These guys are just going all-in on the class warfare:
News flash: Congressional Republicans want to raise your taxes. Impossible, right? GOP lawmakers are so virulently anti-tax, surely they will fight to prevent a payroll tax increase on virtually every wage-earner starting Jan. 1, right?
Many of the same Republicans who fought hammer-and-tong to keep the George W. Bush-era income tax cuts from expiring on schedule are now saying a different “temporary” tax cut should end as planned. By their own definition, that amounts to a tax increase.
The tax break extension they oppose is sought by President Barack Obama. Unlike proposed changes in the income tax, this policy helps the 46 percent of all Americans who owe no federal income taxes but who pay a “payroll tax” on practically every dime they earn.
There are other differences as well, and Republicans say their stand is consistent with their goal of long-term tax policies that will spur employment and lend greater certainty to the economy.
“It’s always a net positive to let taxpayers keep more of what they earn,” says Rep. Jeb Hensarling, “but not all tax relief is created equal for the purposes of helping to get the economy moving again.” The Texas lawmaker is on the House GOP leadership team.
He’s right. The payroll tax is far more effective at stimulating the economy than giving the Koch brothers and the Wall Street money boys more money to buy another yacht.
This is all about making sure the economy is as bad as possible for 2012, protecting the rich, and making sure the Republicans can pretend they are the party of “fiscal responsibility.”
Davis X. Machina
The official Progressive™ position is that it’s a bad tax cut, because the shortfall into the trust fund has to be made good from general federal revenue, and g.f.r is running behind receipts.
So it ties SS to the deficit, and just gives Obama the opening he’s always wanted to kill the whole SS program, which is why he proposed this particular stimulus in the first place.
Just reporting what I read…. Me, I’ve got a lot of “Kill the Bill!” merch from ’09 I’m stuck with and am still trying to unload. This could be my salvation.
Wanna buy a t-shirt?
Cole–that’s not writing, it’s typing. Back into the kitchen now?….
Shlemizel - was Alwhite
yes John, how dare you tell us about something you read someplace else!
Villago Delenda Est
That’s why the Bush era tax cuts should not only be allowed to expire, for incomes above $250,000, there should be tax increases.
Time for the freeloaders at the top to start pulling their fucking weight.
True, but not the point. Picking my nose and staring at the ceiling is also more effective at stimulating the economy than giving the Koch brothers and the Wall Street money boys more money to buy another yacht.
First of all, the “payroll tax” isn’t actually a tax; it’s an insurance premium mandated by law to be paid out *if* you reach retirement age.
Mislabelling it a “tax” all these years just plays into Republican hands to kill Social security. The payroll tax cut by Obama was a bad tax cut and the “payroll tax” should be restored.
Shlemizel - was Alwhite
This is just another example in a looooooooooooooong line of attacks in the current class war. Fortunately the media will again be much too polite to point out that there is a never ending assault on work middle-class and poor Americans for the benefit of the wealthy. The Republicans have done everything but make the party motto “Steal from the poor to give to the rich” and those kind understanding people that “report” the “news” sweetly ignore it.
Very lazy brain is what I’m saying Cole. But it’s your blog. None of my business, but Good Lord, you used to write, now you bake and tell us about your baking.
Evolved Deep Southerner
@John Cole: Ulee’s on your ass tonight.
@ulee: It’s August.
Evolved Deep Southerner
@John Cole: He’s not quite to “Derfcon 5” yet, but …
I am far from knowledgeable in high finance, but isn’t giving the employers the tax break on the payroll tax being discussed? In the name of job creation?
I was against the employee break, (which I don’t think has been proven to be stimulative) and will oppose an employer break (I guess with a strongly worded letter) which won’t create jobs.
My theory all along has been that the purpose of killing ss is save the employers their contribution.
My guess is the idea is to give everyone a 401K style retirement account, with a forced employee payroll tax contribution, which will be further funded with an employer match up to certain contribution levels, (as 401Ks are set up now) with the amount being far south of the current 6.2% ss employer contribution. Thus increasing corporate profits.
Never forget. Everything done by repubs is done for the benefit of big business. The rest is just noise.
Well, I’ll admit it’s a lot classier since the Pamela Anderson ads went away …
You think? …
The link to news article on Google does not work unless you login with a Google account. FWIW. At first I thought it was broken, but then realized it was demanding I login.
Again, FWIW in the current insane state of affairs, this afternoon I faxed a five page letter with the latest polls showing supermajorities say tax the wealthy and create jobs. I quoted Warren (Socialist) Buffet, Paul Krugman, Simon Johnson on the threat of Recession/Second Great Depression, and the fact that Congress is doing everything backwards.
I quoted the latest polls showing Congress at all time historic low 14% disapproval.
But at heart, I despair. I truly believe that the ruling class has simply sold out to the super wealthy and the corporations and the Koch Brothers and their decades long commitment to this plutocratic oligarchic corporate revolution.
In other words, I think the revolution is over. And they have won. And what 80% of the American people say or do literally means nothing to them.
@Evolved Deep Southerner:
This is the tell. Class warfare is even more important than small government for them.
You = Atrios now, with better commenters. I hope DougJ gets a raise, cuz he’s still kickin’ it. You’re right about August though – it used to be just another month, but even the crazy uses August to get its crazy on while no one’s paying attention. It must be the humidity. The whole month is like that scene in To Kill A Mockingbird where Atticus shoots the rabid dog. If only.
Belafon (formerly anonevent)
@ulee: If you are going to bitch about him writing what he fucking wants to on his blog, go start your own. Stay only if you’re going to actually talk about the issue, even if you disagree.
I don’t understand people who will come to a blog to bitch about what is being written about.
ulee is mad when Cole blogs about gardens and dogs, and he’s mad when he blogs about politics. In other words, he’s yet another of Balloon Juice’s increasing number of unsatisfiable concern trolls.
August is not an excuse. August is a good month. Hot with with thunderstorms.
@Scott:I said nothing about dogs.
I think the real story here is that you were quoting from an AP news article rather than a liberal blog. It’s really something when the AP starts calling out the GOP.
See? Concern troll.
@Scott: Scott–see what? You are very concerned.
Bless cleek, give us pie.
Move along, nothing to see here:
Citigroup Inc. (C) and Bank of America Corp. (BAC) were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits.
By 2008, the housing market’s collapse forced those companies to take more than six times as much, $669 billion, in emergency loans from the U.S. Federal Reserve. The loans dwarfed the $160 billion in public bailouts the top 10 got from the U.S. Treasury, yet until now the full amounts have remained secret.
@scottinnj: Apparently, there is nothing to see:
Talk about anything but Libya eh wrong way Cole?!
marginalized for stating documented facts
The Republicans got plenty of help on that score from Barack Obama. He has bought into the absurd and ludicrous claim that austerity will stimulate the economy, when economic history as well as all the most revered Nobel laureate economists clamor for more stimulus NOW.
Obama has staunchly cranked up American military spending despite the documented fact that studies irrefutably prove that money spent on the military generates the least number of jobs per dollar of any way the U.S. government can spend money.
And then Obama caved on the debt ceiling negotiations, agreeing to a fatal “compromise” which is already plunging the U.S. economy straight into another deep recession.
The Republicans created this economic disaster, but Barack Obama has done his part to sustain and deeper the economic collapse of America by refusing to place the blame squarely where it belongs on the Republicans, and by constantly trying to meet the Republican sociopaths in the middle when there is no middle. There’s the Republican economic policy, which is to destroy America economically and turn us into the Confederacy Part Deux, and then there’s sane economic policy, which is to do what every responsible American government has done in a deep recession since 1932 — namely, shovel vast amounts of government stimulus spending to get the economy back on its feet regardless of how large the deficits it creates.
Yep, it was the Silly Season:
Once again, the Masters of the Universe use a dystopian fantasy (Animal Farm, Brave New World, 1984) as an instruction manual!
@marginalized for stating documented facts: I think “Hannity and marginalized for stating documented facts” would be a great show on Fox News. Keep up the good work, and you’ll get your shot.
August has always been strange for me – my daughter’s birthday is today, mine is Tuesday and my mother’s is Thursday. I’ve never had my own birthday ever, and when I was younger it has always been wrapped up with back to school (ugh) and no one has ever been around to come to my party or anything. I have a love/hate relationship with August – it’s too hot, the gardens are dead, no one is ever around, and in recent years it’s been hijacked by nutjobs. Corn, lobster and tomatoes are the only reason to live. Right about now I long for October.
I think I get it now.
Kristol = Always wrong about war
Cole = Always wrong about war.
Kristol = Cole
A payroll tax holiday is bad policy that doesn’t stimulate shit. You want to stimulate demand in this country, put the 9.5 percent of people who are jobless to work. They’ll freakin buy stuff. It’s that simple.
Evolved Deep Southerner
@Derf: We have reached Derfcon 5. This is not a drill, people.
@Derf: Derf, what the hell are you thinking you accomplish. Besides advertising the need for Cleek’s pie filter, I mean. There is no conceivable reason for this post except to show your absolute idiocy. In case you didn’t notice, THE PREVIOUS POST WAS ABOUT LIBYA.
God, what an annoying idiot you are.
marginalized for stating documented facts
So Fox News blames Republicans for creating this economic disaster — is that what you’re saying?
Are you drunk? Or brain-damaged? Or just wacked out on hard drugs?
Apparently, anyone who criticizes Barack Obama for buying into too much of the conservative bullshit about the supposed need for economic “austerity” is now…a conservative.
Welcome to the Bizarro World…
why dont you just ban the obvious trolls cole?
i dont think anyone will miss them.
Evolved Deep Southerner
@marginalized for stating documented facts: I’m sure Baud can speak for him- or herself, but I think you’re reading that one wrong. I think he’s placing you in the “Colmes” roll on that now-defunct show.
That may be an interim step, but the goal is total impoverishment and early death for everyone but the richest. It’s not only about money; it’s also about power for one class and despair for everyone else.
Strange. Though I disagreed with Cole on the bootless Libya intervention, you, Derf, have provided no proof that an intervention less Libyan uprising might not have occurred anyway.
@Cat Lady: I hope you have good birthday this year…
Good. No tax cuts for anybody.
@mcd410x: Not only will we buy stuff, but we’ll start contributing to Social Security again and paying income taxes again (at all levels).
Derp is singing the only tune he knows.
Thanks, but it’s already gone to shit.
@JGabriel: By “give” in your block quote, I mean “require everyone to have.”
I don’t think they want us all in poverty or dead, because a) that would be scary, or as PurpleGirl says, b) cut into their sales.
They just want the money flowing one way, in the right direction, their direction.
And BTW, I an not anticapitalist. I am for balance. We have lost the balance between the needs of people and the lust for profit. Through 30 years of pro big business policy run amok.
@Cat Lady: I have the same thing with February: Everybody’s birthday is in February, and in addition, mine often falls during Lent.
ulee, you are a putz. I don’t recall any announcement that you’d been named Managing Editor of Balloon Juice, so I’d thank you to shut your pie hole.
Chiding the blog owner in comments on his choice of subjects is a zero-tolerance offense.
Start your own goddamn blog. I’m sure we’ll all follow your humorless ass there.
Spoken by Derf, the master of understanding.
Sun Tzu, Clauswitz, and Derf. All are required reading
@hamletta: Hamletta–when did you become managing editor of balloon juice? Usually when one asks people to shut their humorlous pieholes it means they have humorlous pieholes. And Cole don’t need no putze’s defending him. He can do it all on his own, hammie.
@marginalized for stating documented facts: by way of @Evolved Deep Southerner:
Yes, I think the point was that you’re a ‘liberal’ who helps conservatives by giving them a nut to pick.
As for the topic of the post, this proves nothing to us. The question is whether this will help get the information to the country at large that the GOP only cares about taxes for the rich.
@Ian: This reminded me of a response on DKos to some bit of inanity, which I could not quit giggling about. Here it is in its entirety.
Hats off ElRay, hats off.
@birthmarker: The next two lines should also be blockquoted, of course. FYWP.
Brother Shotgun of Sweet Reason
@birthmarker: Perhaps a new rotating tag line?
I had to quickly edit my own similar blockquote FAIL earlier today. FYWP is a bitch, inn’t it?
And now thanks to 11th dimensional chess, Obama has finally gotten the official GOP platform to be basically against everything they used to run on, simply because Obama has endorsed a version of it.
Tax cuts? GOP against it.
Strong Foreign Policy? GOP against it.
Jobs? GOP against it.
Rule of Law? GOP against it.
USA USA? GOP against it.
Its Custer’s last stand all over again. Let the scalping begin.
You know, $500 would do me good, no question. It won’t make a huge difference in my life because it’s such a small amount. Of course, I’m supposed to spend it, but my prop taxes are due first of year so I will probably use it for that. Regardless of how I use it, this is a BAD thing, I am told.
I am SO glad that repubes are attacking this because it reassures me that they will never let up, and, if anything, harden their positions against the working class to stone by election time. And the country will get to see, if they haven’t already, what they’re all about and it is NOT tax cuts for everyone.
The fact that this is plastered on the usually inane yahoo’s http://news.yahoo.com/gop-may-ok-tax-increase-obama-hopes-block-124016578.html front page tells me the confused class may catch on:
@Brother Shotgun of Sweet Reason: I fantasize that this becomes the BJ version of “pie,” as pie is used at the GOS.
@TenguPhule: Remember the good ole days (2009) when Obama was a socialist?
You gotta give the repubs credit. They have by far the best propaganda.
This pretty much sums up the problem with this country at this point – in a sane and informed democracy, the only result of tactics like that would be utter electoral defeat. Sadly, the GOP has a substantial base which is neither sane nor informed (the latter thanks to Fux Nooz) who will continue to ignore what’s going on and roll into the polling booth, “Hurr-durr-GHEYZ-GUNS-JEEBUS” to pull the lever for the people wrecking the economy…
@Matt: It’s really not just Fox News. To me CNN and others are also responsible.
When you say that the Big O “sought” this extension, you mean that in a Public Option theoretical sort of way, right? Or is that loud roar coming from the left just muddling my thinking again? It’s almost as if they don’t really care either, and if the Right gets the heat, all the better.