Last I checked Republicans control the U.S. House of Representatives. Right? You need to read this floor speech from Congressman Tom McClintock. He and his California colleague John Campbell were the only two House Republicans from the Golden State to oppose a proposal to fund the extension of a payroll tax cut by passing the costs onto holders of Freddie and Fannie mortgages. There’s a WSJ story here. Take the two minutes to read this speech… Fixing the Payroll Tax House Chamber Remarks by Congressman Tom McClintock Washington, D.C. December 15, 2011
One of the items of unfinished business remaining before this session is extending the payroll tax cut of last year that funds Social Security.
It’s an infra-marginal tax cut, meaning that it doesn’t change economic incentives and therefore it doesn’t produce lasting economic growth. But it does provide great relief to working families, allowing them to keep more of their earnings at a time of declining incomes, shriveling assets and rising… Read More