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Obama-Republican Deal Could Mean Tax Hike For One In Three Workers

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  • The tax deal reached between President Obama and congressional Republicans could mean a higher tax bill for roughly one in three workers as a result of the Social Security tax cut Republicans pushed as a replacement for the current Making Work Pay tax credit.
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  • Olbermann Special Comment on the deal on the wealthiest Americans tax-cut extension
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Ryan Grim, Huffington Post

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The tax deal reached between President Obama and congressional Republicans could mean a higher tax bill for roughly one in three workers as a result of the Social Security tax cut Republicans pushed as a replacement for the current Making Work Pay tax credit.

The Making Work Pay credit gives workers up to $400, paid out at 8 percent of income, meaning that anybody making at least $5,000 gets the full amount -- and gets as much as anybody else. Its replacement knocks two percentage points off the payroll tax cut, meaning a worker would need to make $20,000 to get a $400 break. Of the nation's roughly 150 million workers, around 50 million make less than $20,000 and will see at least some increase as a result.

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Olbermann Special Comment on the deal on the wealthiest Americans tax-cut extension, Hissyspit, Democratic Underground

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  • In exchange for this searing and transcendent capitulation the President got just 13 months of extended benefits for those unemployed for less than a hundred weeks, and they got nothing, absolutely nothing, for those unemployed for longer, the 99ers.
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  • (It is) not disloyal to say Obama (is) 'Goddamned Wrong,' Republicans (are)  'Treasonous'.
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  • Mary Landrieu (D-LA): 'Obama-McConnell Plan' Is 'Almost Morally Corrupt'
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