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White House noncommittal
on preserving payroll tax cut

Politico, by Byron Tau

Original Article

Posted By:NorthernDog, 11/15/2012 8:38:23 PM

The White House is open — but not committed — to renewing the payroll tax cut that expires at the end of 2012, an official tells POLITICO. "We have said that there are a number of tax issues to deal with at the end of the year and we will look at the payroll tax cut in the context of those discussions," a White House official said. (Snip) The White House waged an unrelenting campaign last December against House Republicans on the payroll tax measure, insisting that letting it expire would constitute a tax increase on the middle class.

Comments:
How can he be noncommittal? Letting the tax go up would be a de facto tax hike on the middle class, which ´O´ promised he would never, ever let happen.

      


Post Reply  

Reply 1 - Posted by: jntsrgn, 11/15/2012 8:44:26 PM     (No. 9017238)

If you continue the payroll tax cut, you MUST reduce the Social Security benefits provided by those funds. Unlike the Federal Income tax, the payroll tax proceeds are already allocated to an obligation.
Unless, of course, the plan is just to print the dollars to cover it all.

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Reply 2 - Posted by: M Stuart, 11/15/2012 9:19:42 PM     (No. 9017278)

This was his impulsive idea to impose his "smell" on the tax bill. He should never have done this with SS in the mess it´s in already. Now it will really hurt if it is taken away.

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Reply 3 - Posted by: oh-heck, 11/15/2012 11:44:23 PM     (No. 9017497)

He really has no clue how he´s going to deal with anything. I really do think the best course of action would be to let the taxes revert back to Clinton levels and let the Payroll tax holiday expire. Then let Sequestration force cuts in Entitlements and Military. Even the poor will get jaw dropping tax bills in January (the Bush tax cuts cut the lower brackets more severely than the top brackets). All told, some could easily see twice as much withheld. Then let Obama propose a carbon tax. Or more "investment" in high speed rail and green energy.

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