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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: RetiredNow who wrote (104871)	11/27/2011 5:04:44 PM
From: RetiredNow	Read Replies (1) \| Respond to of 149317

It used to be that the GOP was the Tax Cut party. Now the Dems have a taste for it, they are going hog wild. In the process, they are destroying what is left of the sustainability of Social Security. Are there any sane people left in this country? If one of the biggest debt on your books is from Social Security, who in their right minds would cut the tax revenues to that program if they are trying to save it for future generations? I like the idea of taxing millionaires more, but if they are going to cut the revenues from Social Security and tax elsewhere to put the money into the general pool, then this doesn't help a damned thing. This Obama is looking more and more like Bush Junior with every action he takes. Nov. 27, 2011, 12:35 p.m. EST Payroll tax cut on deck as Congress returnsDemocrats seek to pay for extension with surtax on millionaires By Robert Schroeder, MarketWatch WASHINGTON (MarketWatch) — Extending a payroll tax cut for American workers will be high on Congress’s agenda as lawmakers return from a Thanksgiving break on Monday, but Democrats and Republicans are deeply divided about how to pay for it. New York Democratic Sen. Charles Schumer said his party would introduce a plan to extend the tax cut into 2012 next week, and pay for it with a surtax on incomes greater than $1 million. “It’s essential that we do this,” Schumer said on NBC’s “Meet the Press.” “It’s hard to believe the Republicans would oppose this.” Speaking on “Fox News Sunday,” Sen. Jon Kyl, an Arizona Republican, said the payroll tax holiday hasn’t stimulated job creation and that it would be a mistake to pay for it by taxing millionaires. Anti-tax activist Grover Norquist said on “Meet the Press” that Democrats’ plans to pay for the holiday with a millionaires’ tax is “destructive.” Enacted a year ago, the payroll tax break is due to expire on Dec. 31 unless Congress extends it. The White House estimates that the tax cut gives about $1,000 a year to a family earning $50,000 annually. President Barack Obama wants to increase the tax cut in 2012 to $1,500. The debate over extending the payroll tax cut will play out in the wake of the failure of the congressional supercommittee to strike a deal to cut the budget deficit by at least $1.2 trillion over 10 years. Some lawmakers had been hoping that the supercommittee would extend the payroll tax holiday, as well as unemployment benefits. Read MarketWatch's Economy and Politics coverage. At least one Republican senator interviewed on Sunday’s talk shows predicted that an extension of the payroll tax cut would be approved, in addition to an extension of jobless benefits. “I think that probably some package of that with other features might very well pass,” Sen. Pat Toomey of Pennsylvania said on ABC’s “This Week.” Sen. Schumer said a payroll tax extension is the “first thing” that Senate Democrats will bring up next week.

To: RetiredNow who wrote (104871)	11/27/2011 10:37:05 PM
From: zeta1961	Read Replies (2) \| Respond to of 149317

MM...this one's for you. To say "wow" feels like an under-reaction. Thanks to Ron on Pal's board. Secret Fed Loans Gave Banks Undisclosed $13B bloomberg.com