Wednesday, November 28, 2012

My2K Versus What $40 Means

    Last year, as the payroll tax holiday neared its expiration, the Obama White House invited the American people to let Congress know What $40 Means.  This year, both the president and the GOP Congress agree that the so-called Bush Tax Cuts should be extended for everyone earning $250,000/year or less, but the GOP believes the rates should be extended for all taxpayers.  So this year, the White House has put together a new campaign, My2K, and is urging Americans to "Tell us what $2,000 means to you and your family," to try to bully the Congress into going along with him plan by implying Congress wants to raise taxes on families by $2,000.

    What makes this so remarkable is that the payroll tax holiday is once again expiring, but this time, the Obama administration has no plans to extend it.  So while last year's What $40 Means campaign remains on the White House website even now, the Obama administration has launched a smokescreen My2K campaign to ostensibly protect taxpayers from a $2,000 increase that neither the Democrats or Republicans are planning.  President Obama himself today deceptively declared that with his plan, "That means 98% of Americans and 97% of small businesses wouldn't see their taxes go up by a single dime."  In reality, the passage of the president's plan (or the GOP's plan) would "save" average taxpayers $2,000 by preserving current rates while costing them $1,000 from the payroll tax holiday expiration.  The bottom line is $1,000 less net pay in 2013 for average taxpayers, who will soon discover What $40 Means.

No comments:

Post a Comment