Reply #2: It's not a cut

[ProSense]

not even by a stretch of the imagination.

Robert Kuttner made a similar proposal

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Six. Propose a six month tax holiday for payroll taxes. Ask for the Republicans' support. This would provide direct tax relief to working people and lower the cost of creating jobs. It would provide more of a tonic to the economy and more practical help to American families than any of the Republicans' proposed tax cuts. Make up the loss to the Social Security trust funds with a temporary surtax on people making over $10 million a year.

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The difference is that President Obama's tax holiday is funded by the general fund, whereas Kuttner proposed a surtax on the rich.