You heard me right. In the middle of the worst employment climate in three generations the Republican Teagagger Party wants to raise most peoples' taxes. At the exact time when raising taxes will do the most damage to the economy, the Republican Teagagger Party wants to raise taxes.
There is only one reason for this. They want to lynch the scary black man in the White House. Nobody is stupid enough to want to raise taxes in the middle of an economic crisis unless they want to fuck things up.
Read all about it. Here's some juicy goodness:
The facts: The Social Security payroll tax comes to 12.4 percent of an employee’s salary—employers and employees each pay 6.2 percent. The money goes into the Social Security Trust Fund and finances benefits. At the end of last year, the Obama administration, in exchange for temporarily extending the Bush tax rates on all income levels, got Congress to agree to a one-year 2 percent payroll-tax holiday for employees, down to 4.2 percent. For a $50,000 earner, that meant paying $1,000 a year less in payroll taxes. It was agreed in that law that the holiday would cost the Social Security Trust Fund nothing—the depleted revenue would be replaced out of the general treasury. So the holiday adds to the general deficit but does not affect the trust fund.
The cut proved popular, or is presumed to be popular, so now, as many people predicted last year, Congress wants to extend it. Republicans of course say (as they say of everything) that it hasn’t done any good. But economists attest to its stimulative value. Two economists at the Economic Policy Institute say ending the holiday would reduce GDP by $128 billion and cost 972,000 jobs in 2012. The EPI is a liberal outfit, but Mark Zandi of Moody’s, who advised John McCain in 2008, agrees that raising the payroll tax back to where it was could cause another recession.
