Posted on 12/06/2010 2:55:55 PM PST by kcvl
The proposal has not won the approval of congressional Democrats or Republicans. Its emergence in the broader tax negotiations is a sign that the White House is trying to break the logjam on those talks before the end of the year, when tax cuts signed into law by former President George W. Bush are due to expire.
White House officials proposed the cut as a way to stimulate the economy, said the person familiar with the talks. The proposal would take the place of an earlier White House push to extend Mr. Obama's signature Making Work Pay tax cut, which reduced income taxes for middle-income individuals by $400 a year.
(Excerpt) Read more at online.wsj.com ...
Under the White House plan, the Social Security tax paid by workers would drop temporarily by 2 percentage points, to 4.2% from 6.2%, a person familiar with the proposal said. For a worker earning $40,000, the tax savings would be $800.
Let me guess — Hussein will “pay for it” down the road by cheating high earners out of their social security.
An accounting shuffle, clever in a way, but unless it’s paygo’d AND accompanied by FULL, PERMANENT implementation of the Bush tax rates the new breed should counter immediately! Our way or the highway, Bobo.
So now Rats and the President are admitting that tax cuts stimulate the economy and tax increases hinder it? Cool!
2% huh? My grocery bill’s up five times that much.
a gimmick nothing else
Every thing they say is a lie.... I wonder what is going to happen to this?
You can bet there is an accounting trick somewhere if he has anything to do with it.
Besides, BIG FREAKING DEAL...2 percent as opposed to what?
What does this mean for self-employed people who pay ALL their own “payroll” tax? Would I see a cut? Or just “workers”?
OK, Governments use revenues from payroll taxes to fund such programs as Social Security, healthcare, unemployment compensation, worker’s compensation and sometimes local governments even require a small tax to maintain and improve local transportation. Where are they going to get the money for all these programs if they scrap it, even temporarily?
Do they have enough money to fund these programs while the payroll tax is suspended?
Details, details...
I believe tis will be a big boon to small business owners which would get a break of 4% since they don’t split the tax with an employer.
Uhm...seems to me that the problem is not with the people who are working,but with the people who aren’t working (or paying SS taxes). Cut the payroll tax and the ObamaCare uncertainty and let businesses hire again.
There is likely a provision that gets it all back when you file your income taxes. All The Messiah is trying to do is get the heat off his self for a few months.
Another selective tax break. The cost of which is to be imposed on all. Including those not even born. SS already does not take in as much as it pays out. Tack this all onto the national debt.
This is truly a country of SELFISH people. And it has therefore become a hopeless country. Don’t forget folks...Get in line for your next unemployment extension. Selfish Welfare sucking lowlifes!
Ah screw it....
Just print up some money, and mail everyone that pays taxes a check for $250,000 and be done with it....
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