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Entries in Tax Cut Extension (2)

Tuesday
Sep062011

Jim DeMint Opposes Obama's Proposal to Extend Payroll Tax Cuts

Mark Wilson/Getty Images(WASHINGTON) -- Here’s a sentence you won’t read too often: Sen. Jim DeMint is coming out against a tax cut.

It’s not just any tax cut. DeMint, R-S.C. -- one of the most prominent Tea Party and anti-tax voices in the country -- told ABC News that he’s inclined to oppose President Obama’s proposal for an extension of the payroll tax cut because they're temporary in nature.

“I have to look at it as a businessman, and the things he’s doing makes me want to pull my hair out. It’s like he doesn’t understand. He’s talking about a $5,000 credit for someone -- a business who hires someone,” DeMint said Tuesday on ABC's Top Line. “An employer isn’t going to look out five or 10 years and expand their plan based on a temporary payroll tax cut.”

Asked if that means he’d vote against a tax cut, DeMint responded, “I don’t know what I’ll do on that. If that’s all there is, I’m unlikely to support it. The president needs to do something that works with our free market economy. We’re not Europe,” he said. “I don’t know if I’ll vote against it or not. It’s not really going to help create more jobs.”

DeMint also said he’s “disappointed” that Texas Gov. Rick Perry was forced to cancel on the presidential forum DeMint organized in his home state yesterday, and said he’s not yet convinced whether Perry is a strong candidate.

“I don’t know yet. I’ve never met Rick,” DeMint said. “We’ve talked on the phone several times, and I know he’s the new one in the race and he’s attracted some attention. But it’s a long run between now and the final nomination.”

DeMint said he’s willing to give Perry a shot even though he was once a Democrat who supported Al Gore for president in 1988.

“You know, Ronald Reagan was a Democrat, and certainly he became one of the premier conservatives,” he said. “I’m a recovering earmarker and I led the battle to stop earmarks. So we can give the candidates room to change position. But we can’t give the candidates room to mislead what they’ve done.”

Copyright 2011 ABC News Radio

Friday
Dec172010

What The Tax Cut Extension Means for You

Photo Courtesy - Getty Images(WASHINGTON) -- When President Obama officially extended tax cuts enacted by his predecessor in a Rose Garden ceremony Friday, he ensured the average American will pay about $2,000 less in taxes per year for the next two years.

That figure includes a temporary holiday on the payroll tax, which helps fund Social Security.

The tax cut extension means big bucks for the super-rich. Lebron James, who makes $14.5 million each year, will save more than $600,000 in taxes for this year. A family making $100,000 per year will pay about $6,000 less in taxes than if the tax cuts had expired. The average savings for all Americans, according to the non-partisan Tax Policy Center, is about $2,800.

The deal, hatched between the White House and Congressional Republicans and passed through Congress this week despite opposition from liberals and conservatives, will also extend unemployment benefits for the next two years.

To figure out how the tax deal will affect you personally, plug your income into mytaxburden.org.

To get enough votes, Senate leaders added some unrelated incentives, including special tax incentives for rum producers and NASCAR, among others.

While Americans will see less money taken out of their paychecks by Uncle Sam the next two years, it will result in lost revenue to the government of $450 billion in 2011 to as much as $600 billion. That will be added to the nation's $13.8 trilllion deficit.

Copyright 2010 ABC News Radio







ABC News Radio