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Marshal Mo Hare, SASS #45984

Social Security Tax Cut for 2011

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Social Security taxes, which have remained flat at 6.2% of gross income for many years, are going to decline to 4.2% for the 2011 calendar year. This lower rate, in effect, turns back the Social Security tax to 1970 levels.

 

Social Security taxes are normally matched, dollar for dollar, by employers. However, for matching purposes, employers will still have to pay the full 6.2% tax on employee gross pay. Had the matching amount also been reduced, it could have led to increases in hiring, but the White House and U.S. Congress decided it was too much tax cutting for an already fragile Social Security budget.

 

Critics of this tax reduction rightfully worry it will move the Social Security system toward insolvency.

 

A few extra bucks in the paychecks coming up

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<snip>Critics of this tax reduction rightfully worry it will move the Social Security system toward insolvency.</snip>

:lol::):D

 

MOVE the system -- TOWARD insolvency?!?! HILARIOUS!!

 

It's amazing how thoroughly we can ignore the Elephant in a room!

 

NEWS FLASH: Ponzi schemes are insolvent by design.

 

LOL,

TMM

 

Post-script: Ahem, no disrespect intended Marshal. :blink:

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