Posts Tagged

Payroll Tax Holiday

President Obama proposed a ‘payroll tax holiday’ which allows us, workers, to have pay 4.2 percent of our social security tax instead of 6.2 percent. According the the article, the social security funds are not in trouble now but in it will be if the proposal is passed. Although we might have an extra few dollars, we will hurt in the long run. The government has to dish out $120 billion dollars if the proposal goes through and as a result, the government would most likely cut benefits instead of doing so, therefore, we would have the pay for the consequences even though we might enjoy it now. I definitely don’t think that this proposal should go through. It will just hurt at the end and what would happen after the year? We would enjoy it for a year and go back to having that taken away? This should have not been suggested and should not be done.

No Comments