Can Congress Ever Restore Payroll Taxes to Their Usual Levels?
16th February 2012
Not while there are Democrats willing to use it as an election issue.
For now, shortfalls in expected revenues for Social Security are being made up through general fund revenues. But over the course of the expected 10-month extension, that will add $100 billion to the federal deficit.
“There’s a concern that, even though the Social Security trust funds are being held harmless for the time being, that might be difficult to do over the longer run,” says Paul Van de Water, a senior fellow at the liberal Center on Budget and Policy Priorities, and another former Social Security Administration official.
Oh, ya think?
They’ve actually picked the only ‘tax cut’ that will exacerbate the looming bankruptcy of the Social Security and Medicare systems … coincidence? I think not.
February 16th, 2012 at 12:56
The Democrats have gone from tax and spend to spend, spend, spend, and whine about taxing The Rich (TM) while shielding themselves from any possible increase in their own taxes, if and when they pay any.