Second, (Obama) said that he would want an extension of the payroll tax cut to be a component of an overall deal, as a stimulative measure. He did not specify whether that would be an extension on the employee side or adding an employer-side payroll tax cut to it. He said that “It wouldn’t be (the stimulus package that) I would design, but it does make a difference.”
Huh. In case you need a refresher: every paycheck automatically deducts 6.2% for Social Security taxes. Last year, President Obama and congressional Republicans made a budget deal that included reducing that to 4.2%, but only for 2011.
So he'd like to extend that, would he?
Okay by me. I love the payroll tax cut, because it’s more money in my pocket. I love it further because it’s a tax cut for everyone earning a paycheck. You get a paycheck, you got a tax cut. No inserting tab A into slot B while holding widget D between your teeth; no filing form 1984a-c12 with the IRS and hoping they agree that you qualify.
On the other hand, I don’t love the payroll tax cut, because wasn’t Social Security supposed to be in trouble? And won’t this just move all those Drop-Dead Dates of Doom up earlier?
Yep. Sure will.
On the other hand, Washington doesn’t tend to act, pre-crisis. So. Maybe just ignore that first other hand, then.
One more thing: since everybody who earns a paycheck also pays Social Security taxes, rich people get this tax cut just like the poor and middle class. While the actual cut will mean less and less the farther up the income chart we go, it will still be a tax cut for people making over $100,000; over $250,000; over $500,000 a year.
So I'm standing by for the liberal "progressive" attacks on a Tax Cut For The Rich.
Previously:
[...] & STUFF Allahpundit: Boehner – Let’s Face It, Obama’s In Re-election Mode Troglopundit: One Last Post About The Federal Budget (And The Payroll Tax In Particular) PJ Tatler: The Collision Of Narcissism And Reality JustOneMinute: Pretty Ambitious Kabuki The [...]
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