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December 6, 2010 / J. Shaw

Payroll tax holiday a pittance

I see Obama is proposing a payroll tax holiday. This isn’t even a drop in the bucket. This isn’t even a face-saving measure. Its a totally inadequate amount. This won’t stimulate a thing. The idea brings to mind the folly of the circus.

Under the White House plan, the Social Security tax paid by workers would drop temporarily by 2 percentage points, to 4.2% from 6.2%, a person familiar with the proposal said. For a worker earning $40,000, the tax savings would be $800.

You can’t do much with $800. The Bush cuts expiring would have cost taxpayers $3000 a year.

What might work is a 1o % paycut by overpaid government employees and writing a completely new tax system with an incentive for businesses to hire, not tax credits. And why does there always have to be a Obama DEAL? Why is there always a string attached. If the GOP caves on the START treaty to give something to Obama it will be the long term safety of the American people.Obama needs to just take the medicine needed to make ailing America better fast no deals. SHAW.


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