Pass the Payroll Tax Cut Extension Or …
In president Obama’s last radio address he said “While numbers and figures will go up and down in the coming months, what cannot waver is our resolve to do everything in our power to keep stoking the fires of the recovery,”
As of today President Obama is calling on Congress to pass and extension of the much discussed payroll tax cut to cover us folks for the remainder of the year.
We had a two month extension but that will run out soon.
It averages a saving of about $1,000 a year for the working folks.
One question I raise is : “Why do the large majority of the people in this country have to be subjected to the whims of the wealthy minority and corporations who control the GOP?
The fact that the GOP will most likely not cooperate with anything that our President suggests, even something that is obviously good for the people, will leave this idea at risk.
Unfortunately politics and big business alliances come first.
President Obama’s concern is that the economic recovery will rely on this payroll tax cut.
It would continue the 2% cut in Social-Security tax that makes a big difference financially to many people, re-new the long-term. unemployment benefits, and more.
And for the wealthy
The issue that concerns the wealthy and corporations who can afford to buy political allegiance is that the tax cuts that former President Bush enacted would have to expire as part of the deal.
The thing that scares a lot of corporations is that this deal would eliminate a lot of the loopholes that allow them to generate huge profits.
Despite this, the deal offers lowered corporate tax rates so… go figure. The big business people like their money machine that churns wealth for them to remain status quo.