Average working Americans could get screwed. Republicans may agree to extend the payroll tax cut for middle class Americans after all...just as long millionaires and billionaires don't have to cough up a dime. Yesterday - Senate Minority Leader Mitch McConnell said Republicans are on board with extending the payroll tax cut - but are opposed to the Democrats plan, which pays for it with a 3% surtax on people who make more than a million bucks. Instead - Republicans will offer their own plan to pay for the tax cut - likely one that takes money away from the social safety net.
Essentially - Republicans are willing to let taxes go up on 113 million households to prevent 345,000 millionaires from a meager tax increase. That's the definition of protecting the 1% at the expense of the 99%. But here's a compromise - extend the payroll tax cut - and pay for it by eliminating the Social Security cap - so that millionaires and billionaires pay the same social security tax rate as janitors.
Not only that - lifting the cap keeps Social security solvent for the next 75 years. Let's see if Republicans go along with that idea.
-Thom
(Do you think they will? Tell us here.)
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