Comments on: The House Passes the Payroll Tax Bill http://blog.turbotax.intuit.com/2011/12/14/the-house-passes-the-payroll-tax-bill/ It's all about the refund Tue, 21 May 2013 20:45:12 +0000 hourly 1 http://wordpress.com/ By: Interested Bystander http://blog.turbotax.intuit.com/2011/12/14/the-house-passes-the-payroll-tax-bill/#comment-29110 Mon, 26 Dec 2011 18:10:55 +0000 http://blog.turbotax.intuit.com/?p=8526#comment-29110 While I understand this info is meant to be a brief primer on the extension of the payroll tax break, unfortunately this article is woefully short on the underlying facts surrounding this needlessly divisive issue.

The House GOP had opposed the extension since last summer claiming that they didn’t believe it helped the economy.

But, due to political pressure House GOP leadership (Speaker Boehner, etc.) calculated that they needed to pass something/anything as a way of playing “me-too’ism” so they threw in some “red meat” for the Tea Party Congressmen including but not limited to the Keystone Pipeline issue. The Democratic Party has by and large opposed building the pipeline due to concerns over toxic leaks, etc.

See here for a more complete timeline:
http://thehill.com/homenews/house/201257-a-timeline-of-the-house-gop-cave-on-the-payroll-tax-holiday

FYI, the Keystone Pipeline….
(1) is opposed by the Republican states it would be built in like Nebraska due to the history of pipelines leaking toxic oil and sludge;

(2) the actual language proposed by the House GOP would only require the White House to make a decision early in 2012 rather than in 2013 as the White House has already planned to do. Even under such a sped-up timeline the White House could decide against the permits to build it (ie, block it);

(3) the Pipeline only passes through the US. The oil is not destined for the US. Rather, the oil would be sold on the world market and if recent history is a guide would likely go to China;

and, (4) while it would create some jobs (estimates range from a few hundred to 1000 or so) the same House GOP that supports this pipeline project has also voted to cut jobs in the green energy sector so “jobs” do not appear to be their primary motivation behind adding the Pipeline issue into an unrelated tax bill

For what it’s worth, politically this payroll tax break has become a hot potato and partisans are linking to this article claiming that it supports the Republican Party…

]]> By: TurboTaxLisa http://blog.turbotax.intuit.com/2011/12/14/the-house-passes-the-payroll-tax-bill/#comment-28885 Thu, 15 Dec 2011 07:46:30 +0000 http://blog.turbotax.intuit.com/?p=8526#comment-28885 Thank you and check back for up to date information regarding the Senate’s final vote.

Lisa Lewis

]]> By: TurboTaxLisa http://blog.turbotax.intuit.com/2011/12/14/the-house-passes-the-payroll-tax-bill/#comment-28883 Thu, 15 Dec 2011 07:42:35 +0000 http://blog.turbotax.intuit.com/?p=8526#comment-28883 Yes, we will keep you informed of the up to date information. Stay tuned!

Thank you!
Lisa Lewis

]]> By: Yeshwant Mehta http://blog.turbotax.intuit.com/2011/12/14/the-house-passes-the-payroll-tax-bill/#comment-28882 Thu, 15 Dec 2011 05:07:05 +0000 http://blog.turbotax.intuit.com/?p=8526#comment-28882 It is really a good news for employee and self employed both, would be getting more saving, if it is passed in the senate. Keep us informed of the final decision to pass on the messages to the clients.

Thanks
Yeshwant Mehta(President)
QuickBooks Expert

]]> By: AAction http://blog.turbotax.intuit.com/2011/12/14/the-house-passes-the-payroll-tax-bill/#comment-28875 Wed, 14 Dec 2011 22:26:00 +0000 http://blog.turbotax.intuit.com/?p=8526#comment-28875 Annnnd it’s on to the Senate! I’ve had such a hard time explaining the Payroll Tax Holiday for peers that I finally found this – a simple primer on the PTH. Hope it’s helpful for you, too. http://americanactionforum.org/topic/primer-payroll-tax-holiday

]]> By: Tell Republicans to stop holding the payroll tax cut hostage | DCCC « The Practical Vegetarian Weblog http://blog.turbotax.intuit.com/2011/12/14/the-house-passes-the-payroll-tax-bill/#comment-28874 Wed, 14 Dec 2011 21:44:01 +0000 http://blog.turbotax.intuit.com/?p=8526#comment-28874 [...] The House Passes the Payroll Tax Bill (turbotax.intuit.com) [...]

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