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New Stimulus, Payroll Tax Holiday

New Stimulus, Payroll Tax Holiday - President Obama and the Republicans will say that the payroll tax holiday is all about stimulating the economy. But don't be fooled. According to the Center for Budget and Policy Priorities, there are many better ways to stimulate the economy with that $120 billion the payroll tax holiday will cost, including simply extending the Making Work Pay Tax Credit. See "Payroll Tax Holiday a Poor Stimulus Idea," available at this link.

And the other, better forms of stimulus pose no threat to Social Security. The innocent-sounding payroll tax holiday, on the other hand, will lead inexorably to killing Social Security. Let me explain:

Sixty members of the Senate are unwilling to raise taxes evenon those earning over $1 million. Given that unwillingness to raise taxes by less than a nickel on every dollar earned over $1 million, I find it unfathomable that a more conservative Congress, in two years, heading toward an election, will increase the payroll tax by 2 percent on the very first dollar, and every other dollar up to the cap, earned by virtually every single worker in the country. This would amount to a 30 percent tax hike on what workers would have then been paying. Consequently, I think we have to assume that the payroll tax holiday will be extended beyond the two years the president is proposing and quite likely could become permanent.

New Stimulus, Payroll Tax Holiday

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