Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

2/16/2012 (2 years ago)

Catholic Online (www.catholic.org)

'Congress needs to extend that tax cut, along with vital insurance lifelines for folks who've lost their jobs during this recession,' president says

In order to extend the payroll tax cut and unemployment insurance through the end of the year, President Barack Obama cited rising gas prices as one of the chief reasons. The White House says that the average U.S. citizen would be affected by $40 per paycheck if the tax cut is not extended at the end of February.

When President Obama entered the White House in January 2009, the city average price for one gallon of regular unleaded gasoline was $1.79.

When President Obama entered the White House in January 2009, the city average price for one gallon of regular unleaded gasoline was $1.79.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

2/16/2012 (2 years ago)

Published in Business & Economics

Keywords: Gas prices, payroll tax cut extension, President Obama


LOS ANGELES, CA (Catholic Online) - The payroll tax funds Social Security and cutting the tax would reduce funding to Social Security by $119 billion over the next year. This would be on top of the $105 billion reduced from funding in 2011.

Republican lawmakers have announced plans to vote for a full-year extension to the tax cut. In opposition, Obama told his audience at the Eisenhower Executive Office Building in Washington that they must put pressure on Congress.

"Congress needs to extend that tax cut - along with vital insurance lifelines for folks who've lost their jobs during this recession - and they need to do it now, without drama and without delay," Obama said.

"No ideological sideshows to gum up the works. No self-inflicted wounds. Just pass this middle-class tax cut. Pass the extension of unemployment insurance. Do it before it's too late, and I will sign it right away."

House Republicans have tried to extend the payroll tax cut for a full year in December. They also agreed to a Senate Democratic proposal to extend it just for the first two months of 2012.

Obama delivered a budget address at the beginning of this week in which he referred to the Bush tax cuts as $1 trillion in spending. The following day, Obama stressed that the economy is improving and that this is not a time to reduce the amount of spending money.

"Allowing this tax cut to expire would make people's lives harder right now," Obama said. "It would make their choices more difficult. It would be $40 less for groceries to feed your kids; it would be $40 less for the medications you depend on; $40 less to cover bills and the rent; $40 less to take care of an elder parent, or to donate to a church or a charity.

"And when gas prices are on the rise again - because as the economy strengthens, global demand for oil increases - and if we start seeing significant increases in gas prices, losing that $40 could not come at a worse time," Obama said. "One local entrepreneur named Thierry - where's Thierry? He's right here.

"He told us that $40 would cover the gas that gets him to his day job, or, alternatively, the Internet service his small business depends on. So he'd have to start making a choice - do I fill up my gas tank to get to my work, or do I give up my entrepreneurial dream. 'Forty dollars,' he wrote, 'means a heck of a lot,'" the president added.

When President Obama entered the White House in January 2009, the city average price for one gallon of regular unleaded gasoline was $1.79. Five months later in June, unleaded gasoline was $2.26 per gallon, an increase of 26 percent. By December 2011, the price of regular unleaded gas per gallon was $3.28, an 83 percent increase from January 2009.

.

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for October 2014
Peace:
That the Lord may grant peace to those parts of the world most battered by war and violence.
World Mission Day: That World Mission Day may rekindle in every believer zeal for carrying the Gospel into all the world.



Comments


More Business & Economics

Is it a sign of impending collapse? Financial savant Warren Buffett loses two billion in stock market Watch

Image of Warren Buffett recently lost $2 billion from investments in Coke and IBM, which have led some to believe that a stock market slowdown might be imminent.

By Catholic Online (NEWS CONSORTIUM)

Warren Buffett, the man known for focusing on long-term investment performance as apposed to making the quick buck, has lost $2 million in investments. LOS ANGELES, CA (Catholic Online) - Buffett owned Berkshire Hathaway investment house has large investments in ... continue reading


Christmas shopping in October? Apparently it's becoming a big deal Watch

Image of Shoppers are already out, despite the fact Halloween hasn't even arrived.

By Catholic Online (NEWS CONSORTIUM)

Shoppers are starting early with October 5 being declared by retailers as "Stock Up Saturday." Consumers are already Christmas shopping which means more of the revenue available to retailers will be harvested earlier in the shopping season. For retailers that choose to ... continue reading


List of Top 20 World Brands - Apple tops Google as world's leading brand for second time in row Watch

Image of The Apple Watch has enjoyed success in numerous fashion circles, featured on the cover of Vogue, among others.

By Catholic Online (NEWS CONSORTIUM)

Apple has topped Google as the world's most valuable brand for the second year in a row. The two companies are the only brands to be valued at more than $100 billion, according to the annual Best Global Brands report. LOS ANGELES, CA (Catholic Online) - ... continue reading


Here they come! China passes U.S. economy based on purchase power Watch

Image of Under President Obama's administration, China may surpass the U.S. economy.

By Catholic Online (NEWS CONSORTIUM)

The International Monetary Fund (IMF) has reported that China has overtaken the United States and is now the world's largest economy, at least based on purchasing power parity (PPP). LOS ANGELES, CA (Catholic Online) - The IMF said that by the end of 2014, China ... continue reading


Rosie the Riveter would cry: Record 55,553,000 women not participating in U.S. workforce Watch

Image of The strides made by women in the workplace sadly isn't reflected in recent job statistics.

By Catholic Online (NEWS CONSORTIUM)

The strides made by women in the workplace seems to have gone up in smoke across the United States. The determined visage of Rosie the Riveter during World War II to women taking the place of men in hard industry - declaring "We can do it!" would certainly shed ... continue reading


400 wealthiest Americans now worth cumulative $2.3 TRILLION Watch

Image of Facebook founder Mark Zuckerberg has finally cracked America's most wealthy top ten at tenth place.

By Catholic Online (NEWS CONSORTIUM)

The rich, indeed get richer -- America's wealthiest are worth more than ever before. The United States' top 400 billionaires are now worth a dazzling $2.3 trillion, according to the latest edition of the Forbes 400. LOS ANGELES, CA (Catholic Online) - It comes ... continue reading


Record debt coupled with slow growth point to economic crisis, Geneva Report says Watch

Image of The Geneva Report says the rapid rise of public sector debt in rich countries and private debt in emerging markets, especially China, may lead to0 fresh economic crisis.

By Catholic Online (NEWS CONSORTIUM)

Record debt and slowing economic growth suggest the global economy could be heading for another crisis, the 16th annual Geneva Report warns. Commissioned by the International Center for Monetary and Banking Studies, the report predicts interest rates across the ... continue reading


Walmart to enter banking world with low-cost checking accounts Watch

Image of Walmart has been eying financial services for some time now.

By Catholic Online (NEWS CONSORTIUM)

Walmart is making its biggest venture into the banking world after several failed attempts in the past. The nation's largest retailer is joining Green Dot, already known for its prepaid payment cards, to supply checking accounts to nearly everyone over 18 years ... continue reading


The Chinese are coming! E-commerce giant Alibaba cleans house with its initial public offering Watch

Image of Chinese e-commerce giant Alibaba has raised more than $21 billion with its IPO, with stocks priced at $68 per share, signaling a strong demand for the tech-giant.

By Catholic Online (NEWS CONSORTIUM)

The Chinese e-commerce giant Alibaba has made the largest U.S.-listed initial public offering (IPO) of all time, with stocks priced at $68 per share, signaling a strong demand. LOS ANGELES, CA (Catholic Online) - Only large investors, like hedge funds, can ... continue reading


Bottom of the Barrel - Thanks to business tax, the U.S. is Number 32 in the world Watch

Image of A competitive tax code is one that limits the taxation of businesses and investment. Since capital is mobile and businesses can choose where to invest, tax rates that are too high

By Catholic Online (NEWS CONSORTIUM)

A new international ranking shows that the U.S. tax burden on business is close to the worst in the industrialized world. So says the Wall Street Journal, the nation's leading journal on business. The White House and Sen. Charles Schumer (D., N.Y.) will attempt ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Ephesians 4:7-16
7 On each one of us God's favour has been bestowed in ... Read More

Psalm, Psalms 122:1-2, 3-4, 4-5
1 [Song of Ascents Of David] I rejoiced that they ... Read More

Gospel, Luke 13:1-9
1 It was just about this time that some people ... Read More

Saint of the Day

Saint of the Day for October 25th, 2014 Image

St. Daria
October 25: There is very little known about them. Chrysanthus was an ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter