It’s intended as a temporary, two-month tax cut. Nothing permanent. Our munificent masters in DC are wrangling over whether to throw their galley slaves (taxpayers) some pennies in time for the Holidays. In and out of our pockets they reach, only to decide, on Tuesday, that “a Senate plan for a two-month extension” of the payroll tax was “irresponsible and unworkable,” and that “it would create uncertainty by failing to resolve the issue past February.”
Swept up in the manufactured drama, CNN observes: “However, the Senate agreement was negotiated by Democratic and Republican leaders and received strong GOP support in passing on an 89-10 vote. … President Barack Obama joined the Democratic chorus, noting that Senate leaders from both parties had agreed to the short-term extension in order to guarantee that taxes don’t increase for working Americans while negotiations continue early next year on the one-year extension that House Republicans say they support.”
Said the agitator from Chicago of House Republicans: “What they’re really holding out for is to wring concessions from Democrats on issues that have nothing to do with the payroll tax cut.”
Why does the thief-in-chief not advocate for permanent tax cuts? Why not cut taxes meaningfully?
The whole routine reminds me of Oliver Twist, the little orphan protagonist in the eponymous Charles Dickens novel. And in particular, the scene where he rattles his breakfast bowel for some more gruel.
UPDATE I: PRIVATE PROPERTY. We’ve been over this before, Pauli, in another post. You are wrong about tax cuts being “hooey.” Not unless private property is “hooey.” Let me put it plainly: I don’t care what DC spends, so long as it’s mitts off my property. A pay check is private property. Your formulations are predicated on communal ownership; mine on private ownership. Throttle the revenue stream, restore private-property rights, and the bastards can do what they like.
UPDATE II: The War Street Journal is furious at House Republicans:
Republicans have also achieved the small miracle of letting Mr. Obama position himself as an election-year tax cutter, although he’s spent most of his Presidency promoting tax increases and he would hit the economy with one of the largest tax increases ever in 2013. This should be impossible.
UPDATE III (Dec. 22): To the defenders below of taxation in all its permutation: I am sure I speak for your sovereigns in DC: They are, no doubt, grateful for your faith in their ability to mange your money. From this scribe’s perspective, however, money stuffed down the maw of the Federal Frankenstein will seldom end up where it’s supposed to (as if that “destination” is so laudable to begin with). Congress, the president and the bureaucracy: These are embezzlers par excellence—so good are they at what they peddle that they have BAB’s fearless bloggers on their side.
Wake up: Money extracted from us by the Feds is fungible. Any additional revenues the Feds receive via taxes they will use to plunge private property owners deeper into debt. The solution to the debt is not to be found in seizing private property (through taxes) and placing it in communal ownership (state bureaucracies), where resources are never allocated efficiently and are always squandered.
But, this is the season of good will, and the oink sector that serves the tax-and-spend police state that Uncle Sam has become is, I am sure, thankful for your confidence
UPDATE IV: The peons get pocket money for two more months. ObamaMedia celebrate a tactical victory for the Prince of Darkness. Details of the deal here. Puke fest all around. CNN correspondents Jessica Yellin is almost yelling, “Political touchdown.” Almost.