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Dems are lukewarm on Obama's push for a payroll tax holiday

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Dems are lukewarm on Obama's push for a payroll tax holiday

Post by Guest on Mon Jun 20, 2011 11:58 am

President Obama may be up for discussing extending and expanding a payroll tax holiday, but the idea is getting a lukewarm reaction from Democratic lawmakers.

Sen. Bernie Sanders (I-Vt.), a fervent defender of Social Security who railed against last December’s tax compromise for hours on the Senate floor, expressed concern about diverting further funds away from the entitlement program.

“I understand the need in the midst of a recession to put money in the pockets of working people, but this is not the way to do it,” Sanders told The Hill in a statement. “I thought it would be Republicans. I am disturbed to see that it’s Obama.”

http://thehill.com/blogs/on-the-money/domestic-taxes/167211-dems-are-lukewarm-on-obamas-push-for-a-payroll-tax-holiday

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Re: Dems are lukewarm on Obama's push for a payroll tax holiday

Post by lendmeflight2 on Mon Jun 20, 2011 1:06 pm

Yes this is ridiculous and won't help hiring. The only thing this will do is give big business the idea that they don't need to pay into social security anymore. At a time when the entire program is under attack we do not need to put this idea in anyone's head.

Obama is trying to do all he can to spur hiring but tax breaks of any kind have never spurred hiring and never will.

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Re: Dems are lukewarm on Obama's push for a payroll tax holiday

Post by Guest on Mon Jun 20, 2011 3:48 pm

The only way it could work is if they have something other than the honor system. They have to report the "wages" of the people they hired and keep records that they were unemployed, how long etc. Which then means the govt and the IRS would have to hire people to review this or they would push it on to the states who would have to hire additional people. I agree it just won't work.

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Re: Dems are lukewarm on Obama's push for a payroll tax holiday

Post by lendmeflight2 on Mon Jun 20, 2011 4:52 pm

But it only saves the hiring company 7% or so. I just don't think that this is much incentive. I assume though that it would apply to everyone hired regardless of whether they were unemployed at the time of hire or not. This would be the easiest and cheapest way to do it. If you are going to rob social security anyway you might as well make it across the board.

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Re: Dems are lukewarm on Obama's push for a payroll tax holiday

Post by Guest on Mon Jun 20, 2011 4:53 pm

MaryKay wrote:The only way it could work is if they have something other than the honor system. They have to report the "wages" of the people they hired and keep records that they were unemployed, how long etc. Which then means the govt and the IRS would have to hire people to review this or they would push it on to the states who would have to hire additional people. I agree it just won't work.

Actually, there is already a form in place. It was used when the payroll holiday on Social Security was in effect from 2009 - 2010. The employee fills it out, in addition to the W4 that all employees must fill out when hired.

I can't say this enough, that program did not work when it was in effect and will not work now. There is already a SS tax holiday in effect for employees, to add another on for employers on top of that is going to drive Social Security insolvent faster than it is already going.

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Re: Dems are lukewarm on Obama's push for a payroll tax holiday

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