Harry Reid (D-Nev.), Bob Casey (D-Pa.) and Chuck Schumer (D-N.Y.) have proposed a tax cut for middle-income America, paid for with a provision increasing taxes for people earning $1 million per year or higher.
Huffington Post published the proposed cuts as follows:
“would boost that figure to 3.1 percent, or half the 6.2 percent payroll tax, for 2012″.
The GOP has been steadfast in their argument against their so-called ‘liberal’ spending. “How are you gong to pay for it”? The proposed Democratic plan will work within the GOP argument by placing a (proposed) a 3.25 percent tax on adjusted gross income above $1 million, which wouldn’t kick in until 2013. A clear plan to pay for the proposal, while paying fair taxes..
Alas, the proposed cuts have provisions for employers.
The measure would give employers the same break on the first $5 million of their payrolls, as well as waive the tax entirely on the first $12.5 million in payroll for new workers — in the hopes of creating an incentive to spur hiring. They estimate it would benefit 98 percent of small businesses.
Job creation? Well, not so fast. The typical 180 degree arguments will have to settle, placing a signature from the President Obama is far from in the bag.
Democrats are accompanying the proposal with arguments that the GOP is ignoring public sentiment that wealthy people should contribute to the financial well-being of America. In the other corner, the GOP is hoping the public will see the Dems as hypocrites….. cutting taxes for one segment of the population while raising taxes on another.
This debate may never make it to actual deliberation, but the GOP cannot take Captain America protectionism for the nation’s wealthy deep into the 2012 Election Year.