Okay, get this. The Obama administration wants to extend the payroll tax “cuts” that were part of the failed stimulus package from 2009. If you don’t know what they are it’s because they were literally so small no one really noticed. A little less was taken out of your paycheck every couple of weeks than normal for a couple of years. The only real impact of this “tax cut” was that Social Security was underfunded so we’ll have to deal with an even bigger mess later on.
But here’s the best (read “crazy”) part: The Obama administration is arguing that letting these puny “tax cuts” expire will be a drag on the economy. That’s right, they’re arguing that a tax hike (which is what would happen if the cuts expire) will hurt the economy. Okay? With me so far? They’re arguing for tax cuts… which most people didn’t even notice. So you can imagine that there was really no major economic uplift realized from the cuts. Okay, no need to imagine it – we’re living it. The economy sucks right now.
Ineffective tax cuts are ineffective. Now, instead of realizing that maybe more needs to be done – like broader tax reform – the Obama administration is proposing we extend the ineffective payroll tax cuts and – wait for it – hike taxes on “the 1%” (which is really anyone who makes more $250,000) to offset the shortage of funding for Social Security. You know, because that won’t hurt the economy, guys.
I mean really, how stupid can you get? You offset tax cuts with tax hikes elsewhere? And, on top of that, you raise taxes on the people who create the jobs for the people whose payroll taxes you’re cutting? Hello? Is ANYONE home?
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