Weekly Address: Extending the Payroll Tax Cut for the Middle Class

[cal04]

&feature=player_embedded

In this week’s address, President Obama urged Congress to quickly pass the payroll tax cut extension to prevent a tax hike on 160 million hardworking Americans who are still recovering from the worst economic downturn since the Great Depression. This is not the time for a self-inflicted wound on the recovery or placing an added burden on middle class families, so Democrats and Republicans must pass this commonsense tax cut without drama or delay. We overcame the same standoff over the payroll tax cut extension in December with the help of the American people, and President Obama once again calls on all Americans to tell their elected leaders to do their jobs, put aside partisanship, and extend this tax cut for the middle class.

more at link
http://www.whitehouse.gov/the-press-office/2012/02/11/weekly-address-extending-payroll-tax-cut-middle-class

[The Wielding Truth]

1. I'll call Monday. I need not to lose $1000.00.

[grahamhgreen]

2. I am against the payroll tax cut extension, instead, I would like to put MORE money into my SS fund,

and less into my IRA.

I prefer a guaranteed return to gambling in the stock market.

Further, this damages the long term solvency of SS.

What we need to be pushing for is RAISING the CAP on SS, so that those making over $107,000 must also pay into it.

If we want a stimulus, it should come from taxing the corporations who pay no tax at all, or taxing the wealthy at the same rates as our grandparents.

[hfojvt]

5. my IRA money is all in CDs at my credit union

May not be the best rate of return, but I am not crying about how it has lost value either, plus there is no management fee. I am crying about the really low interest rates though, but I still think it is a better return than SS, mainly because I get to keep the principal unlike with SS.

I hate the payroll tax cut because 46% of it goes to the richest 20% and less than 4% goes to the poorest 20%. Unlike the making work pay credit, or a fixed payroll tax holiday, Obama's pet plan actually increases inequality by gibving bigger tax breaks to the rich. That extra $1,000 that he loves to talk about. I don't get that much. I get about half of that, and before I got promoted, I got about 1/4 of that.

[James48]

3. I agree- we don't need to extend the payroll tax cut

at least not the full 2%. Social Security is too valuable. Let's drop it 1% for six months, then let it resume to the full 8.5% Mr President, but take the cap off then. America will be just fine, and social security will be solvent for decades then.

[Kashkakat v.2.0]

4. ITS the defunding of SOCIAL SECURITY - not just any old "payroll tax" cut - call it what it is so

people know what's going on. You have to be a news junkie to find this out because it's rarely stated overtly. Not all my friends are, and they are inevitably SHOCKED when I tell them exactly what kind of "payroll tax" is being cut. "Why are they doing that?" is the usual reaction.

[hfojvt]

6. no it is not

but it IS a tax cut for the rich.

the richest 10% get 26.7% of the money
the poorest 40% get 12.1%

the richest 40% get 73% of the money
the poorest 60% get 27%

tax cut for the middle class? No, just more trickle down Reaganomics.

[emulatorloo]

7. That's a "DU fact". It isn't correct, but has become "true" by repetition

The money to pay for it does not come out of social security.

You can't beleive every thing you read on DU.