Friday, December 10, 2010

Why A Payroll Tax Cut is a TERRIBLE Idea

I'm not getting into the politics of tax cuts for the rich versus the middle-class, estate taxes, and all that other nasty stuff. But I have to make sure YOU understand why cutting the payroll tax 2 percent is a TERRIBLE idea.

Yes, it means more money in your pay check every week. But where is the money coming from? SOCIAL SECURITY!!! The payroll tax is the Social Security and Medicare tax. If we pay less into Social Security, it will just go broke that much sooner.

You want to give the middle-class a tax cut? Reduce the income tax 2 percent for a year. But do NOT cut payments into the Social Security system. Because it's the middle class who will suffer for that in the long run. Jennifer


  1. Agree jenny. The reduction in pay for insurance seems illogical, we hope that the government take letters in the case. It should not be treated the health care.

  2. You do realize this is by design? Some politicians, and their misguided supporters, hate social security.

    Keeping the tax cuts for those making over $250K per year, will balloon the deficit. This leap in the deficit will provide cover so they can argue for and legislate more cuts to social security.

    It is called thinning the herd...those who are dying, sick and making the lowest wages (20k-40K), will pay the for the bulk of Bush's tax cuts.

    The last ten years, with the tax cuts in place, has seen the largest loss of jobs, the cost of health care and our economy spiral out of control. Trickle down economics does not work!