Republicans are evidently going to give in on extending the payroll tax break, but they still won’t budge on a surtax on millionaires, after the first million?
Do these people not see what’s happening in the Occupy movement?
From CNN, some details, which Lawrence O’Donnell also talked about tonight.
Republican Leader Mitch McConnell said the GOP would offer a bill this week to extend the payroll tax cut for one year and offset its costs in a way that is more agreeable to Republicans than a surtax on incomes over $1 million, which Democrats had proposed. […]
The Democrats’ bill would extend and expand last year’s tax break. Payroll taxes, cut to 4.2 % from 6.2% last year, would be lowered to 3.1%. That would provide middle class families with up to $1,500 more in their paychecks next year, Democrats said. Democrats would also partially extend the break to employers, hoping that might spur hiring. The price tag of the bill is about $265 billion, according to aides.
Democrats want to pay for it with a 3.25% surtax on annual income over $1 million, and they sense they have the political advantage on the issue.
Not only do Democrats have the political advantage on this issue, they also have the moral high plain, which in a country where people are choking on economic anxiety could go a very long way.