Skip to comments.Economy Would Suffer If Tax Cut, Jobless Aid End (Then pay for it Obama and the other Rats)
Posted on 11/22/2011 3:52:03 PM PST by tobyhill
A tax cut that reaches 160 million Americans and government aid for the long-term unemployed will expire at the end of the year and suck $165 billion out of the economy next year unless Congress takes action.
Economists hoped the so-called congressional supercommittee would decide whether to extend both measures. But the committee couldn't even agree on how to reach its main goal, cutting $1.2 trillion from the federal budget deficit.
If the tax cut goes away, the average family would pay about $1,000 more in taxes next year, the equivalent of an extra tank of gas every two weeks. Someone earning $100,000 would pay $2,000 more.
And if long-term unemployment benefits are allowed to expire, about 6 million people would lose weekly checks averaging about $300. For most of the long-term unemployed, that is their main source of income.
(Excerpt) Read more at abcnews.go.com ...
I thought the Bush tax cuts were "for the rich" ?
The "payroll tax" is money that is supposed to go to SOCIAL SECURITY! Hussein is essentially promoting an ideat that CONTINUES TO ROB FROM THE SOCIAL SECURITY FUND!
If you want revenue, take it from the low end of the scale because you can raise revenue at the low end of the Laffer curve if those people are only paying zero (or getting redistributed income). But of course, this would be unfair to obama’s supporters.