The payroll tax holiday was a scam. It was just another stimulus package that added to our debt and deficit. The SSTF was held harmless as Treasury issued non- market, interest bearing T-bills in the amount of the lost revenue and deposited them into the SSTF. They are just another increase in our debt. SS is a pay as you go program. It has been running in the red since 2010, which means it must redeem its T-bills to fund the shortfall. The tax holiday increased the existing shortfall. The General Fund must redeem the T-bills with 42 cents being borrowed.
The tax holiday cost us over $130 billion a year. SS was just used as a stimulus vehicle in much the same way as a tax rebate would. In this case, more people receive money from the payroll tax holiday than an income tax rebate.
I have this question about the Social Security Holiday, which capped contributions at 4.2 rather than 6.2 per cent and it is this, “Will lower payroll deductions impact future payouts, e.g., will your contributions at 4.2 give you a lesser payout when they calculate future benefits?
Not funding SS makes as much sense as not putting money aside for the car payment or the mortgage.
The bill ain't going away without sever loss.
if cutting payroll taxes was a bad idea, then freepers shouldn’t be criticizing obama for agreeing to raise them again
I believe any tax cut is good. We’re overtaxed, period. Problem with too many freepers is they look at the party affiliation instead of the policy. If obama is for it, must be bad. Well I’m more concerned about my family’s finances - and my take home pay - then scoring political points.
I’m against Obama’s tax hikes on the wealthy - and on the rest of us thru payroll taxes. In contrast, you’re against the hikes on the wealthy - but for tax hikes on us non-wealthy. No wonder the GOP lost