They cut 2% off SS,4% for employers pretending to give taxpayers and employers a tax cut. What they did in reality was to gut the SS fund making it go bankrupt years earlier. And they also gutted potential income for those now paying into the fund since they will now pay less into the fund and get less in return. Slick move but few on our side talking about it.
You must mean the “payroll tax cut”, the one where a taxpayer could just raise his own personal exemptions(number of dependents) and have the same effect, pay less tax until you have to file your income tax. And Democrats will tell you that you pay less tax under Obama...without acknowledging that is until April 15...duh!
Source: CBO "Combined OASDI Trust Funds; January 2011 Baseline" 26 Jan 2011. Note: See "Primary Surplus" line (which is negative, indicating a deficit)
Matters are even worse than this chart shows. In December, Congress passed a Social Security tax reduction. Workers are temporarily paying 2 percentage points less, from 6.2 percent to 4.2 percent, in Social Security payroll taxes this calendar year. Since the government is making up the shortfall out of general revenues, CBOs deficit projections for the trust funds do not include that. But CBOs figures predict that the "payroll tax holiday" will cost the governments general fund $85 billion in this fiscal year and $29 billion in fiscal year 2012 (which starts Oct.1, 2011.) Since every dollar of that will have to be borrowed, the combined effect of the " tax holiday" and the annual deficits will amount to a $130 billion addition to the federal deficit in the current fiscal year, and $59 billion in fiscal 2012.
Social Security has passed a tipping point. For years it generated more revenue than it consumed, holding down the overall federal deficit and allowing Congress to spend more freely for other things. But those days are gone. Rather than lessening the federal deficit, Social Security has at last as long predicted become a drag on the governments overall finances.
Poor madcow is freaking out since Rich Lowry has kicked her sorry bulldyke ass.