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Congress Passes Two Month Payroll Tax Cut Extension
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After a lot of political dancing, arguing, and tomfoolery, it looks like Congress has extended the payroll tax cut for another two months as they work towards a yearlong agreement. The Senate passed, with bipartisan support, a bill two weeks ago that extended the payroll tax cut for two months, extended unemployment benefits, and an adjustment to Medicare payments to doctors. The Republican controlled House, led by Speaker John Boehner, was seeking to add provisions for a transcontinental oil pipeline and change how the cut would be paid for. Eventually Republicans acquiesced and a bill was passed in the House by unanimous consent and signed into law by President Obama last Friday.
So for two months, we’ll continue to enjoy the 2% payroll tax cut we’ve been getting all this year.
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I guess there really is no problem with the social security fund if the gov’t is willing to reduce everyone’s contribution to it by 2%.
The SS fund isn’t taking a hit from this. The same amount is still contributed to the fund, it’s just not coming out of people’s paychecks. The alternate sources for the funding is what was ostensibly holding the extension up.
Doesn’t this finally prove that there is no “social security fund” and it’s all just general revenue? If there were actually a separate fund there would be no need to argue over how to offset it with other tax/fee hikes or spending cuts. There would simply be less money for future benefits.
There used to be a separate fund…..until our government needed to borrow from it.
It took them long enough to pass the extension.
Hopefully they can come up with a plan to keep this in place. I am enjoying my 2% raise!
Give me another drink says the drunk.