GOP backs down on Payroll Taxes.


Another defeat.

Even if it’s somewhat below the “top story” league of the GOP candidate circus – this was yet another political defeat for the GOP in Congress, and it was yet another small piece of the Obama Jobs Act being passed, with lots of loud symbolics and campaigning value for the Democrats along the way. Things have shifted a lot in Congress this fall, and Minority Leader McConnell seems to be losing some grip on the game.

Good for the 99%, and good for the 1%, too.

From Reuters:

(Reuters) – Republicans in Congress on Tuesday threw their support behind a payroll tax cut extension, trying to blunt charges ahead of 2012 elections of favoring wealthy Americans over middle-class workers.

[..] The move by Republicans could help avert an end-of-year battle with Democrats after months of bitter budget battles that brought the country to the edge of default in August and cost it its coveted AAA rating from Standard & Poor’s.

Some analysts estimate the payroll tax cut is estimated to boost economic growth by as much as 1.5 percentage points.

Full story.


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