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White House Proposing Temporary Payroll Tax Deduction
From the WSJ: "White House proposes temporary payroll tax reduction. The 6.2% Social Security tax would drop to 4.2% for workers for one year." Unclear if this is on top of any additional Bush tax cut extensions. It is amazing that it took D.C. only 1 month to forget that the people are sick and tired of reckless deficit spending (today's debt: 13,833,512,000,000) and will vote out all corrupt idiots who merely pass the hot debt potato to the next generation.
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Obama will do anything to gut social security, his 2% payroll reduction for one year will do just that!
To clarify a comment I made earlier, most ZH readers are very smart and ZH is a great website.
Technically it is a two percent tax cut, I was looking more at the impact it will have on social security and its a lot more than two percent.
Remember that plane that was supposed to crash somewhere in DC on 9/11 but crashed instead in some field in PA? How much better off would we be if it did in fact crash into the Capitol?
Less revenue and more expenditures.....what a bunch of fucking morons.
Kinda makes ya think the Terrorist(s) flyin' that particular plane were really Congressmen, don't it?!
So, doesn't this mean that the Social Security will be even further more undfunded? Next up Social Security plundering/reform.
@ Quantum Nucleonics
Get an original picture! I am sure there are other nuclear events out there. Just look at Ireland or Greece.
@Harry
You are like the other sheeple out there who cannot see 2 days in front of today. You keep chasing the trash and pumping the junk.
You offer nothing but Jim Cramer like advice. He is a clown too.
The good thing is that most on ZH ignore your drivel.
Taxes need to go up on everyone. Fine, keep the progression.
Spending down across the board 5% so nobody can use it for politics.
Raise entitlement ages tomorrow to 67 and raise to proper levels given life expectancy.
Replace all of Congress with true representatives of the people.
Any questions?
So, keep the Fed and income tax? You're off to a good start, though.
Thats exactly right, SS will be even more in trouble. I think what is coming is the cutting of benefits from SS and Medicare/Medicaid and other state and federal programs.
I'll take the tax cut. F everything else. Its a race to PMs and a hedge against the next black swan. I see it as more resources to build a reserve for some untold future, that doesn't look to rosey. I'll take the cash and be happy to have a buck today and damn the consequences. I feel like I'm one the price is right. Would you like the black swan without the tax cut or the black swan with the tax cut? Well Bob, I'll take Vanna and a shot gun.
Let me see: extend tax cuts and unemployment benefits. Reduce payroll deductions. And then balance the budget.
Ha ha ha. Our politicians really have a sense of humor.
Remember that this is on top of the $50 billion Obama siphoned off SS to "pay" for his healthcare leviathan.
I don't get the SSI reduction. Social Security is broke as is. Now employee contributions will decline by a third.
What's the angle here? After all the posturing about paying for tax cuts, then Barry throws this additional and substantial tax cut out there? What?
Now a cut of this size will definitely put more cash in all pockets.
But how does that make any logical sense when you listen to the arguments that the Dems have throw out lately?
Just say: "Charge it!"
The point many of you missed, is that the Payroll tax paid by the employee is also matched by the employer. I wonder if they are considering lowering the match, too. If so, would that spur job creation as well as put money in the pockets of the still employed? And what about the Self Employment tax, which is Double the 6.5 rate? How long is the rate reduced?
And what about the deficit? Is this just another "stimulus" in the guise of a tax reduction? I'd be wary of this.
WTF