Makes sense – working families need a break. Millionaires and wealthy “non-workers” don’t.
“I’ll tell you what, Scranton, they may have voted “no” on these tax cuts once, but I’m filled with the Christmas spirit,” the president told the crowd in a high school gym. “I want to give [Republicans] another chance. I want to give them a chance to redeem themselves.”
The payroll tax cut was included in Obama’s $447 billion jobs package, which Republicans opposed.
The average American would see $1,000 less in annual take-home pay if the cuts aren’t extended, Obama said. Without an extension, the payroll tax will return to 6.2 percent next year. In 2011, it was lowered to 4.2 percent. The Senate bill on deck this week would lower it to 3.1 percent.