Tag: Social Security

President Obama And The Fiscal Cliff Deal

President Obama has left out certain important aspects of the fiscal cliff deal, in a video broadcast on the Web. This could give a wrong impression of the deal’s impact on the deficit and taxpayers –

President Obama seems to be boasting that families coming under the middle-class category will not be paying more than $2000 extra as taxes during the year. This is correct for taxes on income; however, the President fails to mention, that there is allowance in the deal for the cut on payroll taxes to expire. More taxes will be paid this year by 77% … Read the rest

Payroll Tax Cut Can Hurt Social Security

Payroll tax cut undermines the security of the Social Security Program

If lawmakers see Social Security as just one of the line items in the federal budget, there is not much to stop it from being caught up in an orgy of spending reductions.

When an economic agreement was reached in Congress recently which extended unemployment insurance, the Social Security payroll tax cut and retained present levels of reimbursement for doctors who accept Medicare, the response by many was a resounding “Hurrah.”

The perception was that Congress finally did something important with less posturing and brinkmanship and not quite as … Read the rest

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