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To the tax savvy moms: Is this new Social Security tax cut the start to phase out the program?

I'm really confused... I was under the impression that S.S. was in crisis. My employer informed me that less S.S. has been taken out since January due to the 2011 'tax holiday'. Then I began researching, and discovered that it's sort of a secret stimulus in lieu of the 'Making Work Pay Credit'. Well I'm just all kinds of confused. If anyone can dumb this down for me, I'd really appreciate the info. THX!

Here's one link, but there are many others:

http://www.bargaineering.com/articles/2011-stimulus-check-2-payroll-tax-holiday.html

 
kenzie07

Asked by kenzie07 at 3:03 PM on Apr. 4, 2011 in Politics & Current Events

Level 18 (6,259 Credits)
This question is closed.
Answers (8)
  • S.S IS in crisis due to all the foreigner's who collect it and NEVER paid in. And for allot of other reasons. It is NOT a secrete stimulus. It IS part of making work pay, and I fail to see how an extra 4 bucks a pay check is helping me or anyone. But dont worry about the extra few bucks, as Im SURE the Govt will quickly come up with a new tax or a raise in sales tax to take that extra $ and a little more.
    vbruno

    Answer by vbruno at 3:07 PM on Apr. 4, 2011

  • Thx Anon. I'm sort of surprised that I never saw any coverage about the cut. Seems like a good story to me. I'm shocked that there was no controversy surrounding it. Weird.

    ***
    No one EVER complains when they have MORE take home pay! The complaints start when there is LESS take home pay, along the lines of "who approved THAT?!"

    Bottom line, Democrats don't want to publicly admit that SS is in crisis...by withholding a few bucks less per paycheck, the impression is that our country's economy is just dandy!! (When that couldn't be further from the truth!)
    LoriKeet

    Answer by LoriKeet at 4:19 PM on Apr. 4, 2011

  • There is the 800 making work pay credit and then there is the reduction of what we pay in Social Security. It isn't a secret thing spelled out on the IRS website if you look. Next year we will be paying the same percentage into Social Security we did last year. Social security is in trouble but that is because it is filled with IOU's. When we had surpluses those IOU's should have been paid back but the powers at be were wanted to be able to say we have a surplus instead.
    Anonymous

    Answer by Anonymous at 3:21 PM on Apr. 4, 2011

  • http://www.foxnews.com/politics/2010/12/17/congress-passes-extend-tax-cuts-jobless-aid/


    It will never be phased out, but means testing will soon be implemented. and yes, as a comprimise it was a secret stimulus


    http://nhregister.com/articles/2011/04/04/news/doc4d98a023b2b48157196203.txt

    jewjewbee

    Answer by jewjewbee at 6:10 PM on Apr. 4, 2011

  • Thx Anon. I'm sort of surprised that I never saw any coverage about the cut. Seems like a good story to me. I'm shocked that there was no controversy surrounding it. Weird.
    kenzie07

    Comment by kenzie07 (original poster) at 3:30 PM on Apr. 4, 2011

  • S.S IS in crisis due to all the foreigner's who collect it and NEVER paid in. And for allot of other reasons--------------


      The biggest reason for the problems with SS come from Washington looting the fund at will over the years.   Stop blaming it on foreigners...


     

    PestPatti

    Answer by PestPatti at 7:13 PM on Apr. 4, 2011

  • I don't remember, staceymom. But thanks for the sarcasm. You must feel awesome right now!
    kenzie07

    Comment by kenzie07 (original poster) at 8:58 PM on Apr. 4, 2011

  • I'm sort of surprised that I never saw any coverage about the cut.
    _______________
    So am I. It was a pretty big story, the "Second stimulus" if you remember.
    stacymomof2

    Answer by stacymomof2 at 8:44 PM on Apr. 4, 2011

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