The 277-148 vote came less than 24 hours after the Senate cleared the bill, 81-19. Congress has extended Bush tax cuts and gave Republicans more than they could have possibly hoped to win.
This legislation was negotiated behind closed doors between Senate Minority Leader Mitch McConnell and the President. Along with all the other deals Obama has made behind closed doors, he has proven himself not to be the transformative president he campaigned to be. Barack Obama has proven himself to do whatever is politically expedient.
Now that this horrible piece of legislation has been approved by both houses of Congress, what to you imagine the Republicans will demand next? What ever it is, you can be certain that Mr. Obama will concede to the demand.
The worst part of this legislation is the reduction in Social Security taxes. They go down by 2% of almost everyone’s pay check (a deduction that applies to salaries up to $106,800). In one year they will have to be raised. What is the chance that the increase will occur? Republicans will fight that increase.
When I heard that FICA (Social Security) taxes would be lowered for one year with passage of the new tax bill I was excited about the positive impact on lower income families. Then, I thought , won’t that have an impact on the Social Security Trust Fund? I heard nothing about this on any of the cable news stations. Perhaps I am worrying unnecessarily. I only listened half heartedly to Bernie Sanders during his 8 1/2 hour rage.
Today I finally find that there are others who are questioning this short term stimulus that will hasten the destruction of Social Security.
Click these links to read the opinion of others.
Social Security Payroll Tax “Holiday” is No Gift to Americans
Social Security payroll tax cut is no way to give workers a break
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