While the American Taxpayer Relief Act of 2012 did extend the Bush-era tax cuts for the middle class, it also approved a 2 percent payroll tax increase for all working Americans.
As a result, expiration of the payroll tax cut could have major ramifications for the economy. JPMorgan estimates that the payroll tax increase "will reduce U.S. disposable income by $125 billion," which would be a drag on consumer spending and could reduce GDP growth by more than half of a percent next year.
Thank you, President Obama, for not flexing on this issue, and a special thanks to our Speaker of the House John Boehner for compromising such Republican principles as fiscal responsibility.
I vote for trashing the lot of these two-faced, lying politicians and start fresh with none but "independent" party members who can be trusted and lead with technical competence.
Never miss a local story.
KURT LEWIS, Richland