Rep. Paul Ryan (R-Wis.) said on Sunday that House Republicans would oppose President Barack Obama's payroll tax cuts for both employers and employees, arguing that the policy had already failed to provide a sufficient boost to the economy. "It hasn't worked," Ryan said, suggesting the current temporary tax cut should be allowed to expire, which will amount to a 50 percent tax hike on workers making less than $106,000 per year.
He also said that he opposes the president's plan to require millionaires to pay the same tax rate as the middle class. As chairman of the House Budget Committee and the author of a long-term plan that radically alters Medicare and slashes tax rates for the wealthy as well as social spending, Ryan serves as something of an economic spokesman for House Republicans.The payroll tax cut hasn't worked?
It has put more money into the hands of working families and, along with other Obama policies, has prevented the recession from becoming a full-fledged depression.
Ryan continues to promote the theory that giving more money to millionaires will somehow stimulate the economy and create jobs. But guess what? That's the policy that really hasn't worked.
UPDATE: A fact check finds the Congressional Budget Office agrees that reducing payroll taxes creates more jobs than tax cuts for the wealthy.