Well, it's filibuster time again.
Politico reports:
"The Senate blocked a measure Thursday night that would expand the current payroll tax holiday and pay for it by a surtax on millionaires.
With a 51-49 vote, the Senate fell short of the 60 votes needed to move forward on the payroll tax cut bill favored by Democrats – legislation that likely never had a chance because of the GOP’s opposition to the additional tax on the rich."
Yes, there is a competing Republican plan. That plan is also certifiable nonsense and is beneath discussion. It is worth noting that Republicans are only following the lead of their true master, Grover Norquist...
ThinkProgress reports:
"Norquist met with Republican members today to let them know that opposing the extension of the payroll tax cut — which would provide many families an extra $1,000 a year — would not amount to supporting a tax increase, National Journal’s Billy House reported today."
ThinkProgress reports:
"Norquist met with Republican members today to let them know that opposing the extension of the payroll tax cut — which would provide many families an extra $1,000 a year — would not amount to supporting a tax increase, National Journal’s Billy House reported today."
Remember, over the course of the last year Norquist has been quite clear:
Allowing this tax credit to expire is not a tax increase.
Allowing the top quintile rates under the still effective Bush 2 policies to expire is a tax increase.
In other news, down is up if Norquist says it is, so there.
By the way, should the credit not be extended, well over $250 BILLION dollars will be taken out of the demand economy, potentially dropping GDP growth next year by as much as .5% and costing our country 400 thousand jobs.
Oh well.
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