A Payroll Tax Holiday; Do You Support The Idea? - Spokane, North Idaho News & Weather KHQ.com

A Payroll Tax Holiday; Do You Support The Idea?

  • Do you support the idea of a payroll tax holiday? Leave your comment below or write on our KHQ facebook wall

HUFFINGTONPOST.COM - The only reason we still have a payroll tax is because it's been specifically used to fund the two most successful and progressive social programs in American history: Social Security and Medicare.

Otherwise, we would have gotten rid of it ages ago. On its own, it's the most regressive tax imaginable: 12.4% of your salary (typically split between you and your employer) no matter how little you make, and capped at an annual salary of $106,800.

So for a millionaire, it's nothing; for the working poor, it's an enormous wallop. And worst of all -- especially in a period of widespread joblessness -- it is literally a tax on employment.

As Philip Klein writes in the American Spectator (explaining why Republican Indiana Gov. Mitch Daniels supports an emergency one-year suspension or reduction in the Social Security payroll tax)

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