The Market Ticker - Insanity: Payroll Tax Cuts?!
There”s only one good thing that can be said for lowering the payroll tax rate: It goes to a disparate degree to those of lower earnings. That’s because you stop paying FICA entirely at a certain point (which goes up every year) so lowering that tax, which is paid from the first dollar of earnings, helps low-income working people much more than it helps higher-income individuals.
The good news stops there.
FICA (Social Security) is not, as is currently claimed, on the verge of collapse. It is, however, running a funding deficit — that is, it pays out more than it takes in. This is an intolerable situation if it does not have a reasonable actuarial end date because the system has Treasury bonds that it…….
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Source: https://www.market-ticker.org/akcs-www?post=236638
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