How is payroll tax relief being paid for? Snookered again.
 

This topic can easily be tucked into any number of threads where the payroll tax cheerleaders argue over the "2-month/12-month" band-aid. I decided it needed its own thread. The silent co-conspirator in this saga, the media, keeps the "payroll tax" issue fired up and divides the taxpayers while really important national and international issues suffer benign neglect. We are hoodwinked into being riveted on a contrived drama because most of us are bored with the GOP Presidential race. Accordingly, "we the people" are being snookered and sandbagged ........again. Here's why.

How is the payroll tax going to be funded?

WASHINGTON (AP) — Who is paying for the two-month extension of the payroll tax cut working its way through Congress? The cost is being dropped in the laps of most people who buy homes or refinance beginning next year.

The typical person who buys a $200,000 home or refinances that amount starting on Jan. 1 would have to pay roughly $17 more a month for their mortgage, thanks to a fee increase included in the payroll tax cut bill that the Senate passed Saturday. The White House said the fee increases would be phased in gradually Alan Fram, Associated Press

So much for resurrecting the housing market.

"The payroll tax cut is paid for by an increase in the guarantee fee on new loans backed by Fannie Mae and Freddie Mac, the government run mortgage companies.

In general, it’s a bad idea to conflate paying for tax cuts with changes to Fannie, Freddie and broader mortgage finance system". New York Times

Don't you feel better about the whole thing because Fannie Mae and Freddie Mac are involved?

I am stunned that the New York Times, the bastion of Liberal journalism said this about the plan.

"More specifically, the new fees will likely be passed on to homeowners, precisely when the Obama administration is trying to make refinancing easier for struggling homeowners. If you want to encourage an activity, the last thing you want to do is make it more expensive".

Wow....common sense from the Old Grey Lady. Did Rupert Murdoch buy it?

This would all be laughable if it wasn't so bizarrely sad and frustrating.

God Bless America

There is no free lunch.

The fees are going into the general revenue fund and not being returned to the SS fund according to Stuart Varney.

Refresh my memory: how were the Bush tax cuts paid for? How were Bush's two wars paid for? How was the medicare prescription drug plan paid for? I must be getting forgetful because I don't remember any of these being paid for.

To refresh your memory, the same way we paid for Johnson's War and the Korean Police action among other conflicts:

Federal Income taxes, excise taxes on fuel, alcohol and tobacco and in varying degrees, any of the below listed taxes. Pick and choose between the taxes most directly applicable:

Accounts Receivable Tax
Capital Gains Tax
CDL license Tax
Cigarette Tax
Corporate Income Tax
Court Fines (indirect taxes)
Deficit spending
Federal Unemployment Tax (FUTA)
Fishing License Tax
Food License Tax
Fuel permit tax
Gasoline Tax
Hunting License Tax
Inflation
Inheritance Tax Interest expense (tax on the money)
Inventory tax IRS Interest Charges (tax on top of tax)
IRS Penalties (tax on top of tax)
Liquor Tax
Local Income Tax
Luxury Taxes
Marriage License Tax
Medicare Tax
Property Tax
Real Estate Tax
Septic Permit Tax
Service Charge Taxes
Social Security Tax
Road Usage Taxes (Truckers)
Sales Taxes
Recreational Vehicle Tax
Road Toll Booth Taxes
School Tax
State Income Tax
State Unemployment Tax (SUTA)
Telephone federal excise tax
Telephone federal universal service fee tax
Telephone federal, state and local surcharge taxes
Telephone minimum usage surcharge tax
Telephone recurring and non-recurring charges tax
Telephone state and local tax
Telephone usage charge tax
Toll Bridge Taxes
Toll Tunnel Taxes
Traffic Fines (indirect taxation)
Trailer Registration Tax
Utility Taxes
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft Registration Tax
Well Permit Tax
Workers Compensation Tax

You say you forget how wars were paid for........you also seem to have forgotten the most important part of the balance sheet ....they were paid for with the blood and treasure of the American people. That should never be forgotten. God bless our troops everywhere. Keep them safe and out of harm's way.

Have a nice evening.

https://www.talkofthevillages.com/fo...ad.php?t=46538

Its been 3, yes, count them 3 years since Bush was President. By now President Obama owns all the problems. Time to forget about President Bush, I and II and concentrate on the current Administration.

Now tell me how Obamacare will be paid for? Tit for Tat, dontcha know.

Actally the real answer is They were NOT pay for and you know it. As for me I still work and I don't expect to buy a home so the payroll thing makes sense to me.

Affordable Care Act
 

The Affordable Care Act, which hasn't even fully kicked in yet, is helping millions of seniors pay for their meds and millions of young people have insurance. What exactly did we get out of President George Bush's 800 billion dollar unneccesary Iraq war? At least I'm talking about this century, cabo35 is talking about things that happened 50 to 60 years ago. If you liked the Iraq war, you're going to love the Iran war with President Romney.

All these posts had almost nothing to do with the point of the original thread on how this "payroll tax cut" is being funded. Cabo keeps trying in vain to educate and only receives Bush-slapping or misdirected comments as a reward.

Fees that will be permanent to pay for a temporary tax cut, and liberal kool-aid drinkers refuse to see past their all consuming love for this failed President to acknowledge even the slightest doubt as to this new plans value.

I hope this isn't representative of all Democrats.

Richie, Richie, Richie, you know it is, that is why everytime something comes up its Bush's fault.

The Affordable Care Act (Obamacare) will be paid for with barrowed dollars from China. Does that answer your questions, along with a 500 billion cut in Medicare. How is that taking care of seniors? You really should read the complete law now that it has been passed and we can (quote the last speaker of the house) find out what is in it. What a great bunch of law makers we have.

Would you be willing to have the amount your FICA is reduced this year and next plus interest deducted from your Social security when you retire? That is what should happen.

Jj

We have to pay for those 4 million dollar vacations somehow :sad:

Guess we are just uneducable. :cus:

Your words, and your humor. There's always some truth in humor.

Richie, even you have to admit that the $800 Billion and 4,500 lives lost in Iraq was a complete waste. This was done by Junior Bush and Puppet Meister Cheney.

Think about how much better the USA would have been during that time period without the expenditures of both the $800 Billion in war costs and the loss of 4,500 American lives.