for Rent

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    What is this the fourth or fifth thread on this today?
     
  7. The Rabbi
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    The Rabbi Diamond Member

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    Good.
    The payroll tax cut was a stupid idea that did nothing but increase the deficit.
    Get rid of it and put i some tax cuts that will actually change people's behavior.
    Obama is clueless. So is Chris.
     
  8. Grampa Murked U
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    Grampa Murked U Diamond Member

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    It averages out to about a thousand dollars a year from what I hear. That translates to about 19 dollars a week on an average. Do you really think that 20 bucks a week is going to jumpstart our economy? Get real and come up with a solution that actually has a lasting impact.
     
  9. Chris
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    Chris Gold Member

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    Republicans will defend to the death tax breaks for the rich, but don't care about raising taxes on working people.
     
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  10. NYcarbineer
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    NYcarbineer Diamond Member

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    Bwahaaa, another wingnut admits that tax cuts don't increase revenues.
     

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