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The Tax Cut Debate: The Latest Train Wreck Waiting To Happen

Gwen's Take

As I prepared for a PBS NewsHour discussion about the prospects of extending and expanding the year-old payroll tax holiday, I knew the challenges that lay ahead. And that was before the Senate confirmed my pessimism by rejecting not one, but two, proposals to grant Americans year-end tax relief late Thursday.

This time, I hoped for a little more nuance. After all, both sides say they agree that now is not the time to allow a tax cut to lapse that has saved many families as much as $1,000 this year. Plus, the proposal now on the table would boost those savings to $1,500, while cutting payroll taxes for small businesses as well. What’s not to like at holiday time?