The Problem A loophole exists in current law that allows certain wealthy professionals to avoid paying payroll taxes on their earnings, like every other working American has to do. Commonly known as the “Newt Gingrich/John Edwards” loophole, this loophole is used most often by Subchapter S Corporations (“S-corp”) to avoid the Medicare tax on earnings.…
Washington, D.C.—Nevada Senator Harry Reid issued the following statement after the Senate approved the payroll tax cut conference report by a vote of 60-36. The compromise also extends unemployment insurance and protects Medicare patients’ ability to see their doctors. “More than 160 million American workers will keep more of their hard-earned money in their pockets…
TODAY: TWO MORE PROMINENT REPUBLICANS COME OUT AGAINST ANY PAYROLL TAX CUT EXTENSION Sen. Jeff Sessions (R-AL): ‘I Have Doubts About The Wisdom’ Of Payroll Tax Cut. [MSNBC, 2/13/12] Rep. Jeff Flake (R-AZ): ‘We Shouldn’t Be Having a Payroll Tax Cut.’ [The Hill, 2/13/12] THE LIST OF REPUBLICANS WHO PUBLICLY OPPOSE ANY EXTENSION OF THE…
HOUSE GOP LEADERS ARE FRANTIC TO PORTRAY GOP AS ‘UNITED’ IN FAVOR OF PAYROLL TAX CUT … “Republicans support a full-year extension of the payroll tax cut and unemployment benefits …” [Boehner-Cantor Joint Statement, 2/6/12] CNN: “On the latest fight over payroll tax cut, Cantor pushes back on reports House GOP is again divided. ‘We…
Speaker’s Picks Prove Call for Further ‘Negotiations’ Is a Sham In case it wasn’t already clear that the House GOP’s call for a “conference committee” was simply a ploy to bury the payroll tax cut, just look at who Speaker Boehner has selected to “negotiate” for the House GOP. It’s a veritable “who’s who” of…
Cantor: “John Boehner and I have always been together in saying we want a year’s worth of tax relief for the working people in this country.” [MSNBC, 12/20/11] Boehner: “There’s no disagreement here. There’s no disagreement at all. About the fact that everyone wants to extend this for the next year.” [Boehner Floor Speech, 12/20/11]…
Washington, D.C. — Nevada Senator Harry Reid issued the following statement today. “It is unconscionable that Speaker Boehner is blocking a bipartisan compromise that would protect middle-class families from the tax hike looming on January 1st – a compromise that Senator McConnell and I negotiated at Speaker Boehner’s own request. First Senator McConnell would not…
Washington, D.C.–Nevada Senator Harry Reid issued the following statement today. “Speaker Boehner should allow an up-or-down vote on the compromise that Senator McConnell and I negotiated at Speaker Boehner’s request, and which was supported by 89 Republican and Democratic senators. “With millions of Americans struggling to make ends meet, it would be unconscionable for Speaker…
BOEHNER’S NEW EXCUSE FOR OPPOSING PAYROLL TAX CUT IS BIGGEST WHOPPER YET After Months of Opposing Tax Cut Altogether, House GOP Now Claims Extension Is Too Short The GOP’s latest excuse for opposing a middle-class tax cut is the most desperate one yet. After spending months opposing any extension of the tax cut, Speaker John…