Ray From Cleveland
Diamond Member
- Aug 16, 2015
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My God, you're uninformed.
The tax cuts of working people we done through the employment tax system only as a mechanism. The funding lost in those cuts was replaced out of the general fund.
It was a way that only working people got the tax break.
Do yourself a freakin favor & get better informed.
Yeah, I'll try that. Now it's your turn:
Impact on Social Security. Payroll taxes are the main source of revenue for Old Age, Survivors and Disability Insurance (OASDI), or Social Security benefits. The unfunded liability of the OASDI program is the difference between the benefits that have been promised to current and future retirees and projected collections of dedicated taxes. As of this year, the unfunded liability into the indefinite future, called the infinite horizon, is $20.5 trillion plus a trust fund debt of $2.5 trillion, according to the Social Security Trustees’ report.
The payroll tax cut has had a negative effect on the annual operations of Social Security. Since its inception it has:
- Reduced Social Security payroll revenues 16 percent; and,
- Decreased revenue $103 billion in 2011 and an estimated $112 billion in 2012.
- See more at: The Payroll Tax Holiday