Payroll Tax Cut Fight: ‘Wall Street Journal’ Editorial Rips Boehner, McConnell
The Wall Street Journal opinion piece passes out the business-centric blinders.
“No employer is going to hire a worker based on such a small and temporary decrease in employment costs, as this year’s tax holiday has demonstrated. The entire exercise is political, but Republicans have thoroughly botched the politics.”
True, but not the point of the exercise. Employers will hire when they see customers with money coming their way – which is the point of the tax holiday: Putting more money in consumer pockets. Wasn’t it the republicans who said that people know best how to spend their own money? Conservatives consistently devalue the necessity of funding the demand side of supply and demand. Instead, they are aggressively working to weaken the economic foundation of the middle class.
“Their first mistake was adopting the President’s language that he is proposing a tax cut rather than calling it a temporary tax holiday. People will understand the difference—and discount the benefit.”
So people will understand when it comes time to end the Bush “tax holiday” for the rich?
“Republicans have also achieved the small miracle of letting Mr. Obama position himself as an election-year tax cutter, although he’s spent most of his Presidency promoting tax increases and he would hit the economy with one of the largest tax increases ever in 2013. This should be impossible.”
Except that Obama44 has been cutting taxes. The “tax holiday” in question is only one example. Conservatives keep changing the definitions. Either the House republicans have voted for a middle-class tax increase, or we need to end one of the largest unfunded tax holidays ever.
Conservatives are nibbling at the edges of doublethink. The Obama44 cuts to payroll taxes and the Bush43 income tax cuts to income taxes are both temporary cuts. There is one notable difference between the two though. The Obama cuts are being paid for – how is a major point of contention. The Bush43 cuts went straight to the national debt.
The President and the Democrats want the rich to pay for extending the payroll tax cuts, and put some of that idle money back in circulation as an economic stimulus. The republicans want the middle class and poor to pay for it, which would negate the simulative effect and hurt the economy in the long term. Redistribution of wealth at its most ineffective.
Read the Article at HuffingtonPost
- Republicans lose the Wall Street Journal on tax cut ‘fiasco’ (dailykos.com)
- WSJ: GOP botched tax debate (thehill.com)
- How the Republicans lost the upper hand in payroll tax debate – Washington Post (blog) (washingtonpost.com)
- House GOP takes beating over payroll tax (cbsnews.com)
- House Passes Bill… for New Churchill Bust (newser.com)
- GOP senator says Republicans need to resolve payroll tax fight and ‘move on’ (thehill.com)
- Romney Boldly Refuses To Take Sides On Payroll Tax Holiday (alan.com)