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The Case Against a Payroll Tax Cut
As we pointed out in our March 18 headline post, the idea of a payroll tax reduction or the complete elimination of the payroll tax for a period of time could have serious consequences for a program already in the throes of a dilemma. While the hole could be filled later, it’s likely that the “solution” would require additional taxation at some point, creating a burden on workers in the future. The Motley Fool’s Sean Williams, in a post on their website, acknowledges the shortcomings of the payroll tax cessation idea, calling it a “gut punch” and noting that ” … the impact it would have on Social Security’s longer-term outlook would be nothing short of devastating.” Read his remarks here…