Class Warfare, Math & The Payroll Tax Issue

Our Class Warrior in Chief is pushing the meme that we can have a temporary extension of the payroll tax holiday if only the radical Republicans would agree to cover the cost by enacting a permanent 3.25% tax hike on the ever shrinking number of people in the U.S. earning over $1 million per year.   The problem comes when you actually crunch the numbers.  The cost of the payroll tax holiday is $265 billion.  A static analysis of the proposed tax hike by Brookings shows that it would only add $21.5 billion annually to our nation's coffers.  In other words, this class warfare meme is a complete fraud.  As the good folks at Powerline point out, "[i]t is ironic, to say the least, that from the Democrats’ perspective the nation suffers, more than anything else, from a shortage of rich people."