Social Security advocates fear payroll tax cut

[still_one]

WASHINGTON – President Barack Obama's plan to cut payroll taxes for a year would provide big savings for many workers, but makes Social Security advocates nervous that it could jeopardize the retirement program's finances.
The plan is part of a package of tax cuts and extended unemployment benefits that Obama negotiated with Senate Republican leaders. It would cut workers' share of Social Security taxes by nearly one-third for 2011. Workers making $50,000 in wages would get a $1,000 tax cut; those making $100,000 would get a $2,000 tax cut.

http://news.yahoo.com/s/ap/20101212/ap_on_bi_ge/us_payroll_tax_holiday

[PSPS]

1. "big savings?"

President Barack Obama's plan to cut payroll taxes for a year would provide big savings for many workers, but makes Social Security advocates nervous that it could jeopardize the retirement program's finances.

I don't consider saving 2% that "big." They use this headling, of course, to impress the "low information" reader that they better get behind this so they can get that "big" windfall.

However, all together, this will be a material hit on the social security trust fund, making it easier to dismantle which is what the republicans (and, apparently, Obama) want to do.

[msongs]

2. or we could just slash the military's bloated welfare budget...oh wait can't do that nt

[Karmadillo]

3. Smart people like Obama prepare multiple attacks. If the Catfood Commission collapses in farce,

attack Social Security by cutting payroll taxes under the guise of helping workers.

[bluethruandthru]

6. Sure seems like Obama is putting a lot of effort into killing social security doesn't it?

I guess because he won't need it, it's okay to get rid of it.

[ThomWV]

4. This will kill Social Security, it is the first step in turning it into a welfare program.

[Faryn Balyncd]

5. KNR