Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
OK - so Congress just agreed in principle to retain the 2% payroll tax.
What are we really negotiating with this 2% payroll tax cut?
It is 2% taken from Social Security. For someone making $100K a year, that’s about $40 per week. For a $50K salary, we are talking $20 a week. This is not a boat load of money, but if you are barely scraping by – I get it – it’s needed.
But what are we really doing? This 2% is really us being paid with our own money. The purpose of Social Security is to be a safety net for the retirement years. You pay in now, you get back later. That’s how it is designed.
So this 2% is really our money designated for retirement, that we are getting today. This is like changing how much of your paycheck is diverted to your 401K fund. We were taking 6% of our check for retirement. Now we are taking 4%.
What a joke this is that is played on the American people. This payroll tax cut is really about how we are allocating our money for retirement. We are not forcing government to cut spending by 2% - this is money that would have eventually been paid back to us.
OK - so Congress just agreed in principle to retain the 2% payroll tax.
What are we really negotiating with this 2% payroll tax cut?
It is 2% taken from Social Security. For someone making $100K a year, that’s about $40 per week. For a $50K salary, we are talking $20 a week. This is not a boat load of money, but if you are barely scraping by – I get it – it’s needed.
But what are we really doing? This 2% is really us being paid with our own money. The purpose of Social Security is to be a safety net for the retirement years. You pay in now, you get back later. That’s how it is designed.
So this 2% is really our money designated for retirement, that we are getting today. This is like changing how much of your paycheck is diverted to your 401K fund. We were taking 6% of our check for retirement. Now we are taking 4%.
What a joke this is that is played on the American people. This payroll tax cut is really about how we are allocating our money for retirement. We are not forcing government to cut spending by 2% - this is money that would have eventually been paid back to us.
Actually what would have been designated for SS is still designated as such. The missing 2% are designated from general tax collections. You are just lending credence to the GOP lies about it. It is true that tax revenue will be 2% lower.
It is a fiscally unsound idea and I'm disappointed that anyone voted for it.
Just like the Bush tax cuts for the wealthiest were irresponsible. Both will expire at the end of the year; it will be interesting to see how Congress will react to keep either (or neither).
When SS was first enacted the contribution was only 1%. I prefer we roll back to that and make the govt cut spending elsewhere to make the program whole.
Just like the Bush tax cuts for the wealthiest were irresponsible. Both will expire at the end of the year; it will be interesting to see how Congress will react to keep either (or neither).
I agree completely. Bush's tax cut.....and its continuation.....has to have been one of the dumbest things I have ever wittnessed......especially at a time when we were engaged in two wars. Certainly the 2% cut doesn't even begin to match that for stupidity. But, at a time when the GOP is arguing that SS is insolvent and trying to use that as an excuse to destroy it, it strikes me as the heighth of lunacy to hand them more ammunition by draining the SS fund even further.
I agree completely. Bush's tax cut.....and its continuation.....has to have been one of the dumbest things I have ever wittnessed......especially at a time when we were engaged in two wars. Certainly the 2% cut doesn't even begin to match that for stupidity. But, at a time when the GOP is arguing that SS is insolvent and trying to use that as an excuse to destroy it, it strikes me as the heighth of lunacy to hand them more ammunition by draining the SS fund even further.
All true.
However, what ever happened to the Republican mantra that "all tax cuts are good?" Why are they having this major reversal in philosophy now?
Tax cuts ARE good as long as spending is cut by the same amount.
Gulf War 2.0 anyone?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
