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11:30 PM
zimbio
The United States House of Representatives has pushed through the Obama-GOP tax-cut deal by a vote of 277-148. The bill will now go to the white house for approval by president Obama.
The bill reauthorizes extended unemployment benefits through 2011, meaning more than a million people whose benefits lapsed this month will receive retroactive lump-sum payments within a few weeks. (this also means the United States federal government will go deeper into debt)
The Real problems with the tax bill:
1. 1 trillion dollars in spending. (give or take 10%) This tax bill will inject almost a trillion dollars into the economy. This money will be created out of thin air and will devalue the US dollar in the long run. (very bad to do right now)
2. 1 year payroll tax break. A payroll tax break sounds really nice and may even feel good when you receive your paychecks, but the truth is this will drain the social security treasury by a 1/3 it's first year.
3. The tax-cut deal is not a tax cut! The deal just keeps taxes at status quo, there is no tax cut involved in the deal.
4. The bill was and may still be pork-laden. (Originally there was alot of pork spending hidden in the bill and they cut some of it out, but who knows how much is still lurking inside of the bill at this point.
5. The proposed payroll tax break would not be as generous for many low and middle income households as the tax cut it is replacing. (potentially leaving 51 million households to face a higher tax bill or a lower refund compared to last year)
The real news now will be giving updates on the tax deal as information is available. (I still need to get a copy of the bill to see what is in the final version. As of now though, it is not looking good)
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