expire at the end of the year and hardly anyone in Washington is pushing
to extend it. Neither Obama nor Romney has proposed an extension, and
it probably wouldn’t get through Congress anyway, with lawmakers in both
parties down on the idea.
Even Republicans who have sworn off tax increases have little
appetite to prevent one that will cost a typical worker about $1,000 a
year, and two-earner family with six-figure incomes as much as $4,500.
Why are so many politicians sour on continuing the payroll tax break?
Republicans question whether reducing the tax two years ago has done
much to stimulate the sluggish economy. Politicians from both parties
say they are concerned that it threatens the independent revenue stream
that funds Social Security.”
By STEPHEN OHLEMACHER, The Associated Press
Unlike Bush-era tax cuts for individuals making more than $200,000 and married couples making more than $250,000, which Obama wants to end while Romney staunchly defends, the SS payroll tax cut helped low and moderate income earners make ends meet. So, what should you do? BEFORE the frenetic holiday spending season descends in full force, it’s time to reassess your income and expenditures to account for this reduction in cash flow. If you are having trouble making ends meet today, it’s only going to be worse in January when the payroll tax cut disappears, so get control of your spending now. Get help from the counselors at the USU Family Life Center, 493 N 700 E in Logan. Call 435-797-7224 to make an appointment.