Payroll tax holiday running down

[Javaman]

http://money.cnn.com/2012/02/02/news/economy/payroll_tax_cut/index.htm?iid=HP_LN

NEW YORK (CNNMoney) -- Despite bipartisan support on Capitol Hill for extending a temporary payroll tax cut for the rest of 2012, lawmakers have yet to close the deal.

The reason? Same ol', same ol'.

221PrintCommentWith just 28 days left before the current two-month Band-Aid version expires, the sticking point for lawmakers is how to pay for an extension -- the very same reason that tripped them up when they tried to negotiate a full-year extension in December.

Douglas Elmendorf, director of the Congressional Budget Office, told the House Budget Committee on Wednesday that he estimates that extending the payroll tax cut for another 10 months will cost $100 billion.

more at link...

[kentuck]

1. Most folks didn't realize they even had a tax break...

You don't miss your water 'til the well runs dry...

[lunatica]

2. The tax break itself isn't enough help

People will simply drown much faster without it.

[kentuck]

3. For many folks...

it helps to pay for the increase in gas prices. But that's about it.

The real problem is the lack of wage increases for the last 25-30 years. They need to be tied to productivity once again. There is no respect for labor. Labor itself acts like an abused wife. They act as if they deserve what they get.

[WI_DEM]

4. People will notice it if it expires at end of the month

they will notice a $10 or $15 decrease in their check every two weeks or so--and that will be the GOP tax hike going into effect.

[crazylikafox]

5. Now that the unemployment numbers are improving, the Rethugs are going to sabatage the UI extension

I hope I'm wrong. But if the economy continues to improve, they'll do almost anything to make it worse. I watched a Rethug congressman on CNBC this AM. He was almost apoplectic about the unemployment numbers, trying to talk it down.

[kentuck]

6. What could be worse?

than people working and the economy improving. That is the worst news any Republican could ever hear.