Confirmed: Democrat’s New Payroll Tax Plan
On Monday, we told you what was rumored to be in the “compromise” payroll tax cut extension. The National Journal has confirmed what is in that “compromise.” An interesting thing to note, Republicans say Democrats didn’t actually work with them for this “compromise.” Senate Finance committee member Orrin Hatch (R-UT) stated:
“It’s hard for the majority to call this a compromise when the other side hasn’t been involved. Frankly, the only thing bipartisan about this latest political gambit is opposition to the permanent tax hike on small businesses to pay for temporary one-year tax policy.”
Senate Majority Leader Harry Reid’s (D-NV) new plan to extend the payroll tax cut would still expand the tax cut to bring the payroll tax rate down from 4.2% to 3.1%, but it would not be extended to employers, as President Obama wanted. This brings the total down from $265 billion to $180 billion.
To “pay for” this bill, liberals are still suggesting to hike taxes on job creators and other hard working Americans, although not as much. They also sunset the tax after ten years (they say), but that still is ten years worth of tax hikes to pay for one year of a tax cut. How does that seem fair?
If liberals think a payroll tax cut will stimulate the economy, fine. But if they think raising taxes on hard working Americans is bad for the economy, they need to drop the idea of raising taxes on hard working Americans. And if they are really concerned about debt (ha!), they should look to scale back government. The super committee is rumored to have found about $600 billion in cuts they could agree on. Let’s talk about that! Why do liberals think that the only way to pay down our debt is to hike taxes?