Verily, for He shall cut thy taxes and give thee pork

Need more proof that Obama is Bush III?:

Old Tax Relief Seen as Anchor in Obama Plan

The centerpiece of the job creation package that President Obama plans to announce on Thursday — payroll tax relief for workers and perhaps their employers — is neither his first policy choice nor that of many economists. But it is the one that they figure has the best chance of getting Republicans’ support.

Mr. Obama has signaled that he will propose to extend for another year a reduction of two percentage points in the 6.2 percent Social Security payroll tax that employees pay, which means about $1,000 more for the average household. And he is considering a proposal to expand the tax relief to employers’ share.

In his prime-time address to a joint session of Congress, Mr. Obama is expected to call for a package totaling several hundred billion dollars that would also extend other business tax cuts, put federal dollars into building and repairing roads, rails, airports, schools and other infrastructure projects, and provide aid to states to avert more layoffs of teachers.

But the single biggest stimulus measure he will propose is likely to be temporary payroll tax relief. If the current tax cut, due to expire at the end of the year, is expanded next year to employers as well as employees, it would pump roughly $200 billion into the economy, with the aim of stimulating much-needed demand for goods and services from consumers and businesses and, additionally, of giving companies an incentive to hire.

Extending tax cuts? If they aren’t working now, how will they make anything better in the future? And since the old tax cuts didn’t work, let’s try some new ones!

Prediction: Another epic failure

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19 Responses to Verily, for He shall cut thy taxes and give thee pork

  1. catarina says:

    To be fair-Bush NEVER lowered the FICA (Social Security) tax rate.
    This is Obama all the way.

    Screwing with Federal withholding is one thing, but reducing the amount paid by employees for retirement is entirely another.

    The SS fund will be broke sooner, so they can hurry up and dismantle the whole program.

  2. Mary says:

    Aid to states? Which states? How will that be determined? Will the money be required to go to public unions? Who decides which states get more? What’s the process for deciding that?

    Here we go again.

    • catarina says:

      Cheer up, John Bolton has announced he won’t be running for president.

      So, everything else sucks..but there’s that 🙂

    • DeniseVB says:

      I remember last time “aid to states” had strings. Had to hire union guys and gals, something like that, but right to work states were screwed or refused the money. Then THAT money went to the slobbering states.

      Sidebar: We’ve had so many natural diasters this past year, can’t we help those people first ?

  3. myiq2xu says:

    OT: It is now officially September. I have turned the page on my wall calendar next to my desk.

    This is the earliest in the month that I have done that all year.

  4. yttik says:

    “two percentage points in the 6.2 percent Social Security payroll tax that employees pay, which means about $1,000 more for the average household.”

    Baloney! It means at most a few hundred a year for the “average” household. For most people it’s such a small amount, they don’t even realize they’re getting it. Being allowed to keep 2% of your SS deduction is like being able to keep 2 dollars for every hundred you earn. If you make 1000 a month, you get to keep an extra 20 bucks. You’d have to earn 5 grand a month to see a hundred dollars. If you earning 5 grand, you may not even notice that hundred either because it’s being eaten up by higher gas prices, utilities, food, etc.

    We aren’t “helping” anybody, we’re simply taking revenue away from SS.

    • ralphb says:

      They should kill that so-called SS tax cut since it’s worthless for creating jobs. If they even put that money into aid to the states it would be a lot more helpful. At least current state and local workers wouldn’t be losing jobs at a pretty good clip. Aid to states has at least some bang for the buck.

  5. catarina says:

    If the SS rate goes back up, people might figure out that Obama’s “Making Work Pay” credit expired.

    Can’t have that.

    • jjmtacoma says:

      Yes, they extended the tax cuts for the rich but ended the making work pay credit. It increased taxes for the lowest earners.

      I don’t think they give a shit if “those people” figure it out, they just want to break SS.

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