OPINION: A Compromise To Extend The Payroll Tax Cut

Average working Americans could get screwed. Republicans may agree to extend the payroll tax cut for middle class Americans after all … just as long millionaires and billionaires don’t have to cough up a dime. Yesterday – Senate Minority Leader Mitch McConnell said Republicans are on board with extending the payroll tax cut – but are opposed to the Democrats’ plan, which pays for it with a 3% surtax on people who make more than a million bucks.  Instead – Republicans will offer their own plan to pay for the tax cut – likely one that takes money away from the social safety net. 

Essentially – Republicans are willing to let taxes go up on 113 million households to prevent 345,000 millionaires from a meager tax increase.  That’s the definition of protecting the 1% at the expense of the 99%.  But here’s a compromise – extend the payroll tax cut – and pay for it by eliminating the Social Security cap – so that millionaires and billionaires pay the same social security tax rate as janitors. 

Not only that – lifting the cap keeps Social security solvent for the next 75 years.  Let’s see if Republicans go along with that idea.