The GOP, if they had spine and guts, would reject this lard designed to destroy our economy even more.
Hey GOP, bend over, you earned it all by yourselves. So much for love of country first.
#3 is not a cost. Where is the added spending they have included for “green” initiatives? Truth is, no one knows what is in it now.
If the goal is to bankrupt the nation quickly, then this is a great deal
Of course, the resulting additional revenue that is yielded from tax rate reductions (or the decrease in revenue from increasing tax rates) is never taken into consideration when calculating the “cost” of any tax policy.
A two year extension of the existing tax rates sounds nice on the surface but is probably too short a period to entice businesses and individuals to make any fundamental changes in their investment and spending decisions - which is what we need if we want to start chipping away at the current unemployment rate.
How can you have a cost over 10 years when the bill only extends the tax cuts for 2 years?
I am so confused about unemployment insurance. Can somebody explain it to me?
I thought business owners paid a premium to the states to provide a max 26-week unemployment insurance policy to employees. Isn't this a state program? And, if this part of the compensation is run like a true insurance program, presumably there was a pot of money accruing to be paid out on a rainy day. So, if a state is really hurting, employment-wise, what prevents a state from adding a temporary, beyond-26-week, supplemental policy, and structuring the cost appropriately? Why did this become a federal matter and is it being paid for with insurance premiums from employers ... or is it welfare, not insurance at all? And if it is essentially welfare, is there any reason not to make this a loan program rather than a welfare program, so that, in the end, it is at least cost neutral?
“3 $721 billion out of $857 billion”
The compromise avoids a TAX HIKE of $721 billion.
The only tax cut is a small cut in the social security/payroll tax.
If anyone claims a tax cut by pretending an alternate future is existential reality, then they must calculate that if unemployment comp is not extended 1/3 of the unemployed would find jobs and pay 100% of their income and payroll taxes. That would far exceed the cost of the extension and “pay for itself”.
yes... How can you calculate a cost over 10 years of a 1 year extension of the Unemployment Insurance and Payroll Tax deduction..
This kind of math doesn’t make sense to me..
ALL of the numbers are nothing but LIES because NOTHING is being done PERMANENTLY. There are no income tax cuts and the extension of current rates is only for TWO YEARS, the unemployment bill is only temporary, the SS tax cut is for only ONE YEAR. And they ARE NOT extending the estate tax!
It says right here in the article:
“3 $721 billion out of $857 billion, or 84% of the bill, are keeping the tax cuts. Is this really “spending” to keep our own $? “
Clearly they aren’t cuts, they are just preserving the existing rates. I think the article makes that clear.