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More on the fiscal cliff deal: The payroll tax cut is allowed to lapse, meaning that the...

Tuesday, January 1, 5:48 AM ET
More on the fiscal cliff deal: The payroll tax cut is allowed to lapse, meaning that the employee portion of the Social Security tax will return to 6.2% from 4.2%. That will cost Americans an estimated $125B a year. The WSJ lays out some of the other tax measures that were known prior to the passage of the bill.

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This news story has 6 comments:

7footMoose Comments (2242)

This is one tax thing that should never been done in the first place. SS is in enough trouble without those morons in Congress adding to the problem or in some people's eyes creating a problem by not allowing the system to work as intended.

1 Jan, 06:23 AM Reply Like

davidingeorgia Comments (2713)

Shockingly, the administration and senators from both parties get together and agree to take more money from private citizens and spend it, while at the same time continuing to hand out subsidies and tax breaks to a variety of favored interest groups (you know, the usual buying votes thing). As a bonus, they delay cutting spending on anything. Yes, a real "shocker" that.

And to hear the MSM report on this, you'd think there was "drama" involved in getting to this outcome. As if the U.S. Congress as currently constituted is capable of coming up with any other sort of outcome. If you thought there was a chance of a different outcome here, you've not been paying attention for the last several decades.

1 Jan, 08:00 AM Reply Like