Deepen the cut - let it bleed

[sad sally]

amendment to yesterday's rant...


The centerpiece of the bill, known as the American Jobs Act, is an extension and expansion of the cut in payroll taxes, worth $240 billion, under which the tax paid by employees would be cut in half through 2012. Smaller businesses would also get a cut in their payroll taxes, as well as a tax holiday for hiring new employees. The plan also provides $140 billion for modernizing schools and repairing roads and bridges — spending that Mr. Obama portrayed as critical to maintaining America’s competitiveness.

The centerpiece of the plan is cuts in payroll taxes, which cover the first $106,800 in earnings and are evenly split between employers and employees. Obama would reduce the portion paid by workers next year to 3.1 percent from 4.2 percent now. The rate was cut 2 percentage points under the terms of a tax deal reached last year. That cut is set to expire Dec. 31, which would push it back to 6.2 percent.

The White House also would use temporary payroll tax cuts next year to offer incentives for new hiring and assist small businesses.

Businesses would get the same 3.1-point reduction on taxes they pay on the first $5 million of their payroll, a limit that skews the benefit toward smaller firms. The full 6.2 percent employer contribution would be waived on the first $50 million net increase in a company’s payroll.

http://www.bloomberg.com/news/2011-09-08/obama-proposes-cutting-payroll-taxes-in-half.html?du

[slipslidingaway]

1. knr and SS gets another IOU :( n/t

[sad sally]

2. When I heard the President say the words below, had to pick myself off the floor.

Pass this jobs bill, and companies will get a $4,000 tax credit if they hire anyone who has spent more than six months looking for a job. We have to do more to help the long-term unemployed in their search for work. This jobs plan builds on a program in Georgia that several Republican leaders have highlighted, where people who collect unemployment insurance participate in temporary work as a way to build their skills while they look for a permanent job. The plan also extends unemployment insurance for another year. If the millions of unemployed Americans stopped getting this insurance, and stopped using that money for basic necessities, it would be a devastating blow to this economy. Democrats and Republicans in this Chamber have supported unemployment insurance plenty of times in the past. In this time of prolonged hardship, you should pass it again — right away.

Pass this jobs bill, and the typical working family will get a fifteen hundred dollar tax cut next year. Fifteen hundred dollars that would have been taken out of your pocket will go into your pocket. This expands on the tax cut that Democrats and Republicans already passed for this year. If we allow that tax cut to expire -– if we refuse to act -– middle-class families will get hit with a tax increase at the worst possible time. We can't let that happen. I know some of you have sworn oaths to never raise any taxes on anyone for as long as you live. Now is not the time to carve out an exception and raise middle-class taxes, which is why you should pass this bill right away.

http://www.npr.org/2011/09/08/140320022/transcript-of-president-obamas-jobs-speech?du

On the first paragraph above, husband sez' suppose any company will lay good workers off so they can get the $4,000 tax credit? Nah, that wouldn't be right.

On the second one, omg, no mention of what this does to the solvency of social security, nor any mention that everybody making over $106,800 is going to see close to $3,000 more, maybe even more.

Is this a plan to buy votes? Nah, that wouldn't be right.

[woo me with science]

3. The war is on.

The poor and the elderly are losing.

[bbgrunt]

4. too bad we don't have a party to represent us.

[sad sally]

5. Last week on a Link TV program, Michael Moore reminded

Democrats that we already have a party - we just need to take it back.

[woo me with science]

6. +100000

[kentuck]

7. If that rate is not raised back...

and soon, that will eventually be the end of Social Security.

Thanks Democrats!