GOP may OK end to payroll tax cut.

[Marston]

http://www.msnbc.msn.com/id/44218846/ns/politics/#.TlEq8GPawxI

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I think this just proves that the Congressional GOP are not basing their positions on principle. Rather, they're formulating their positions on this simple formula: Does Obama support it? If so, oppose it. Does Obama oppose it? If so, support it.

[King]

Interesting. Perhaps Obama should go on record against his entire platform and compromise with the Republicans from their.

[memphis]

Of course the GOP doesn't support th payroll tax cut.  Due to income caps on the tax, the payroll tax cut doesn't help richers much. The GOP is only interested in slashing the taxes (estate, capital gains, income) that they see as an unfair burden on C Montgomery Burns.

[J. J.]

http://www.msnbc.msn.com/id/44218846/ns/politics/#.TlEq8GPawxI

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I think this just proves that the Congressional GOP are not basing their positions on principle. Rather, they're formulating their positions on this simple formula: Does Obama support it? If so, oppose it. Does Obama oppose it? If so, support it.

Actually, it would be a fiscally responsible thing.  Will Obama go along with it?

[Lief 🗽]

Double dip recessions aren't fiscally responsible.

In fact, a huge contributor to our debt is the fact that we're in a recession, and tax revenues have fallen/automatic spending stabilizers have gone up!

[NVGonzalez]

Of course the GOP doesn't support th payroll tax cut.  Due to income caps on the tax, the payroll tax cut doesn't help richers much. The GOP is only interested in slashing the taxes (estate, capital gains, income) that they see as an unfair burden on C Montgomery Burns.

Not to mention they oppose everything that Obama proposes even if it is part of their principles. I think Obama should make believe he is coming out in favor of the Bush tax to make the GOP repeal em. It may work.

[🐒Gods of Prosperity🔱🐲💸]

I can see their point about a short-term tax cut being much less stimulative than a long term one. The problem is, its also a lot harder to pay for. 

[opebo]

Fellows, they're just trying to make the recession as bad as possible.

[Torie]

The Pubs best strategy might be to say that we won't do piecemeal tax changes like this. We want comprehensive changes, and hope the super committee gets it done. Just shoving money out the door has been tried before, and what is really required, involves a full meal, and not just a desert. That is not a balanced meal.

I have no idea whether a payroll tax cut at this time would be a good idea or not by the way. None. I would want to see very detailed macroeconomic data, and ask a lot of questions.

[○∙◄☻¥tπ[╪AV┼cVê└]

Interesting. Perhaps Obama should go on record against his entire platform and compromise with the Republicans from their.

I'm sure that there are plenty of reasonable things that both Obama and the Republicans oppose.

[Marston]

Regardless of the actual stimulus of an employee payroll tax cut, it's notable that the GOP (who haven't met a tax cut that they haven't liked until now), suddenly question the effectiveness of just this tax cut. There are dozens upon dozens of tax cuts and tax credits that are questionable in regards to their effectiveness and have to be renewed every couple years but the GOP decides to target just this tax cut for scrutiny. It doesn't take a detective to figure out why...

[Landslide Lyndon]

Republicans advocated a complete payroll tax holiday at the beginning of 2009. So seeing them actually trying to rationalize their newfound opposition to a 2% reduction is pretty hilarious.

[TJ in Oregon]

BREAKING NEWS: Some congressional Republicans put politics over the American people

Politicians playing politics; imagine that

[memphis]

BREAKING NEWS: Some congressional Republicans put politics over the American people

Politicians playing politics; imagine that

Not so much "playing politics" as shamelessly trying to funnel as much money to rich people and only rich people as frequently as possible. Why anybody with a net worth under $1M would ever vote for a GOP candidate is completely beyond me.

[King]

BREAKING NEWS: Some congressional Republicans put politics over the American people

Politicians playing politics; imagine that

Not so much "playing politics" as shamelessly trying to funnel as much money to rich people and only rich people as frequently as possible. Why anybody with a net worth under $1M would ever vote for a GOP candidate is completely beyond me.

You're just a class warfare socialist like Warren Buffett or Bill Gates.  People like Bill O'Reilly actually have to work for a living unlike the people who prepare his coffee.

[Link]

http://www.msnbc.msn.com/id/44218846/ns/politics/#.TlEq8GPawxI

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I think this just proves that the Congressional GOP are not basing their positions on principle. Rather, they're formulating their positions on this simple formula: Does Obama support it? If so, oppose it. Does Obama oppose it? If so, support it.

The poor get f-cked again.

[TeePee4Prez]

Personally, I'd eliminate ALL payroll and SE taxes and just raise the rates slightly.  This would be my proposal in simplest terms:

10% bracket... 12%
15%... 18%
25%.. 28%
28%.. 32%
33%... 37%  (upper limit goes to $400K single, 550K for MFJ)
35%.. 40% (400K-700K single, 550-900K MFJ)
new 42% (700K-1M single, 900K-1.3M MFJ)
new 45% (>1M single, >1.3M MFJ)

AMT adjustments:

Don't have to add back state and local taxes
"Tax exempt" interest/dividends now taxable over 100K as an addback

New rates: 30% for AMTI to 100K, 35% for >100K

Exemptions:
Single... 150K
MFJ... 225K
MFS... 100K


Deficit solved!  Pro-growth and pro small business with the elimination of burdensome SE taxes!  If I were a Dem on the W&M Committee, I would toss a proposal like this, claim it pro-small business and dare the GOP to shoot it down.

[King]

I would end all payroll tax.  No income tax for the first $200,000 earned, a flat rate above it, and then institute a value-added sales tax.

The middle and lower classes would be given more income to spend and increased consumption.  The government then cashes in on consumption.  The government then re-cashes in the consumption when it goes into the salaries of 200k+ earnings..

Of course, I know very little and this is probably a dumb idea.  But if I were dictator I wouldn't give a crap.

[Marston]

I'm wary of governments relying too much on consumption-based taxes for revenue. It makes the revenue stream a lot more susceptible to wild fluctuations.   

[J. J.]

I'd worry about a VAT.  It is hugely regressive.

[beneficii]

BREAKING NEWS: Some congressional Republicans put politics over the American people

Politicians playing politics; imagine that

Not so much "playing politics" as shamelessly trying to funnel as much money to rich people and only rich people as frequently as possible. Why anybody with a net worth under $1M would ever vote for a GOP candidate is completely beyond me.

You're just a class warfare socialist like Warren Buffett or Bill Gates.  People like Bill O'Reilly actually have to work for a living unlike the people who prepare his coffee.

The only class warfare I see is coming from the Republicans.  They may deny it, but their actions speak louder than words.

[🐒Gods of Prosperity🔱🐲💸]

Personally, I'd eliminate ALL payroll and SE taxes and just raise the rates slightly.  This would be my proposal in simplest terms:

. . .

You can't raise the other rates slightly and expect it to cover it, unless you are willing to *major* cuts to discretionary and entitlement spending.

[Simfan34]

I would end all payroll tax.  No income tax for the first $200,000 earned, a flat rate above it, and then institute a value-added sales tax.

The middle and lower classes would be given more income to spend and increased consumption.  The government then cashes in on consumption.  The government then re-cashes in the consumption when it goes into the salaries of 200k+ earnings..

Of course, I know very little and this is probably a dumb idea.  But if I were dictator I wouldn't give a crap.

I like this idea. I'm also a big fan of a VAT.

[Badger]

I can see their point about a short-term tax cut being much less stimulative than a long term one. The problem is, its also a lot harder to pay for. 

But even a short term payroll tax has far more stimulative value for spuring consumption than even a long term upper income tax cut.

The Republicans really have gotten barefaced haven't they? Their entire policy revolves around two things: Will it do little for those who write our major campaign checks, and is Obama for it? If the answer to both is yes, we oppose it.

Utterly shameless.

[Torie]

For the record, I advocated a payroll tax cut shortly after we hit the dumps. It was better then, than now, after we have shot so much of our wad.