The Senate deal raises taxes on minimum-wage Americans because it does not address the expiration of the payroll tax cut. Under this deal, tax rates for all Americans making over $400, (not $400,000) will go up by 2%.
A 2% increase in the 10% tax rate to 12% is a 20% tax increase, not a 2% tax increase. It is way beyond time for a truth in taxation law such as was done in the seventies for loans disclosures.
On another note, with Republicans like Boehner, McConnell, and Arkansas Rep Tim Griffin (recently made a member of the ways and means committee) believing that the problem in DC is not enough “Revenue” - code for your money for them to spend- I have no doubt we will see “Bi-Partisan” support for the senate bill.
By the way, it seems the true definition of Bi-Partisan is not cooperation between competing parties, but is meant more in the Bisexual meaning, in other words our representatives have no problem voting both ways and see no wrong in voting the expediency of the moment rather than stand for a well defined principle.
I see no problem with it. Payroll taxes were given a temporary holiday for 1 year and then extended another. Also, those taxes and the entitlements they support are interconnected (even though I understand the common pool of tax money). If the payroll tax cut should be made permanent, it must be done so with commensurate reductions in entitlement spending.