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In reply to the discussion: What happened to the payroll tax holiday in the fiscal cliff deal? [View all]BainsBane
(53,032 posts)15. Marking work pay credit is not a payroll tax credit
It is part of the tax code. The top 20% of incomes up to $110 k is not the top 20% of Americans and to portray it as such is misleading.
The tax absolutely is flat. How do you suppose you can calculate a flat cut if the tax isn't flat? Payroll taxes are 15.3 percent if one earns $5000 a year and 15.3% if one earns $110,00 a year. If someone takes in 5 million a year--and if they pay payroll tax at all--their tax and their cut is no higher than the person earning $110 a year. How is that not flat? The cut is flat because the tax is flat. Payroll taxes are the most regressive taxes we pay in this nation.
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NO. Because too many democrats hated the tax holiday because they felt it hurt Social Security.
bluestate10
Jan 2013
#11
There are different ways it "could" be done, but the political will is barely there
JDPriestly
Jan 2013
#33
Social Security is more important to the poor and the middle class than to anyone else.
JDPriestly
Jan 2013
#26
The politicians were too busy arguing over $250k vs $400k to care about the payroll tax holiday
high density
Jan 2013
#13
It should have never been passed. The response on both ends was as predictable as the rising sun
TheKentuckian
Jan 2013
#21
We need to extend the cap on the payments and then reduce the amount of the tax
JDPriestly
Jan 2013
#31