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Tue Jan 1, 2013, 02:17 PM

The payroll "tax" is not really a tax... [View all]

It's your mandatory contribution to the Social Security fund and determines your benefits when you retire.

It's called the payroll tax but it's real name is FICA or Federal Insurance Contribution Act.

It was lowered by 2% when the economy was on the skids to immediately get money into the hands of people who would actually spend it on stuff. This probably put an immediate floor on the downturn and was one of the reasons the Recession didn't turn into a Depression.

It was never meant to be permanent. If it was made permanent, it would have undermined the Social Security Trust Fund and cost more to future retirees more than any chained COLA.

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WCGreen Jan 2013 OP
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