Friday, December 17, 2010
By a vote of 277 to 148, with 112 Democrats and 36 Republicans voting “No,” the House of Representatives passed President Pootie Tang tax cut package which overwhelmingly favors Americans earning more than $250,000 a year.
The package, brokered by President Pootie Tang and Republican leaders like Sen. Mitch McConnell, angered many Democrats, who have long argued the Bush tax cuts were skewed to benefit the wealthy.
Adding $858 billion to the ballooning Federal deficit, the measure will now go to the White House with President Pootie Tang expected to sign it as soon as Friday. The measure also will guarantees unemployed workers up to 99 weeks of jobless benefits through the end of next year, as well as a 2% reduction in the Social Security or FICA payroll tax that would let workers keep as much as $2,136.
A two year reduction in the FICA tax will short the Social Security Trust Fund by at least $120 billion.