Monday, December 5, 2011

Turn of Phrase - Obama Taunts Republicans Over Payroll Tax Cut

Photo: Phillip Scott Andrews, New York Times
"How can you fight tooth and nail to protect high-end tax breaks for the wealthiest Americans, and yet barely lift a finger to prevent taxes from going up for the 160 million Americans who really need the help?"

- President Obama on Monday, accusing the GOP of inconsistency in their commitment to tax breaks.

In an attempt to boost the economy, Congress passed legislation at the end of 2010 that temporarily reduced the payroll tax, providing a savings of $1000-$1500 per year for most Americans. That tax cut is scheduled to expire at the end of this year, and while both Democrats and Republicans generally favor extension of the tax relief, there is great debate over how to fund the tax cuts.

The President quite correctly has expressed confusion over the Republican doggedness surrounding the proper funding of the payroll tax break which benefits almost all American families, while they have historically taken a "must pass at any cost" approach to ensuring the continuation of the Bush tax cuts, which positively impact only the wealthiest Americans.

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