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Um, if you wanted to give a tax break, the cheapest way to do it would be a lump sum personal income tax rebate.
Cutting the FICA rate was the stupidest thing to do, because, in the first place, it costs a helluva lot of money to reprogram all of the software to deduct the correct amount for FICA from payroll.
In case you missed it, and obviously you did, to extend the FICA tax holiday into 2012 cost even more money for employers, tax accounts, tax attorneys, tax preparations specialist and payroll processing companies (like ADP) to reprogram the software.
Obama did it the most expensive way you could possibly do it.
Not only that, but it siphoned money out of the General Fund which is why there are hiring freezes in federal agencies and offices, and few contracts were awarded to private firms, which resulted in job losses.
That was just brilliant.
Laughing at the superior intellect...
This is an amazing change in right wing philosophy. Now tax cuts aren't good nor bad.
Tax cuts are only good nowadays (since 2008) when they're deemed to be "stimulative." Wow....that's a new one.
So a tax cut is only stimulative when it's a BIG cut in taxes, aye?
Just say what the hell you mean and quite bullsh*tting around. Tax cuts are good for the wealthy, and bad for the non-wealthy. It's what you mean, but just won't say.
Damn...you guys act as if we're pulling teeth here.
Yikes, I answered your question, you either don't understand it or don't accept it. However it's the truth.
This is so odd? Why is the left anxious to pick a fight with 54% of the population? These folks said the tax cut was worthless.
They have to defend Obama and blame all the problems on Bush.
It's towing the party line. They don't care what most of America thinks..they have to defend their party.
They have to defend Obama and blame all the problems on Bush.
It's towing the party line. They don't care what most of America thinks..they have to defend their party.
Gimme a break.
If President Obama would've come out swinging against the Payroll tax cut, the Republicans would be campaigning as we speak that he's RAISING taxes, and you know it.
If President Obama would've come out swinging against the Payroll tax cut, the Republicans would be campaigning as we speak that he's RAISING taxes, and you know it.
ROFL..that payroll tax break was his idea..tacked onto the Bush cuts extension.
Payroll tax holiday amounts to about $100 billion stimulus.
Its miniscule, and the tax payers understand this. Cutting a penny from the gas tax would be be a huge cumulative number but would have zero economic impact.
The purpose of this post is to inject a few facts:
1) If 54% don't feel the effect of the payroll tax holiday, that means that 46% do, and that's a large number.
2) The OP asks "didn't the Dems learn anything from the stimulus?" The answer is , 'yes.' The stimulus, such as it was, has been analyzed by the CBO and private economists with the conclusion that it raised GDP from where it was. The problem with the stimulus was scale. It was $788 billion, 40% tax-cuts of minimal effectiveness, spread out over two-years and trying to negate a 6% drop in GDP on a $14 trillion economy.
Thus, to the chagrin of people who want Obama to fail, the stimulus worked. It just was too underpowered to undo the massive drop.
3) While the anti-Obama group snicker at the effect of a payroll tax holiday, "The Congressional Budget Office (CBO) shows that a payroll tax cut is one of the most effective tax cuts in stimulating demand for goods and services in a recessionary economy — not as effective as direct spending on unemployment benefits but still far more effective than high-end income tax rate reductions." link So, if we filter out the partisan foolishness and only address facts, we see that the payroll tax holiday is indeed stimulative.
Of course, the anti-Obama crowd doesn't want the economy to improve because their only objective is to leave Obama with the worst economy so their electoral chances are better -- never mind that Americans will suffer.
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