Wittman: Payroll tax cut likely to be extended
The payroll tax cut set to expire in December likely will be extended for a year, Rep. Robert J. Wittman, R-1st, said Thursday in an interview at the Times-Dispatch.
The tax break, which Congress passed last year, lowered the percentage of payroll taxes that employees pay to Social Security from 6.2 percent of their earnings to 4.2 percent. It saved taxpayers as much as $2,136 this year, according to the Wall Street Journal. The White House wants to extend the cut to boost the economy.
"I haven't taken an official position on it," Wittman said. "I know some folks have, and said it needs to expire. I do have some concerns about it. It does take another $120 billion out of Social Security."
Wittman said the trust fund that backs Social Security disability benefits is on track to run out of money in six years.
"While (extending the tax cut) does put money back in people's pocket — you do have to look at the long term," Wittman said. "If we're really talking about fixing Social Security, what does that do?"
Goodlatte says Medicare is top issue for Congress
Medicare reform is the most important issue Congress will discuss this fall, Rep. Robert W. Goodlatte, R-6th, told a Lynchburg audience Thursday, while Chesapeake Bay regulations and federal education standards that affect Lynchburg also will be priorities.
Goodlatte told about 70 community leaders at the Craddock Terry hotel that "we have got to find a way to reform Medicare."
Republicans on Congress' 12-member supercommittee, which is looking for $1.2 billion in cuts to the federal budget, will put changes for future Medicare recipients on the table, "even if we get attacked for it," he said.
"Whether we can get that through or not, I don't know."
McDonnell, as GOP chief, debates counterpart
Gov. Bob McDonnell squared off with his Democratic counterpart in the governor's first Sunday show appearance as chairman of the Republican Governors Association.
He appeared on CNN with Maryland Gov. Martin O'Malley, who leads the Democratic Governors Association, for a generally friendly debate on a range of issues, from new economic stimulus to immigration to the Tea Party.
Asked by host Candy Crowley what Washington needs to do in the upcoming deficit/jobs package battle, McDonnell said it's "crystal clear to every American, frankly, that they have got to have a course of sustainable spending cuts," citing the climbing deficit.
"And part of that is these crushing mandates on the states, whether it's in environmental areas, the federal health-care reform, mental health. We have got $10 billion to $12 billion of unfunded mandates on Virginia."
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