December 19, 2011
This weekend, Congress had a chance to perform a true Christmas miracle...work together.
You see, the cut on Payroll Taxes is set to expire unless Congress acts to renew it. Without it, come Jan. 1, roughly 150 million Americans -- according to the Wall Street Journal-- will see a two percentage-point increase in the amount the federal government takes for their paychecks.
This time the culprit isn't the Democratic-run Senate which has traditionally been the ones who have hampered Republican-led efforts to reduce taxes in the past. In fact, Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell held hands, sang Kumbaya and led that body to approve the measure in an overwhelmingly bipartisan way--- 82-10.
So the bill leapt over the capitol rotunda and into the House chambers, which is dominated by Republicans, where it met a grisly death.
House Speaker John Boehner, R-Ohio, told the TV networks Sunday that the reason the bill was voted down was because it only extended the payroll tax cut by two months.
So, in other words, the House leadership is content to allow taxes to be raised on 150 million Americans for 12 months rather than 10 months...