Both Parties Raise Concerns over Tax Cut Extension

Both Parties Raise Concerns over Tax Cut Extension
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President Obama took to the road to present his case to the people for his tax cut extension.  However, many Republicans and a few Democrats in Congress do not seem eager to jump on board with the plan.  While both parties can agree the Social Security tax should be extended another year, it is a mixed reaction on how it should be paid for exactly. 

Republicans would like to pay for the extension by freezing government salaries for three years and cutting the federal workforce by ten percent.  Democrats would like to place a surtax on top wage earners which would pay for the one-year extension after ten years.  What is more interesting, though, is that members from both sides of the Senate aisle are saying both proposals are bad government.  A Christian Science article quoted a Senate floor speech by the freshman Democrat Senator Joseph Manchin (WV): “Americans pay for one thing with our payroll tax – one – Social Security.  By 2037 if we don’t do anything, benefits for everyone will have to be cut by 22 percent. And yet we’re digging a deeper hole by destabilizing its funding with this recommendation. All in return for what? A temporary measure that has already cost nearly $120 billion and has, at best, created few, if any jobs.”

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