Payroll tax cut: Is it in, or is it out?
December 7th, 2012
07:34 AM ET
2 years ago

Payroll tax cut: Is it in, or is it out?

New York (CNNMoney) – In all the rhetorical noise about the fiscal cliff, the discussion has focused most heavily on the Bush-era income tax cuts.

Neither party wants to raise income taxes on the middle class, which has come to be defined as families making below $250,000.

FULL STORY

Filed under: Taxes
soundoff (6 Responses)
  1. Gurgyl

    It should be out–middle class America hurts. Raise tax on only Wealthy that make 250k or more. It is justice. It is not penalizing it is they better help this economy because the collapsed it.

    December 7, 2012 07:43 am at 7:43 am |
  2. Rick McDaniel

    The payroll tax cut was ALWAYS a bad idea. The only people who truly benefited from it, were ILLEGALS.

    Payroll taxes fund SS and medicare........which are in enough trouble, from all the welfare that has been tacked onto them. Taking away the tax funding, makes ZERO sense.

    Obama was simply a madman, to propose cutting those taxes, in the first place.

    That tax cut MUST expire.

    December 7, 2012 08:15 am at 8:15 am |
  3. Data Driven

    Sounds like it's out, according to the article. Because the GOPhers, not too intelligently, think they're punishing Obama by not including it in a deal that includes a tax-rate raise on the wealthy. Of course, they're actually punishing the voters.

    Good luck in 2014, chumps.

    December 7, 2012 08:45 am at 8:45 am |
  4. Rudy NYC

    Rick McDaniel

    The payroll tax cut was ALWAYS a bad idea. The only people who truly benefited from it, were ILLEGALS.
    -------------–
    Tax cuts for the "job creators" was ALWAYS a bad idea. The only people who truly benefited from it, were SCROOGES.

    December 7, 2012 09:37 am at 9:37 am |
  5. Bill from GA

    Why no mention of capitol gains tax, dividend tax, and inheritance tax? All of these will go back to the Clinton era rate on January 1.

    Are they part of some secret negotiations to sweeten the pot for the rich? These (2 of them, anyway) are why mitt romney pays around 14% on his millions of dollars of income.

    We are supposed to stay focused on tax rates and ignore these other taxes. I expect Congress will extend them, as that is where the rich really benefit. Capitol gains tax and dividend tax rates should go back to the Clinton era rates. Inheritance tax should be somewhere between that rate and where it is now. (Rate and starting point)

    December 7, 2012 09:44 am at 9:44 am |
  6. jpmichigan

    The payroll tax cut was and is a cut on the amount taken for social security. So the President allows you to spend money that you would use when you retire now, and have nothing when you do retire. This is why the stated they had to put money into social security, instead of taking money out for governments folly.

    December 7, 2012 09:46 am at 9:46 am |