Undoubtedly, the payroll tax holiday set to commence, well, next paycheck, will provide some small measure of help for some people. I think I heard some blathering head on CNN talking about an average biweekly boost of around $40. I think that's probably a bit on the high side, and I would guess the median amount is probably closer to $20, but every little bit helps, I guess.
I'm a big fan of using the tax code to accomplish worthy goals, getting people to trade in for more fuel-efficient cars (even if they were made in Japan), handing out fat tax credits to people who do certain types of energy-saving home improvements, deferring taxes on retirement account contributions, that sort of thing. It's good for the economy, even if it doesn't provide the sort of immediate jolt that might be desired right now.
Which brings me to the other sort of tax relief, the sort that I was never a big fan of, whether it was George W. Bush pushing it, or President Obama accepting it, grudgingly or otherwise, in order to get shit done. I think it's downright shameful that we have to accept the sort of gross, wasteful idiocy insisted upon by the Republicans in order to do a little bit of good for people who actually need the help.
Read More