Payroll Tax Increase On Horizon Due To Super Committee Failure
Due to the collapse of the super committee, the administration is scrambling to stop a payroll increase the will take place at the end of this fiscal year. The committee could not come to an agreement and now a payroll tax hike is looming over the working class.
The tax break extension was suppose to be part of the ‘bigger deal’ that included a 1.2 trillion dollar deficit reduction. Now, after the super committee dismal failure, all that is off the table.
The president has stated that he is not going to let that happen: “If we don’t act, taxes will go up for every single American, starting next year. And I’m not about to let that happen,” Obama said Monday, previewing the message he was expected to deliver.
While the administration scrambles to fix this issue and hold on to as many supporters as they possibly can in order to try to secure a second term in November, others point out the failures of the administration.
“Your policies have failed,” former Massachusetts Gov. Mitt Romney wrote in a letter running in three New Hampshire newspapers. “Far from bringing the crisis to an end, your policies have actively hindered economic recovery.”