Posted on 11/23/2011 4:05:53 AM PST by tobyhill
In a display of compromise rarely seen during his time in office, President Obama has signed into law a $858 billion tax cut bill despite the misgivings of members of both parties.
"We are here with some good news for the American people this holiday season," Mr. Obama said.
The bill, which was largely worked out earlier this month between the White House and Congressional Republicans, extends the Bush-era tax cuts for all Americans for two years, extends unemployment benefits for 13 months and includes a one-year Social Security tax cut, among other measures.
The measure is not paid for, and costs more than Mr. Obama's controversial stimulus package that was harshly criticized by Republicans for exacerbating America's deficit and debt problem.
The president acknowledged that the bill's cost and the coming effort to address the deficit, stating, "In some ways this was easier than some of the tougher choices we're going to have to make next year."
Mr. Obama said the bill would create jobs and boost the still-struggling U.S. economy. He called it a "substantial victory for middle class families" who would otherwise have seen a tax increase.
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The tax cut package angered liberals in the president's party due to the extension of the Bush-era tax cuts for the roughly two percent of highest-earning Americans, which comes at a cost of $120 billion over two years. They were also incensed at the level at which the estate tax was set in the measure, which exempts estates under $10 million for couples and taxes subsequent income at 35 percent.
(Excerpt) Read more at cbsnews.com ...
Silly “demand side” author; tax cuts don’t need to be “paid for”. Government spending needs to be paid for. Tax cuts bring in more dollars due to increased activity inthe economy.
Just to be clear, I mean CBS, not you tobyhill!
The problem is this payroll tax crap. Why not just call it the “Social Security” trust fund tax? Not funding Social Security was HUSSEIN’S IDEA.
The Lame Stream Media is letting Obama get by with his hypocrisy with no mention that Obama is the one that extended the “tax cuts for the wealthy” and now they want to pretend “Obama is the one fighting for the middle-class”.
I caught that ,too.
letting you keep some of your own earnings “costs” the gubmint only if you believe it was all the gubmint’s to begin with.
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