Will the payroll tax cut be extended.

[DCal430]

Everyone seems so focused on the bush tax cut, no on is looking at the payroll tax cut that are expiring. So any chance these will be extended.

 

[Jadow]

not a snowball's chance in hell

 

[Engineer]

not a snowball's chance in hell

This.

 

[CPA]

You mean the Social Security tax reduction? The tax that's supposed to fund your social security tax account? The tax that was reduced for a fund that was already on shaky legs and expected to be in deficit in about 10 years? That tax? Yeah, that's probably gone soon.

 

[rcpratt]

It will hurt a bit, but they need to let it go.

 

[the DRIZZLE]

You mean the Social Security tax reduction? The tax that's supposed to fund your social security tax account? The tax that was reduced for a fund that was already on shaky legs and expected to be in deficit in about 10 years? That tax? Yeah, that's probably gone soon.

They were actually refunding the difference to SS from the general fund. The entire thing has always always been a gimmick.

 

[Jhhnn]

They were actually refunding the difference to SS from the general fund. The entire thing has always always been a gimmick.

Not exactly. It has been of some help to people whose income is so low that they didn't pay income tax. They pretty much spent every bit of it, as desired.

 

[sactoking]

I say let it expire. But, then again, I don't pay into Social Security, so the tax cut never helped me to begin with.

 

[Throckmorton]

What do I care? I make decent money now. Fuck all you poor people.

 

[glenn1]

What do I care? I make decent money now. Fuck all you poor people.

Agreed. If anything we should raise it more since its the only way the 47% even contribute at all, on the infrequent occasions they have a job that is.

 

[mike2012]

what separates the two parties is mostly ideology BS... they both need to come together and start passing real reform and not keep worrying about BS for the next election.

 

[IGBT]

no. Your obama desperately needs your money because he's already pizzed it away on QE1/ 2 / 3 / obamaPhones / extended unemployment / greatly expanded welfare / food stamps / disability / solar energy scams / wind mill scams / endless departmental Zars / oil drilling subsidies to south america / Hamas / you name it he's gone in debt for it. Your kids are soo screwed.

 

[Engineer]

Agreed. If anything we should raise it more since its the only way the 47% even contribute at all, on the infrequent occasions they have a job that is.

You do realize that the 47% number thrown around is for "working people who don't pay federal income tax"? (in other words, they have a job).

You mean the Social Security tax reduction? The tax that's supposed to fund your social security tax account? The tax that was reduced for a fund that was already on shaky legs and expected to be in deficit in about 10 years? That tax? Yeah, that's probably gone soon.

The money was replaced via the general revenue funds (i.e. the only way to give a tax cut to the hated 47%).

 

[Londo_Jowo]

What do I care? I make decent money now. Fuck all you poor people.

I notice you're back on the mainland. Private or government job?

 

[Doppel]

I'll go against trend here. I find it highly unlikely that it is NOT extended. Obama really will start his second term with a "tax increase"? No. When this came out it was supposed to be temporary and I was positive it wouldn't be; I was right (it was extended), and I think I'm right this time also.

 

[Jhhnn]

I'll go against trend here. I find it highly unlikely that it is NOT extended. Obama really will start his second term with a "tax increase"? No. When this came out it was supposed to be temporary and I was positive it wouldn't be; I was right (it was extended), and I think I'm right this time also.

I think it depends on how bitter Repubs are over ending the Bush cuts for tippy-top earners, and on the shape of any overall deal, if there even is one.

They haven't been shy about holding the economy underwater over the last 4 years, and I doubt their attitude has changed much. The power of wealth is enhanced in depressed economies, and, well, there it is.

I'll pay my 2% willingly if Mitt & his peers are made to pay the same rates as the rest of the lesser top 1%... The vast majority of Americans would consider themselves blessed, not put upon, to pay big taxes on big money.

Too bad a guy can't just sign up to pay 38% in federal taxes on $1M/mo- there would be a lot of takers, bet on it.

 

[Wreckem]

I'd say permanently reduce the payroll tax rate and do away/substantially remove the cap on income that is taxed. Everyone pays the same lower rate, but they pay it on all their income which would increase revenue and more or less makeup the shortfall SS is facing.