GOP 2012 Candidates Split on Payroll Tax Cut

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I am for increasing revenue through more and better jobs, not through tax increases. Let's start with becoming energy independent and let the new taxes created by the new jobs be the long range answer. In the mean time, we need to reduce the size of government and do away with the EPA and replace it with the Balanced Protection Agency (BPA) that would balance the enviornmental concerns with job concerns. People come first ahead of endangered species. Endangered species can be saved by other means that do not interfer with jobs that are so vital to the economy. Cut the regulations and taxes to help create jobs.

Harold of NC 5:47AM December 10, 2011

let payroll expire

Harold Fricke USN, BUC, RET of WI 11:01PM December 04, 2011

In retrospect, this issue has turned out to be MB's "Abraham Lincoln" moment. She made this point in a debate 2 weeks ago. All the Republican candidates were asked, "You support the renewal of the payroll tax cut, don't you"? They all replied "Yes", but then MB asked, "Please repeat the question."
She then said, "I do not support the renewal of the payroll tax" because Social Security is going broke so rapidly already. Why would we want to push it over the edge even faster?
Giving the demagogic answer of "Yes" to a Republican constituency to this demagogic question was the default position of her Republican rivals, since they are against all tax increases.
But as MB explained elsewhere: 1) It is profoundly irresponsible fiscally to push SS over the edge even faster just for a few more votes; 2) 47% of Americans pay no Federal taxes other than the payroll (SS) tax. Why should we relieve these free riders from the obligation to pay for their own retirements, since future generations of taxpayers will have to pick up the tab even if these free riders did not pay into their own SS accounts?
Abraham Lincoln in the campaign of 1860 similarly displayed principle over expediency when he was asked by prominent Republicans to keep quiet on the issue of the prevalent anti-Catholicism among Republicans who had crossed over from the American Party (the "Know Nothings") to support Lincoln. He ignored the advice of his political supporters and denounced the anti-Catholic, anti-immigrant sentiments of the Know Nothings.
Congresswoman Bachmann is the most principled, courageous Constitutional Conservative on the national scene: the little lady with the spine of titanium.

Derek Wain of FL 2:18PM December 04, 2011

PTOLEMY's comments are excellent advice to individuals. Personally, I have been following those ideas and others for many years and have found they have been very worthwhile.
However, downturn has left the nation with a large amount of unused productive capacity and too many unemployed people. The nation needs an increase in aggregate demand to put people back to work, and a payroll tax cut is one way to do that. Obama's jobs program is another. Republican austerity does the opposite: it decreases aggregate demand. Since July 2009, the economy added about 2 million jobs in the private sector and lost 1/2 million in the public sector, so this is not the time to cut government. And tax burdens (taxes as a percent of GDP) are the lowest they have been in 60 years. The rich can afford a small tax increase that will increase aggregate demand.

NoFanofFOX of VA 9:56PM December 03, 2011

If the payroll tax cut is not extended, I suggest you make the tax cut for yourself by cutting your needless and wasteful spending by the amount of the tax cut. The cut is 3.1% of your wages, up to $110,100. The tax cut could be $1,000, $1,500 all the way to $3,300. Here’s how to do it:
1. Cut your cable subscription to “basic”. We did that a few years ago and have saved $900 per year.
2. Cut your dining out and bar room tabs by going out less often and eating [and drinking, if needs be] at home. You will be shocked…shocked by how much you save. You could save the entire tax cut on this item alone.
3. Stop buying all the junk you buy at malls. Consumer goods sold in this country have fallen terribly in quality and are for the most part cheap plastic junk made by child slave labor in third world countries.
Who do you think owns the businesses that sell this junk to you? It is the 1% we keep hearing about. RICH PEOPLE DON’T BUY THINGS…THEY SELL THINGS…TO PEOPLE SUCH AS YOU. Your continuing to buy this junk is what keeps you in the 99%. You keep yourself poor.
Put your savings into an IRA and resolve to keep doing this, year in, year out. How do you like being broke all the time? Being broke is not only embarrassing and inconvenient; it can be fatal.
I’ve been an attorney dealing with trust and estate clients for over 30 years. I’ve seen the habits of wealthy people. I’ve seen how they’ve got and remain wealthy and I share some observations with you.
Remember: A. Rich people don’t buy things, they sell things.
B. There is no future whatever in spending money but there is a splendid one in saving and investing it.
Good Luck.

Ptolemy of MA 3:43PM December 02, 2011