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