Payroll Tax Holiday: It’s Gone, Accept It

One of the more popular recent topics still drawing immense current readership to this column are the many past articles written about the payroll tax holiday.

Probably most, if not all, curious or desperate seekers wish the tax “holiday” could be continued. That 2.1% pay increase was nice. We’ve gotten used to it over the last 4 years.

Sadly, the bottom line is this…
The payroll tax holiday is gone. It is not coming back. Few, if any, politicians are clamoring to bring it back. The national media has forgotten it.

Also suspected is that most of the curiosity seekers do not realize that it pays for Social Security, the collective national retirement plan. It does.

Why is the Tax Holiday Gone?

Social Security has been an accepted fact of life in the United States for over 70 years. Like it or not, it ain’t going away.

The payroll tax “holiday” came about because of the Great Recession of 2008. Its purpose, stimulate the economy.

Ironically, the reason we have Social Security in the first place is because of the Great Depression of the 1930s.

That being said, then Social Security must be fully paid for. It isn’t. It hasn’t been since the tax “holiday” was started. It won’t be even now that the “holiday” has ended.

Conclusions

Paying for Social Security, Medicare and Medicaid are the great fiscal challenges of our age.

The payroll tax holiday is only the tip of the iceberg!!

In order, previous articles on the tax “holiday” with the author’s opinion are found here:
Extend the Payroll Tax Cut Holiday… into 2012?
-Azleader, Inform The Pundits!, 7/1/2011

Don’t Extend the Payroll Tax Holiday
-Azleader, Inform The Pundits!, 8/21/2011

The Systemic Demise of Social Security
-Azleader, Inform The Pundits!, 11/15/2011

Payroll Taxes… Change of Venue
-Azleader, Inform The Pundits!, 11/22/2011

Payroll Taxes: Good News/Bad News
-Azleader, Inform The Pundits!, 12/9/2011

2012 Payroll Tax Cut Holiday: Democrats vs. Republicans
– Azleader, informthepundits, 12/15/2011

2-Month Payroll Tax Cut Extension – Huh? What??
-Azleader, Inform The Pundits!, 12/19/2011

Payroll Tax Cut: How Many Jobs?
-Azleader, Inform The Pundits!, 12/21/2011

Payroll Tax Cut: Victory for Obama?
-Azleader, Inform The Pundits!, 12/27/2011

Extend the Payroll Tax Cut Holiday… into 2013?
– Azleader, informthepundits, 10/29/2012

The Payroll Tax Holiday: RIP
– Azleader, informthepundits, 12/20/2012

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About azleader

Learning to see life more clearly... one image at a time!

Posted on Jan 12, 2013, in Business, Debt, Economy, Government, news, Opinion, payroll tax holiday, Politics, Social Security, Taxes. Bookmark the permalink. Leave a comment.

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