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.
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. More at The Paul Ryan Watch.
UPDATE: The Congressional Budget Office agrees that reducing payroll taxes helps create more jobs than tax breaks for the wealthy. Details.