Mama Bin Cranky

Screaming on the Inside

Payroll Tax Cut

Posted by madjillmom on February 17, 2012

Democrats win and Republicans lose the battle of the payroll tax cut for the middle class.  It was a strange thing to behold.  So now we have a tax cut that supposedly puts $40 a week into the hands of the proverbial “working people”.  The problem or unintended consequence of this “tax cut” is that it is being taken from the Social Security “lock box” that hasn’t ever existed.  PresBO just lowered the amount that is taken for Social Security from your paycheck by 2%.

Remember, Social Security is “self-funded”.  When you put less in, less will be available for this popular “entitlement” when it is needed.  We have pushed the bankruptcy of the ponzi scheme we call Social Security closer with moves like this. We are just borrowing from our future.

Some figures I saw the other day show that the increase in the cost of gasoline will be about $1000 for the average family, so our “tax cut” will be gone in the blink of an eye. Way to go, PresBO!

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