Payroll Tax and Social Security, What Could It Mean?
Will it happen? Lawmakers have been busy and a lot of the buzz has been on payroll taxes and Social Security. As a boomer, do you have a reason to be concerned. The simple answer: maybe. A claim too good to be true? If the recent agreement on taxes forged between President Obama and Congressional Republicans becomes law, payroll taxes would be lowered by 2.0% in 2011. According to the Joint Committee on Taxation, that would cost the federal government $111.7 billion. The White House claims this drop in tax revenue would have no impact on Social Security’s solvency. In response, …
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