Should the payroll tax cut be extended yet again?
FROM CNN's Jack Cafferty:
160 million Americans could see their paychecks shrink at the end of the month - if Congress doesn't strike a deal on the payroll tax cut. This is the same cut they extended for only two months at the end of December, and those two months are just about up.
The payroll tax cut reduces how much many Americans pay into Social Security on their first $110,000 in wages.
Instead of paying in 6.2%, they've been paying 4.2% for the past year and two months.
For someone making $50,000, this tax cut is worth almost $1,000 per year. Significant money. Of course it's money we don't have, but that's never stopped the government before.
Just this afternoon, Congress inched one step closer to making a deal.
House Republicans now say they're willing to extend the payroll tax cut for the rest of this year without offsetting it with spending cuts elsewhere - something they weren't willing to do last week.
Can you tell it's an election year?
Republican leaders also say the measure could be voted on as soon as this week.
Lawmakers only have a little over two weeks to go before February 29, and they're scheduled to go on recess starting next week. They certainly deserve some more time off since they get so much done while they're in Washington.
Meanwhile the deadline could come even sooner, as many employers need to cut their first March-dated paychecks well before the last day of February. If Congress doesn't make a deal by the middle of this week, payroll processors will have to change their systems to reflect the higher tax rate.
Here’s my question to you: Should the payroll tax cut be extended yet again?
Interested to know which ones made it on air?
Rob:
Yes, it should be reduced, but the cap should go away, and all income, wages, and investments should be included. Better benefit for those who pay more and the solvency of the system is ensured.
John in Pennsylvania:
Come on, Jack. This is only an election year ploy. The money that should be going into the S.S. fund is being replaced by money from the general fund putting the government further in the hole. Most Americans should be willing to sacrifice a little rather than add to the deficit.
Merilyn:
If this was a debate about a tax cut for the rich, the Republicans would again be beating their drum about not taxing the job creators. But since this tax cut would primarily benefit the working poor, there is no urgency. After all, Mitt is not concerned about us.
Luke:
As someone who doesn't even make $50k a year, I cherish every dollar in my paycheck. However, we have a Social Security system that is going bankrupt and needs as much funding as possible. We live in a time where tough choices have to be made if we want things that we've taken for granted for decades to remain available.
Jane in California:
It should never have been cut in the first place. There are much better ways to get stimulus into the economy. Building infrastructure creates something that may be of use and value for years. A couple of extra pizzas a month, not so much.
J.D. in N.H.:
Absolutely. As long as people sitting around the pool waiting for their checks to arrive get to pay 15%, the people who actually do work for a living need a break.
@jackcafferty on Twitter
Should the payroll tax cut be extended yet again?
Yes, until the wealthy and corporations pay their fair share..
Jenna
Roseville CA
Since the goal is to eliminate them entirely, yes.
It's sort of an inefficient way to put money in the economy, but every little bit helps right now. Giving people who can least afford it a tax increase puts a little extra money in their pockets, and a little extra to spend at the grocery store. Until we can get rid of the Republicans in congress who are keeping their pledge to Grover Norquist over their pledge to their country and constituents, we need to take whatever other measures are available.
Overall, its not a good idea. The purpose is to give the lower income worker some spending cash in order to keep up with the cost of living. If the merchants want to sell the merchandize in the stores customers are going to need spendable cash or go deeper in debt to the credit card companies. There is no other way to get out of the economic ditch we're in. This has to go hand in hand with the public tightening its belt and only buying what they need and not what they want. Maybe the family needs to take a weekend trip and live in the car to get the childrens attention. It's no fun.
No!
Those taxes were for social security and social security is in trouble. Presidents have been too free in spending social security funds in the general budget.
When your budget has a $1.3 trillion dollar deficit–it is high time for increased budget revenue (taxes,) not less revenue.
No Jack, I think it's time for people to see their paycheck shrink in order to protect the Bush tax cuts for the "job creators." Even though the job creators don't seem to be creating any jobs, we all know if we just make the rich richer, it will somehow trickle down to the rest of us. In other words Jack, 'same old same old.'
Sure, why not? Who actually believes that there is a "lock box" that protects the money that US citizens actually pay into their "accounts"? Hello, Greece, keep the home fires burning, as we'll be following your lead in the future...
Ron Paul in 2012...
If the payroll tax isn't extended, it might help get our present congressmen voted out of office come September, and that would be a good thing.
Of course!!! And cut the rich 1 %'s loop-holes and witchcraft, too.
Yes. The whole world is learning the economy needs real stimulus. When working people have money they buy groceries, clothes, and spend the nation into job growth. Middle class money isn't like Republican going to the Cayman Islands and Swiss bank accounts.
The Income Tax should be eliminated and replaced with a consumption tax. The Federal Government should be downsized by 50 to 75%. That includes the Military. There are about 1000 Genrerals in the US Military. Can you name one of them off the top of your head? Our Government is defense enough. No other Country would want to have to run this Country. That is why the Republican Establishment is backing Obma this year. Not even our own Goverment wants to be our Government anymore. Doug, Pepperell, MA.
Jack,
I would say yes to keep the economy on a growth spurt. But in order to get taxes raised on the 1% we are all going to need to take a hit too. The Bush Tax Cuts were bad policy, and need to expire. Thus if we all want shared sacrifice then we ALL need to share in the sacrifice.
Yes, and it is long overdue for the entire tax system to be overhauled.
I have a question. What is a payroll tax cut? If it is only withholding less than I have to make it up at tax time anyhow and so it really isn't a cut. If it is something else could you please expain it so I can understand. Thanks Tom
Jack: The economy and people of this country need more money in their pockets to improve their quality of life right now. The 99% of the population are paying the bills for the success of the rich 1%. The very rich who make $750,000 or more a year have benefited by the George W. Bush taxcuts while the rest of the population as seen their wages and jobs shrink and the jobs go away. Social Security Trust Fund will still receive money just noy as much. It time the wealthy paid more in taxes, and stop receiving big tax break incentatives.
Jack. It is an election year what do you think. The right thing would be extended the tax cuts except for people like Warren Buffett and Romney who pay less tax than the average voter. But if the Republicans went along with this they would lose their super pack money. I think there'll be some grandstanding from both sides, but in the end the tax cuts will get extended for another year.
Absolutely. As long as people sitting around the pool waiting for their checks to arrive get to pay 15%, the people who actually do work for a living need a break.
No. The payroll tax cut is a Trojan Horse. Republicans are using it as a way to mask their deepest desire to de-fund, and eventually abolish, Social Security. Right-wing conservatives want everyone to think they are getting a good deal, when actually they want to rob us of the most successful program this nation has ever had. Hundreds of millions of hard working Americans who made their money the honest way, have paid into Social Security in order to have a little bit of financial protection in their retirement years, and that just infuriates conservatives.
Should the payroll tax cut be extended yet again?
This question can't be answered on it's own merit. It depends on
many decisions that haven't and may never be answered by our
legislature.
"WE" have a deficit that must be dealt with immediately-not-next-
week! If 'we' made the right decisions to implement the necessary government and national cuts to budget this would be only one of many un-[cuts] we'd make.
However the election turns out, 'we' must-get-our-house-in-order
and if the present congress can't do that then there'll be an increase in unemployment in government of present employees.
Obama wants to add extra taxes for 'rich' people. it is my impression that the amount of money he is talking about, relative to this year's proposed deficit, is trivial. If so, the whole issue is merely a diversion from serious issues and Obama needs the sharp end of the public boot. could you please verify the quantitative role a 'rich' tax would play in the deficit. tks
Yes, now that all of the political milk has been milked from this blatantly obvious no brain-er issue by both parties. Maybe this time the long term extension of the payroll tax can be done with a view towards what's best for the people as opposed to how best the extension exercise can be best used by the politicians for posturing.
If this was a debate about a tax-cut for the rich, the Republicans would again be beating their drum about not taxing the job creators. But since this tax cut would primarily benefit the working poor, there is no urgency. After all Mitt is not concerned about us.
The payroll tax cut never really made any sense. We already know that Social Security cannot meet its future obligations. Why we would choose to further erode this ability. The debate needs to look past the politically expedient payroll tax cuts and begin the debate over the tough choices our nation must make; which may include benefit cuts, increased retirement ages and higher taxes. Athens is burning. Time to smell the smoke and take control of our future before events take on a life of their own.
EVERY tax cut known to mankind should be ennacted in today's dismal, sluggish economy.
Taxes are POISON to a free enterprise system, the system America has been operating in for over 200 years.
We could live without doing that, since its only $20 per week. Indeed, it could be argued that this cut is helping employers avoid giving cost of living raises. What is more essential (at least for us) is continuing extended unemployment benefits – as if these run out quite a few bills will remain unpaid, even for people who had previously worked our arrangements.
The payroll tax cut helps the employed who are consuming the goods, and services provided by the marketplace. Big business would lose billions if the government took the money for taxes. Should the payroll tax cut be extended yet again? The big business, and labor lobby in Washington has the answer to that, and it is a big yes. That is your answer.
Payroll tax should not be extended. Let the taxes go up for everyone.
All this does is prolong the inevitable. At some point the taxes have to come back. Based on the Fed statement last week, the recovery will take quite a while. So are we going to permanently suspend the payroll tax or just give up, admit failure and re-institute it?
Yes, payroll taxes should be extended,the elected officials both parties,still not compromising,its all about them,never us.
Absolutely. It's the only tax break middle class workers get. I know it stabs conservatoives in the heart to give away anything to anybody who's not wealthy, but the proletarait need a bone now and then too. Even the Roman emerors gave them bread and the circus.
Jack,You can't tell this voter that I will get no tax cut............yet we DO!! have 30 BILLION to pass out around the world.
plenty of money for foriegn aid..................BILLIONS on green bogus wasted money but NOTHING for the people who's money it is.
David
Absolutely not but that will not stop the government from doing it. Tax cuts do not give people more money to spend, The government wants people to think that but it could not be farther from the truth. It is just an illusion. You still must declare the money you make and the government is still going to spend more then it takes in so the tax revenue is going to come from someplace. gasoline taxes, tobacco taxes, alcohol taxes and the list is never ending. They are still going to get your money they just get it under the cloak of something else.
It's an election year, what do you think is going to happen?
yes the tax cuts should be extended. why should just the rich get it all. even reporters like wolf make enough money. so why not the rest of us catch a break. i am tired of the working man paying for everything, i like cnn and jack you are a breath of sunshine. allan from IOWA
Even though it will hit my paycheck, I don't think so. The fund needs the money and I was unsure of why it was done in the first place. Believe me I would rather have it come out of my paycheck than finding out that my mother's ss check is bouncing!
No more to these tax cuts no more i tell ya!!
Dr. Ron Paul 2012!!!!!
Jack: If it is going to help the 99%, and I say that very loosely, extend the payroll tax cut. A penny save is a penny earned--for whatever satisfaction we can get out of that. Trust me-it will be extended-it is an election year.
As long as the rich don't have to pay taxes .Yes .I think it should be not only extended but eliminated till everyone pays their share.period.!
the wealthy has a tax break in place and why not the poor and middle class people has payroll break. they don't want the other percent of people to have a break but the wealthy. The republicans are the only people and other prejudice people want tax break for the wealthy. Payroll tax is temporary and they want to make the wealthy people tax break permanent. Memphis, TN.
Jack,
Yes, it should be extended, assuming that's the best that Congress will be able to do. The economy is showing real signs of life. Even some employment numbers are looking better. This is no time to hit the Middle Class with a de facto tax hike.
Jim
Reno, Nevada
No Jack we need to get that debt monkey off of Americas back.We allso need to get spending in order and raise taxs.
All Americans will have to compromise to do this. And good luck with that.
Mike Largo FL.
Yes it should Jack. Yes it should. Let me repeat - Yes it should Jack, Yes it should. Any questions, refer back to the front.
Gary in Scottsdale, AZ
yes, and raise tax on rich make 250k or more. it is a need now.
Yes, Jack, this economy is puttering along, but it needs people spending money, lot's of people. This tax break helps more people that the tax breaks for the wealthy
It SHOULD be extended again for the economy to continue improving. If we take the tax cuts away now, fewer people will be able to buy goods and services to keep boosting the economy. Since the Republicans in congress's first priority, however, is to make Obama a "one-term president," I'm not so sure they WANT the economy to get any better.
No, jack. I think this lever has been pulled enough. If it helped, great. But, we're digging ourselves a deeper hole every day. Tax holidays are the hardest to get rid of, particulalry if you're trying to be President. Rather than this being a political pawn among the parties, I think everyone should agree to let them die.
No the tax cut should not be passed! In case no one looked lately, we're broke and this will come back to haunt us in the future. Congress needs to go on recess and move to another country since they don't have the courage to do the right things and just want to get re-elected.
No it should not. That simply discriminates against those who still can’t find work and those who are wealthy enough not to have to work. I guess the inverted logic speaks for itself.
The real answer is that someone making a paltry $50,000 per year needs a break. The wealthy have been getting a free ride, paying little or nothing, while we poor working slobs lucky enough to still have jobs have been paying the freight. Permanently extend this tiny tax break for us and make it up from those who have prospered at our expense.
You're too late with the question Jack. Looks like the GOP decided they wanted a fighting chance with the American people to retain control of the House. They've caved on their demands to pass the payroll tax cut so the working American voters won't be totally pissed at them rather then just a little pissed at them.
Jack, heck ya, and while they're at it: how about EVERYONE in the country getting the same vacation time as Congress, the same healthcare coverage, and finally, the same retirement package. There Jack, that should just about straighten our whole economy out. Unbelievable how easy that was! Layne A. Antioch, Il.
It looks like the Republicans caved and WILL pass another tax cut extension. I guess the congress's 10% approval finally got to them. It'll be good for the economy, good for the President, and good for congress's ratings. Looks like they realized that THEIR jobs are on the line as much as Obama's.
Congress needs to change the pledge to our flag to state: I pledge my soul to the lobbyists, Wall Street, my rich friends, oil companies and to war. These people are pathetic and should all go fishing forever since they don't have the courgae to do the right things. When we declare bankruptcy it will be a thousand times worse than Greece. No, the tax cuts should not be extended.
All these taxes are just hidden ways to burden the middle and lower class and make the rich richer. Its the same as property tax for the states. They lower the tax rate on the rich, and slam the rest of the population. We need to stop the insanity. Why the heck IS there even a payroll tax? Oh yea, rich people make all their money on investments.
Come on, Jack...is the Pope Catholic? Pass the extension, then recess for any amount of time. The less time they are in session, the less damage they can do.
Well, Jack, they've got to start somewhere. Payroll tax credit would be less expensive to the government than giving an income tax credit. . But of course the House would be hard pressed to agree with Mr. Obama ... ever. So probably once again, the people who really need a break will fall through those ever widening House cracks.
Oh, yeah. But not the bush tax cuts.
YES! no justification to support it. but yes anyway
This tax cut was put into place as a 1 year temporary measure to stimulate the economy. Well, that didn't work. Meanwhile fewer dollars are going into Social Security and Medicare and there are no spending cuts. Employees knew they would get a pay increase, but it was TEMPORARY, what goes up must come down. But the payroll tax cut will be extended, it is an election year and no one up for election wants to do the responsible thing, like increase taxes and cut spending. Our government is out of control.
Should the payroll tax cut be extended yet again?
Answer: If the tax cut were not extended, then it will be 160 million working americans voting for a Democrat, does that make sense ? Yes – You can sure tell it's an election year. Yes – they deserve More Time Off – A Lot of people call them a "do nothing" congress. My definition for the current congress is, "a Stop Congress" sort of like – when I used to smoke, way back years ago, Jack , when people asked me when I was going to Quit – everytime I started back up again, I told them, "I never Have Quit" "I Just Stopped "
[1] They should extend the payroll tax cut for low income individuals earning less than $30k a year.
[2] They should leave payroll tax at 6.2% for individuals earning $30k to $60k a year.
[3] They should raise the payroll tax by 2% for individuals earning over $60k a year.
This would help pay for the program.
The GOP drama queens are doing their usual scare tactics. Yes, it should be extended and yes it will pass before the children go on recess. You can tell I have a allot of respect for these gutter rats. I guess we have to keep reelecting them as they would be unemployable anywhere else.
Absolutely it should be extended. Many middle class citizens (soon to become low class or poor) rely on the tax cut to provide a little more in their paychecks to purchase food and gas since those prices have skyrocketed. The unemployment should also be extended to help the people that have lost their jobs because of company cuts or closings which is no fault of their own. With foreclosures and loss of employment as high as it is it is absurd that our Congress does not see this readily. They need to take their blinders off and look around at what is happening to the citizens of this country to acknowledge what happens in the real world - not their world. People are struggling and their livelihoods hang on what they are deciding and all they are doing is arguing and not solving anything. Living on unemployment is a constant struggle but the alternative is devasting if they do not extend. Jobs are few and far between especially for the 50 and above. This country wastes so much money (our taxpayer dollars) unnecessarily and shrugs off the important spending like for the citizens are in situations beyond their control. Thanks. Diana
Let's see. The Payroll tax gives the average taxpayer an extra 50$ a paycheck...money that they in turn immediately pump back into the economy in the form of groceries, a new shirt or a movie for 2 with all the trimmings...things that help elevate consumer spending and the local ecconomy in general...ummm....in a word...YES!!!
For the lower 97% of incomes, yes. When will the Democrats find the guts to stand up to the Repiblicans and do what is needed and what is right? Time for every one to pay their fair share whether they contribute to Republicans or not.
We need thirty million good paying middle-class jobs. A 2% tax cut is like using squirt guns on a raging forest fire, it's not going to do anything, except melt the squirt guns. We really need to fire every "employee" who's in both houses of congress. And, I'm thinking this should go for Pres. Obama, as well. Where are the jobs, Mr. Boehner, Mr. President? When is some kind of justice coming out of the housing and financial collapse. Someone, or a group was responsible for this massive fraud of our financial system. Where are the prison sentences, or some restitution of our loss. When is there going to be some "justice"? When will our retirement accounts, 401(k)'s be made whole again? We really need employees in D.C. that will actually work for the people. Remember, its, "We the People", not, "Me the Person". Makes me sick, Jack.
I could be convinced to support the government in almost anything they do, but darn they just aren't making sense (and it doesn't seem to matter if they're republican, democrat, independent). Could we please get back to being represented!
Gary, MO
Of course it should be extended again, Jack. It's not like the country can't afford it. It's an election year, after all– there's money for everything! ... A tax cut?... piece of cake? A moon colony ... you bet. Extended unemployment benefits?... no probleemo.
I am not using my payroll tax cut to stimulate the economy. It's all going to debt repayment and building up savings. If the government wants my money to be spent, they'll have to tax it and spend it themselves.
The payroll tax cuts should not be extended. They are unfunded cuts that have to be covered in order to put money into Social Security. The government wants to make cuts and continues to spend more. The payroll tax cuts go in the money spent column at the end of the day. No one wants to pay taxes – everyone wants what the government has to give, but no one wants to fund it in taxes.
No. If these people who will be getting an extra $1000 per year (that's about $20/week) would realize that in order for Social Security to be there for them, they need to make the sacrifice now or Social Security benefits may not be there for them. It seems to me this would be a cut to whch most people could adjust. The majority of people depend on SS to supplement their retirement. Let's hope it is there for them.
Yes Jack they need a job but they also need to keep their heads above the water. Remember Jackmone goes up not come down so they will spend it and only with the rich they spend.
No, I don't think they should. These are the taxes that fund social security, medicare, medicaid, and unemployment benefits, right? If we're not paying them, then how are those programs going to be funded?
I suspect this is a backhanded way to eliminate those programs. Typical–have them, but don't fund them, which equals not having them.
Jack for some people the choice is between eating,buying medicine,paying for insurance and hoping social security is still around later or making sure social is solvent now even though with improper diet and no health care they won't live to collect it. Yes, extend the cuts.
It is better to fully fund this system and keep it solvent. Then our elected thieves will feel free to steal money from it to support wars and bailouts.
Yes, the payroll tax cut should be extended. Also, tax rates on the wealthiest Americans should be raised. Both moves are logical and sensible. However, the Republicans will fight both to the bitter end as their agenda is to protect the rich and the heck with the middle class. Here is your class warfare in spades!!! Obama is the only caring adult in the room.
Of course it should, but the repubs will try to strike a deal for their billionaire benefactors in exchange.
Jack, I never realy agreed to the SS tax cut to begin with, it's apt to hurt future seniors, as we'll all be one (If we live long enough). Here's an idea that one of you fellas at CNN could run by one of those smart economist. What if we let the Bush tax cuts expire for every one, then raise the minimim wage to $12.00 per hour. Spurs the economy and helps the deficit. The economy grows from the bottom up, not the top down
Extended the tax cut, the poorer people need it and pay for it now by closing a loophole or raising taxes on the well off they're gotten enough breaks over the last 40 years.
Dallas Texas, Another words the question is 'Should you get a rasie this year?' Gee (let me thing about that) DUH!
Yes, it should be reduced, but the cap should go away, and all income, wages, and investments should be included. Better benefit for those who pay more, and the solvency of the system is ensured.
Jack,
Easy one no when will the madness stop? This can't go on forever so no is as good as time as any to stop this craziness ! and I'm in the middle class but still vote to end this payroll cut crap it must stop and stop now ! ! !
No. That is not a tax cut. That is just draining the SSA retirement fund. Geo, New Bedford MA
No more to these tax cuts no more i tell ya!!
N. carolina
No, the cuts should not be extended. We're gonna need that money when we retire!
Well Jack, If the republicans want, and they make it quite obvious they do, if they want to Keep the Bush Tax Cuts going despite the fact that they have yet to do what they were intended to... then yes! Why shouldn't us "little people" continue to get a small break as well? $1,000 is a lot to a lot of people, especially now a days. What a compassionate thing for the republicans to do, changing their stance on this and all. And, no, being an election year I'm sure had nothing to do with it! -sarcasm- was it noticeable?
Until the end of this year and people should get ready to lose it then. We can't keep taking away from the Social Security fund, I'm in my seventies and it won't hurt me, but my children and grandchildren will have to suffer because of it.
Jack, It should be extended thru the end of the year, BUT only for 1% instead of the 2%. Then at the end of the year it should be eliminated, along with the other (Bush) tax cuts that have been extended and extended. Once the politicians have the guts to run the country and get the fiscal house in order, then, and only then, can they talk about tax cuts.
Yes, definitely. And they should go a step further and eliminate the income cap on the social security tax. And I do believe that Warren Buffett would agree with that.
Come on Jack. This is only an election year ploy. The money that should be going into the SS fund is being replaced by money from the General fund putting the government further in the hole. Most Americans should be willing to sacrifice a little rather than add to the deficit.
In a word NO!
Cutting the payroll tax for a working person does not create any jobs!
They should consider cutting the tax for the employers who increase there head count ( hire people), but not the employee.
All of our programs need to pay for themselves. The only change that should occur with the payroll tax is raise the limit to at least $250,000 and apply part of it to capital gains. Capital gains should pay at a lower rate, but people who make all of their income from investments should pay some pay roll tax and should get some social security
No, the social security tax cut should not be extended. The fund is projected to have a shortfall later this century, this tax cut is robbing retirees now and in the future. This is typical of the Obama Administration pitting one group against another, workers vs. retirees.
absolutely extend the payroll tax cut....and why stop there....why not assess the payroll tax on 100% of earnings instead of only the first $100,000? If workers earning, for example, $35,000 have to pay the SSN tax on all their earnings, why don't those earning, for example, $350,000 or $3,500,000 have to pay it on all theirs?
No way! There's no reason we should have to shell out another $1,000 that we don't have. If they would stop thinking so much about themselves and their money, and start thinking a little more about the common man they might be able to get something done for once.
No, Jack, you're not cynical ... just honest. This world is in such pathetic shape and our elected officials simply dont give a darn (not the word I wanted to use). They dont need vacations, they need to do an honest day's work for an honest day's pay for a change.
Jack, Of course there's a 'pay for' in the latest tax break. It's our children and grandchildren.
These are the same folks who upon reaching adulthood will yank our rertirement benefits as an 'unfunded mandate.'
One bad turn deserves another.
Erica in Montana
No , how in god name can you give a tax break when you are spending 40% more than you are taking in now. Obama does not have the balls to do what is best for the country, Were is our austerity measures, remember America is no longer AAA.
Should the "Payroll" tax be extended. No...first, is not simply a payroll tax, it is a social security tax. The SS system is already in trouble enough without decreasing its income. Secondly...I'm retired and have no earned income, therefore the "tax cut" does not help me at all. That's kind of discrimination against the elderly isn't it?
It should be eliminated. Taxes should be increased on those making over $500,000 to cover the tax. The rich should understand that the reason that they are rich is because lower and middle income america consumes the goods and services that the " job creators" create. If it were not for us peasants, there would be no rich. We are all in this together, and it is time that the rich pay for it. All of it. Now!
No, the payroll tax cut should not be extended. It should never have been implemented. When is the gov't going to learn to make the hard decisions regardless of public outcry. If we can't pay for this then don't do it. If I have to tighten my belt a bit then so be it: I can certainly live without that estimated $1,000 per year. It is far more important for this country to get back on solid financial footing and out of debt to foreign countries.
Yes. The payroll tax should be extended. But permanently. However, just as there is no ceiling on which income is taxed for medicare the ceiling on the payroll tax should be eliminated as well. This will increase everyone's take home pay and bring in revenue from those making millions of dollars a year.
Marshall Grad
Sterling Heights, Michigan
Nobody is stating the fact that the payroll tax cut only hurts the employee's social security when they retire as the 2% the employer doesn't put in and the 2% the employee doesn't put in lower the amount of social security the employee gets when they retire. This affects their retirement.
Yes, and it should be done with haste and permanance. If Washington wants the economy and peoples lives to improve, then let us keep our money so that we can spend it. I need a new water heater. That money would go a long way to pay for it.
From Slippery Rock, PA
Yes. Someone needs to tell people that Keynsian economics works. Just remember that, next time we are flush, doing well, DON'T MUCK IT UP! Pay off the bills.
Also Social Securty should be taken out of the general fund.
Well Jack, If the republicans want, and they make it quite obvious they do, if they want to Keep the Bush Tax Cuts going despite the fact that they have yet to do what they were intended to... then yes! Why shouldn't us "little people" continue to get a small break as well? $1,000 may not be much to those benefiting from the Bush Tax Cuts, but, it is a lot to a lot of people, especially now a days. What a compassionate thing for the republicans to do, changing their stance on this and all. And, no, being an election year I'm sure had nothing to do with it! -sarcasm- was it noticeable?
Michael T from Boynton Beach, FL
Well, let's see... should the tax cut be extended? Hmmm. I don't have a clue whetther it should or should not be extended, seeing as I am not an economist, but if I were a pollitician, and I was elected to help this country get out of the bad economic situation we find ourselves in, I would do as theses so called "leaders" we elected habitually do– first, keep my own job. This means I must figure out what the other side wishes for, and then vote against it, because my only true goal is to not seem weak. I could justify this because by not getting put out of my own job, I would not be adding to the unemployment list. Hence, these folks could give a damn about what's right.
Yes, if only because the people who woked actually need the extra money
Frankly.......NO!