President Obama Weighs in on Payroll Tax Cut Extension
In a press conference today, President Obama finally (ha! aside from all those non-campaign trips) got in to the payroll tax cut debate to advocate for the plan he laid out in stimulus 2.0. The thing is, leaders from both parties have already agreed to an extension; they’re just trying to figure out the details. And how does President Obama want it paid for? A tax cut for a tax hike, of course. But then he said this:
“My message to Congress is this: Keep your word to the American people and don’t raise taxes on them right now. Now’s not the time to slam on the brakes. Now’s the time to step on the gas.”
Don’t raise taxes on the American people right now? Aren’t job creators also “American people?” Aren’t they also “hard working Americans?” How come, when it comes to scoring political points, do the very people who hire Americans suddenly stop being American?
Democrat aides now say that a “compromise” on paying for the tax cut may tax millionaires slightly less, contain some spending cuts and take away food stamps and unemployment insurance benefits from the wealthy currently receiving them. The plan would also expand the tax cut up to 3.1% instead of 2%, but would not expand it to employers.
Conservatives oppose tax hikes on anyone, and it is not hard to see why; because even the President admits that they would hurt the economy. So why even propose them?