Originally Posted by MJ1970
Right. I recall that. The President who had just had his ass handed to him in November and didn't have much of a choice. He finally came down off his fucking high-horse of "I'm the one who won" and "I'm the President" arrogance. Yeah, that guy.
First off, here's a picture of what Obama would make of your quote and your follow on-
Now, Obama campaigned in 2008 to keep the Bush tax cuts for 97% of the population and Obama had the Republicans up in arms that he'd lower payroll tax. Your quote is an uniformed joke.
"As part of a bipartisan spending deal last December, Congress approved Obama's request to reduce the workers' share to 4.2 percent for one year; employers' rate did not change. Obama wants Congress to extend the reduction for an additional year. If not, the rate will return to 6.2 percent on Jan. 1.
Obama cited the payroll tax in his weekend radio and Internet address Saturday, when he urged Congress to work together on measures that help the economy and create jobs. "There are things we can do right now that will mean more customers for businesses and more jobs across the country. We can cut payroll taxes again, so families have an extra $1,000 to spend," he said.
Social Security payroll taxes apply only to the first $106,800 of a worker's wages. Therefore, $2,136 is the biggest benefit anyone can gain from the one-year reduction.
The great majority of Americans make less than $106,800 a year. Millions of workers pay more in payroll taxes than in federal income taxes.
The 12-month tax reduction will cost the government about $120 billion this year, and a similar amount next year if it's renewed.
That worries Rep. David Camp, R-Mich., chairman of the tax-writing Ways and Means Committee, and a member of the House-Senate supercommittee tasked with finding new deficit cuts. Tax reductions, "no matter how well-intended," will push the deficit higher, making the panel's task that much harder, Camp's office said."