In the discussion thread: Senate Democrats say deficit package must include stimulus [View all]
Response to geek tragedy (Original post)
Thu Nov 15, 2012, 05:43 PM
bvar22 (36,023 posts)
5. Extending the "temporary " "Payroll Tax" Holiday is a bad, BAD idea.
The "Payroll Tax Holiday" was a Bad idea for a number of reasons:
#1) The framing is Republican Speak.
This isn't the "Payroll Tax" to Democrats.
Democrats call this by its proper name, "Federal Insurance Contributions",
or "Federal Insurance Deductions".
FICA = Federal Insurance Contributions Act , and it IS the independent funding mechanism for Social Security and Medicare.
It is NOT a "tax" per se because YOU get this money back.
Just like the "Inheritance Tax" was successfully re-framed by the Republicans to the "Death tax",
so to they have worked their re framing magic to distort what this really is,
and Democrats have followed blindly along.
I CRINGE every time I head a supposed Democrat call this the "Payroll Tax", and say to myself, "No wonder we lose".
#2) FICA contributions ARE the funding mechanism for Social Security.
For the first time since the creation odf the most successful social program EVER,
and the cornerstone of the modern Democratic Party,'Social Security is NOW directly connected to The Deficit.
The Payroll Tax "Holiday" directly connects Social Security Funding to The Deficit.
No longer can Democrats honestly claim the Social Security does NOT contribute to The Deficit,
because thanks to the Payroll tax Holiday, NOW it does!
We WILL regret connecting Social Security to The Deficit.
The creators of Social security established a completely independent funding mechanism
For a Good Reason.
We NEED to dump this BAD IDEA Tax Holiday ASAP.
There are better ways to fund a stimulus than connecting Social Security to The Deficit.
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Extending the "temporary " "Payroll Tax" Holiday is a bad, BAD idea.
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