If your paycheck shrinks on the first payday of 2012, who will you blame?
The House, the Senate and the president are at odds over how to extend the payroll tax cut and for how long. A two-month extension bill passed in the Senate and foundered in the House, where representatives say temporary fixes won't fly and a full-year deal must be forged.
Barack Obama has called Senate Majority Leader Harry Reid and Speaker of the House John Boehner to push for a resolution.
On top of the possible 2 percentage point rise in the payroll tax, unemployment aid will dry up unless Congress acts.
The Southland's congressional reps voted along party lines. Judy Biggert and Adam Kinzinger stuck with John Boehner, while Dan Lipinski, Jesse Jackson Jr. and Bobby Rush voted to extend the tax cut.
Most all employers use an accounting software that automatically changes with each change from the state and fed.
http://www.politicususa.com/en/obama-wins-payroll-tax
1 We spent too much money looking for WMD instead of the person who was responsible for 911. If 911 never happened would we have gone to war in Iraq? Would we replace NATO looking for WMD? Not a chance. The UK paid off its WW II debt to us this year. That war lasted 6 years for them. We will pay for this long after the baby boomers are gone. Tell me Iraq was money well spent. 2. Fannie Mae and Freddie Mac. Anybody remember this? B of A and Bear Sterns approved loans to people who never should have qualified for a home loan/refi. The Chairman of the Fed was a forme Bear Sterns CEO. What happend two months before the presidential election? An entire global economy was on a suicide watch. I wonder who the Chairman of the Fed is appointed by? How would a former Banking CEO register to vote if he were to be appointed by GW to be his Fed Chair? Yep that was the Dems fault for bailing out the banks instead of letting every business with a business loan go into default. Think watching goods made in China hurts, try working for a Communist government. The Dems are at fault for bailing out banks and auto makers. At fault for extending unemployment and offering healthcare to people who have no insurance as they struggle to find a new beginning. At fault for not fixing the economy. There was a war on. MAKE ALL POLITICIANS PAY INTO SS; PAY FOR THEIR HEALTHCARE AND LIFE SAVING PERSCRIPTIONS THAT ARE NOT MEDICARE ELIGABLE. WE NEED TERM LIMITS
1. Bear Sterns did not lend any money to home owners. They made a huge bet on sub-prime mortgages and lost. 2. What Fed reserve chairman was a CEO at Bear Sterns? 3. Both parties bailed out the banks which at the time was a necessity. Believe me when I tell you I am not sticking up for the banks and investment firms. Some of them came close to unraveling the whole system.
1. Bear Stearns was the 5th largest investment bank. Maria Bartiromo reported on CNBC that Bear Stearns was sold to (then) Chase Morgan for $2 a share becasue its real estate holdings were "toxic" 2. The Fed chairman was/is Ben Bernanke. I had a Perry moment and should have wrote Henry Paulsen (the U S Treasury Secretary) appointed by GW. Paulson at the time was CEO of Goldman Sachs and NOT Bear Stearns CEO. For this I am wrong and wish to withdraw my name as a presidential candidate. In 2004, as CEO of Goldman/Sachs (and along with the CEO's of Bear Stearns, Lehman Brothers, Merrill Lynch and Morgan Stanley) Paulson successfully lobbied the SEC to de-regulate the major broker/ dealer holdings with the Net Capital Rule. April 2007 Paulson call the housing crisis "at or near the bottom" and the economy as "robust" In May,2008 WSJ reports Paulson states "The worst is behind us". In July 2008 reported: "This is a manageable situation". On August 10, 2008 interviewd on Meet The Press, Paulsen stated he had no plans to inject funds to Fannie and Freddie....that lasted 27 days. Cracks in the housing market began to appear in reports in 2006. This is the sub-prime mortage crisis. This was the first time I heard the term UPSIDE DOWN MORTAGE. This all started on GWs watch and BO's too slow to fix it. I feel like GW fumbled the ball by pushing for less regs to make homeownership affordable to everyone. BO cant seem to recover the loose ball.
The final compromise appears to tweak this a bit to make it less onerous for small business. But what were they thinking in the first place? What business operates two months at a time? The minimal time horizon for business is the quarter — three months. What genius came up with two? U.S. businesses would have to budget for two-thirds of a one-quarter tax-holiday extension. As if this government has not already heaped enough regulatory impediments and mindless uncertainties upon business.
http://www.washingtonpost.com/opinions/the-gops-payroll-tax-debacle/2011/12/22/gIQAUjgPCP_story.html I actually think the payroll tax holiday is not a good idea at all, but with that said I also believe that it was forced into action because of the Bush Tax cuts. If the Dems didn't fold on that issue this new payroll tax cut probably would not have to happen.