Ryan Wants To Increase Taxes On The Middle Class
WASHINGTON -- Rep. Paul Ryan (R-Wis.) said on Sunday that House Republicans would oppose President Barack Obama's payroll tax cuts for both employers and employees, arguing that the policy had already failed to provide a sufficient boost to the economy. "It hasn't worked," Ryan said, suggesting the current temporary tax cut should be allowed to expire, which will amount to a 50 percent tax hike on workers making less than $106,000 per year
OK, so here is where it is dishonest - it is NOT a "50 percent tax hike". It is only a minute amount - the payroll tax cut instituted under George Bush reduced the PAYROLL tax (which is only 7.6%) by half. When this expires in January, it will mean a 50% increase in the PAYROLL tax only, which amounts to about 3%. Hardly a "50 percent tax hike on workers."
And even then it is not a "tax increase" at all. It is nothing more than a tax cut that is expiring on schedule.
Even more important, Ryan is absolutely correct in opposing that the cut be extended. It has been in effect for three years and has done nothing to improve the economy, and obviously has no effect on increasing jobs. But it does add to the deficit. Ryan figures, correctly, that anything other than national defense that adds to the deficit without improving the economy or increasing jobs is a bad thing.
The Republicans - and more particularly the Tea Party candidates - were elected to do two things: foster an environment that produces jobs, and reduce the deficit.
Whereas the payroll tax cut does nothing for jobs or the economy, and adds to the deficit, Ryan is doing what he was elected to do.
Certainly, many people will pay a few bucks more in taxes. But have you ever heard of a medicine or cure that did not incur some discomfort? Flu shot? Castor oil? Bypass? Nope. Our nation is ill, and requires strong medicine to get us back on our feet. So I say, "Buck up, take our medicine and stop whining about a few bucks. You are still far better off than most of the people on this granite planet."