Obama White House Looks At New Tax Cuts

It looks as if political pressure is mounting on the Obama administration. They are now considering a new tax cut that would replace the payroll cut which is set to expire at the end of the year.

It is said that this cut will put hundreds of dollars into the pockets of workers.

The Washington Post reports,

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The new tax cut could provide hundreds of dollars or more a year to workers and show up in every paycheck. It may be similar to a tax cut Americans received in 2009 and 2010, which provided up to $400 for individuals and $800 for married couples, sources close to the administration said.

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The article went on to state,

The White House declined to confirm whether it is exploring a new policy, with an official saying late Friday only that “there’s no specific new proposal such as this one at this time.”

The payroll tax cut, which reduced people’s payroll taxes from 6.2 percent to 4.2 percent, is considered particularly effective by economists because it shows up in every paycheck. Economists say it may have boosted economic growth each year by about 1 percent, helping create hundreds of thousands of jobs.

The administration may be looking at alternatives to the payroll tax cut because some lawmakers, particularly Democrats, don’t like the idea of using a tax that ordinarily goes to fund Social Security. Any lost revenue as a result of the payroll tax cut has been offset by additional taxpayer money. Still, powerful interest groups such as the AARP have criticized using the payroll tax cut for short-term stimulus.

Personally, this seems to just be a political ploy to maybe garner a few more votes.

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