Wednesday, December 21, 2011
Questions about the payroll tax cut...
What is the payroll tax? Is it not the money taken from your paycheck to fund Social Security? So, by cutting the money going in isn't if effectively defunding Social Security?
Haven't we always been told that this money is not a tax but rather savings you will get back when you start collecting your retirement benefits. Doesn't reducing the amount you pay in lower the amount you'll get out?
We all have heard the counter argument to the fact that 47% of the working population pays no income tax that these people still pay payroll taxes. So, now we are going to permit them to pay no tax and nothing for the future at all? All this will do permit the non tax paying class to ask for even more since whatever they ask for they won't have to pay anything towards the cost of it.
Labels:
economics,
politics,
Taxes and Budget
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