Republicans strive for tax cut bill
14th December: Republicans worked hard to push a new bill in the House for extending Social Security payroll tax cut for Americans.
The legislation finally managed to get a nod from the House.
What’s the new legislation–Speaking about the new legislation, Speaker of the House John Boehner(R-Ohio) said the legislation will provide payroll tax relief apart from extending and reforming jobless insurance and protecting Social Security to Americans without any employment-killing tax increases.
Moreover, it will also pave the way for construction of much-disputed oil pipeline from Canada-to-Texas. This will help in creation of new private sector jobs, Boehner added. Republicans allege tax increases would restrain efforts to create employment opportunities in the US economy.
Meanwhile, Democrats are calling the bill as nothing but ‘ideological candy for conservatives. And this may pose hindrance in the bill clearance by the US Senate.
The bill backed by Republicans got 234-193 votes. Barack Obama, the US President has affirmed vetoing any bill involving tax cut to the Canada-Texas pipeline. 10 Democrats and 224 Republicans favored the bill while it was opposed by 14 Republicans and 179 Democrats.
America’s billionaires pay their share—In order to offset the payroll tax cut costing $180 billion, America’s billionaires must be ready to pay their due share in increased tax levies, reasserted the White House. Jay Carney, the White House Press Secretary, said Congress has no right to go on vacations before working to prevent a hike in taxes on Americans and providing them with jobless insurance.
The tax break is going to expire December 31, 2011. Republicans clarified to Obama that they cannot wait any longer for the clearance of the bill. The Republicans’ version of the bill prefers putting a freeze on civilian federal workers pay and asking them to make increased contributions to their pensions along with other spending cuts.
On the other hand, Democrats’ version favors paying costs by increasing taxes on the wealthiest Americans. The Social Security payroll tax cuts will get extended in 2012. And the expiring jobless benefits program nearing its expiry will remain in place while cutting off aid for nearly 3.3 million.