Dan Pfeiffer, one of President Obama’s senior White House advisors, explained why the payroll tax increase has weakened economic growth.
“The end of the payroll tax cut is hurting Americans because it means there’s less money in their pockets, less money to spend on small businesses, less money to spend while they are shopping,” Pfeiffer said on Fox News Sunday today. “So, that does have an impact on the economy. There’s no question about that.”
In 2012, President Obama brought about the extension of the payroll tax holiday over Republican opposition. In 2013, the holiday expired as part if the fiscal cliff deal, when Obama was pushing for tax increases that Republicans opposed.