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Oct 31, 2012

A Replacement For The F.I.C.A. Cut

From the Washington Post:
The White House is weighing the idea of a tax cut that it believes would lift Americans’ take-home pay and boost a still-struggling economy, according to people familiar with the administration’s thinking ...
The tax cut could replace the [F.I.C.A.] payroll tax cut championed by President Obama in 2011 and 2012 ...
A growing number of voices have been calling on the White House and Congress to extend the payroll tax cut ...
The administration may be looking at alternatives to the payroll tax cut because some lawmakers, particularly Democrats, don’t like the idea of using a tax that ordinarily goes to fund Social Security. Any lost revenue as a result of the payroll tax cut has been offset by additional taxpayer money. Still, powerful interest groups such as the AARP have criticized using the payroll tax cut for short-term stimulus.

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