On October 24, the President said, “Without a doubt, the most urgent challenge that we face right now is getting our economy to grow faster and to create more jobs…. we can’t wait for an increasingly dysfunctional Congress to do its job. Where they won’t act, I will.”
On January 1, taxes will go up on middle class families unless congress takes action. The President’s plan will cut in half the taxes paid by businesses on their first $5 million in payroll and provide a complete payroll tax holiday for added workers or increased wages. The payroll tax reduction is a part of Obama’s Job Act.
The White House has given us a handy countdown clock to the increase to middle class taxes and a calculator to find out just how much the Republicans are going to assess to you via their “No tax increases! P.S. Only for the top 1%!” pledge to their buddy Grover.
So far, Republicans are blocking the President’s proposal.
And their actions could mean that an average American family making $50,000 a year pays $1,000 in extra taxes in 2012.
Right now, workers contribute 4.2 percent of their wages to Social Security. The normal rate is 6.2 percent, and if Congress takes no action, that’s what we’ll pay in 2012.
Want to know just how much Republicans are going to cost your family? Here you go:
President Obama has proposed cutting the rate further — down to 3.1 percent.
That move would help families save even more: an average $1,500 for 160 million American families.
The President discussed all of this in a meeting in a Joint Session of Congress on September 8:
It is now December 5th, three months later, and Republicans haven’t been able to work with Democrats or the President on much of any of Obama’s Job Act. At each stage, they throw temper tantrums and make excuses for why the 1% need help and the rest of us should shut up and put up.
Republicans: Raising taxes on the middle class while defending their overlords in the 1%.