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Monday, December 5, 2016

Why Extending The Payroll Tax Cut Could Hurt Social Security

Tom Margenau explains why the payroll tax cut extension may be bad news for the future of social security in the latest edition of his column, “Social Security And You:”

Many people have written to ask my opinion of the proposed expansion of the so-called payroll tax holiday. As any working American knows, the Social Security payroll tax, normally 6.2 percent, was lowered to 4.2 percent for all employees in 2011. And now the administration is proposing not only to extend that reduction for another year but also to reduce the withholding even further — to just 3.2 percent.

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