Posted by Kromey at 4:01pm Feb 6 '12By now we all know that the payroll tax cut was extended for two months just before Christmas. Democrats blamed Republicans for trying to hike the tax, ignoring that the Republicans were against the two-month extension because they wanted a full 1-year extension!
But now we learn how this tax cut is being paid for -- by middle class America!
Specifically, all loans backed by Freddie Mac and Fannie Mae are having their interest rates jacked up -- small for now, but it will "phase in" over the next two years -- meaning that a huge number of home owners are paying for this "tax break" straight out of their own pocketbooks!
And the money's not even going into the mythical Social Security fund to replace the revenue lost by the cut in the first place -- it's going into Congress' general fund, to be spent however they want!
Before you go rushing to blame the Republicans, it was a Republican Congressman who tried to blow the whistle on this bullshit before Christmas -- only to be ignored entirely.
Is Obama really the hero and savior of the middle class when he engages in such backhanded shenanigans as this?
But now we learn how this tax cut is being paid for -- by middle class America!
Specifically, all loans backed by Freddie Mac and Fannie Mae are having their interest rates jacked up -- small for now, but it will "phase in" over the next two years -- meaning that a huge number of home owners are paying for this "tax break" straight out of their own pocketbooks!
And the money's not even going into the mythical Social Security fund to replace the revenue lost by the cut in the first place -- it's going into Congress' general fund, to be spent however they want!
Before you go rushing to blame the Republicans, it was a Republican Congressman who tried to blow the whistle on this bullshit before Christmas -- only to be ignored entirely.
Is Obama really the hero and savior of the middle class when he engages in such backhanded shenanigans as this?