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Tuesday, December 20, 2011

House Republicans prepare for mass suicide on Payroll Taxes

House Republicans decide to piss off 160 million American workers by rejecting payroll tax cut extension.

And Fox as usual puts its complete ignorance on display.

Most economists as well as a number of large banks believe extending the payroll tax cut for a year will increase GDP for 2012 by between 1-1 1/2%.  That's a big deal.   They also repeat the "49% of Americans don't pay any taxes" lie.  No, 49% of Americans don't pay Federal Income taxes but they do pay many other taxes including Social Security taxes.  They pay Federal taxes at the gas pump and on many other products. They pay state and local taxes, they pay property taxes directly if they own or indirectly if they rent.  They pay sales taxes, taxes on utilities, phone service and a host of other taxes, so saying they pay no taxes at all without qualification as the Fox people would let you believe is a total lie.  Par for the course.

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