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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."
Showing posts with label payroll tax holiday. Show all posts
Showing posts with label payroll tax holiday. Show all posts
Friday, December 2, 2011
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