Parties head for payroll floor fight
In a dramatic reversal, House GOP leaders said Monday they'll attempt this week to pass a 10-month extension of the payroll tax holiday without saying how they'd pay for it.
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Since: Jan 07
#1 Feb 13, 2012
Politico points out that the payroll tax in question is the one that subsidizes Social Security. The consequence of the extension of the tax holiday will severely reduce funding for Social Security which we have been duly warned is on life-support. If it (SS) survives in one form or another, we will find monthly payments drastically reduced or a means test attached to eligibility for benefits. If SS goes belly up, we can take all of those yearly statements that indicate what we have paid in and what our projected benefits would be and shred them. The joke is on us.
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