Senator Hagan and payroll taxes
North Carolina’s junior U.S. Senator Kay Hagan — affectionately known around Capitol Hill as “Chuck Schumer’s sock puppet” — is stepping into the fray over extending a payroll tax cut for all Americans:
Supporting President Obama’s payroll tax cut extension proposal, U.S. Sen. Kay Hagan this week released statistics showing the effect the cut has on the average middle-class household in each North Carolina county.
The list shows that a Moore County median household with $45,987 annual income saves an average of $1,426 a year from the payroll cut.
If Congress does not act to extend the cut, the current payroll tax cut will expire at the end of the year. The tax cut reduces the percentage of Social Security taxes deducted from wages from 6.2 percent to 4.2 percent.
Extension of the tax cut has bipartisan support, but the two parties do not agree on how to cover the loss to the federal treasury. Obama and his Democratic supporters want to make up the difference by imposing a tax on incomes of more than $1 million. Republicans want to make up the lost income through cuts elsewhere in the federal budget.
THIS kind of stuff is what got our federal government into this $16 TRILLION hole. (Editor’s Note: Is it really BarryO’s tax cut extension? Or did you simply copy that off of Sen. Sock Puppet’s press release? Who enacted the tax cut in the first place, amid promises from Dems to help control spending? )
Payroll taxes fund social security and medicare. We’ve got this huge group of baby boomers moving into eligibility for those benefits. The numbskulls in DC are shrinking the pool of revenue for funding social security and medicare. Yet, they continue to increase the payments for those programs each year. They are promising more to our seniors, while holding less money for financing those programs, and continuing to piddle away our — and our great granchildren’s — futures.
Preserve the tax cuts. Cut spending and / or control its growth. It is such a simple concept. But this bunch will NEVER grasp it.