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Payroll Tax Cut May Not Be Extended
November 14, 2011 09:45pm
Republicans, who have already blocked much of President Obama's $447 billion jobs creation bill, may now be moving towards not extending the payroll tax cut as it expires at the end of the year. Extension of the payroll tax cuts was a major part of the jobs creation bill which would not require additional direct spending.
Senator John Cornyn stated, "In terms of the payroll tax holiday, I would let that go back to where it was." Cornyn is part of the Republican leadership in Washington and his statement may indicate the future strategy of the GOP.
Republicans have sought a jobs creation strategy which does not require government spending, but instead would rely on deregulation of many industries while relaxing environmental and other regulatory restrictions on industry. While it remains to be seen what direction the government will take, the fact remains that the economy has remained sluggish while unemployment slowly drifts lower.
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