Surprise! Really, it’s not a surprise at all. The low-information voters out there had heard from President Obama that taxes would only increase for the top 2 percent, but he only told a half-truth. and barely at that.
In other last minute negotiations, it appears that the one year, temporary payroll tax cut will become a bit more permanent, at least for another year. This time, however, the Republicans apparently realized that the word “concession” doesn’t mean caving in to Democrats’ demands. Read more
This week, the Senate will take up a bill concerning extending the reduction in the amount of taxes Americans pay to fund Social Security and Medicare. The bill contemplates extension of the lower tax rate Democrats, at the urging of President Obama, put in place two years ago as a “temporary” measure to boost the economy. Read more