Republicans Want To Raise Taxes On the Middle Class
When is a tax increase not a tax increase? According to Republicans, it’s when that hike harms the middle class.
In an effort to ease the burden on the middle class – who account for 98 percent of all Americans—President Obama lowered the payroll tax so working men and women can keep more of what they earn and, in turn, help our economy grow.
The President’s payroll tax cut provides more than $3.1 billion dollars of much needed tax relief for working families here in North Carolina. Now the President wants to keep that low rate, but Republicans want to raise it.
If you’re wealthier than 98 percent of the Americans, you fly around in a corporate jet, or you represent a special interest or large corporation, Republicans will fight tooth and nail to make sure you’re exempt from paying your fair share.
If you’re like the 4.7 million middle class North Carolinians who benefit from this tax relief, self-proclaimed anti-tax Republicans want to raise your taxes.
Talk about misplaced priorities.
Republicans’ refusal to prevent this middle-class tax hike isn’t just hypocritical – it’s also bad policy. There isn’t a clearer example of the difference between the two sides – one that fights for the middle class and one that forgets all about them.
Last year President Obama lowered the payroll tax so middle class families are able to keep more of what they earn. This year, the President wants to keep that tax break and expand it. That would boost our state economy by letting approximately 4.7 million middle class North Carolina families have more money in their pockets.
In North Carolina, the extension and expansion of the payroll tax cut would mean a savings of $1,356 for a family earning the median income of approximately $43,000. Workers would see just 3.1% of their pay deducted in Social Security taxes next year. The Middle Class Tax Cut Act also provides an important and badly-needed boost to small businesses. It cuts in half – from 6.2% to 3.1% the employer-side of Social Security payroll taxes for employers on the first $5 million in wages. This would benefit 170,000 North Carolina employers.
Click below to calculate how much more you and your family would pay of congress does not take action:
