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Reply #33: Not So Fast [View All]

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DallasNE Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-05-11 10:51 AM
Response to Original message
33. Not So Fast
The Social Security trust fund is not affected so this particular concern is unfounded. Why is contained right there in the linked article.

"The Social Security funding thats lost would be made up through general revenue".

Therein lies the reason this is called a tax holiday. It does show, however, the power of misinformation and scare tactics. It is also not the first time this partcular tax holiday has been used.

An argument could be made that this actually helps shore up Social Security. How, you ask? Because it creates jobs and more people are then paying payroll taxes. They also are paying income taxes so the drain on general revenue to replenish lost Social Security monies is less than it would be by doing nothing/not extending the tax holiday. No, this tax holiday does not fully pay for itself but it does come a lot, lot closer than cutting the tax rate for millionaires ever did -- like 30% versus 2%.
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