Replies

I simply passed on what an accountant reported to Rush Limbaugh:

IT US NOT A TAX CUT.ITS AN EXTENSION with a witholding rate reduction. THERE SHOULD BE A 5 year CUT to get jobs created.The only job creation will be in government while the rest of the economy goes to hell.

*********************************

CALLER: Well, going into the 2012 elections, I believe, you know, they didn’t reduce the tax rate for those individuals but they reduced the withholding.

RUSH: For one year.

CALLER: The 2012 tax refunds will be a lot lower, and I know many people — dozens and dozens of people — that rely on that is almost like an April, early-year bonus, and if the —

RUSH: Wait a minute. I want to make sure I understand this. You don’t like the one-year payroll reduction because it’s gonna lead to smaller tax refunds?

CALLER: Well, it’s not the payroll reduction. In my opinion it should be a payroll... It should be a tax reduction, not a payroll withholding reduction because I think what’s gonna happen is if you withhold less taxes in 2011, the same amount of tax is gonna be due when they file their tax returns for 2011 in early 2012. So the tax refunds for all these folks are gonna be much lower, and I believe if the Democrats can tie the lower tax refunds to the Republicans are gonna get a huge victory in the 2012 elections if they can link the Republicans to the middle class, getting lower refunds —

RUSH: Wait a minute, I’m confused.

CALLER: — from this whole tax plan.

RUSH: You’re confusing me now.

CALLER: Okay.

RUSH: You’re opposed to the deal, yet you say the Republicans are gonna get a huge victory. Are you a Democrat?

CALLER: No. Democrats are gonna get victory, I believe. If you lower withholdings but you don’t lower the taxes, then when people do their tax returns in 2012, they’re not gonna get the same tax refund that they’ve typically gotten. The people depend on that $3,000 refund or the $5,000 refund and, if it’s not that same level, I think the Democrats are gonna be able to blame the Republicans because of this whole tax plan.

RUSH: Oh. People are gonna perceive —

CALLER: In the 2012 election they can say, “Republicans argue to extend tax breaks for the wealthier.”

RUSH: I will admit I hadn’t factored in the income tax refund angle of this. I gotta say, I hadn’t factored that in and how that could benefit the Democrats because people’s refunds will be smaller and they’ll blame Republicans for a tax increase. I hadn’t factored that in. But that’s what we’re doing here, folks. We’re getting people’s opinions on all of this before I weigh in and tell you what the truth is.

***********************************

Source: http://www.rushlimbaugh.com/home/daily/site_120710/content/01125106.guest.html