Putting That Tax Holiday to Work

[Still a Democrat]

...

Thanks to the tax bill that President Obama signed a week ago, a large number of Americans will get a yearlong discount on their payroll taxes in 2011. Normally, employees pay 6.2 percent of their salaries, up to a $106,800 limit, toward Social Security. In 2011, that number will fall to 4.2 percent.

As a result, individuals could end up with a payroll tax savings of up to $2,136 in 2011, according to CCH, a tax information provider. Households with two wage earners who both make more than $106,800 will get $4,272, double the amount for individuals.

...

This is too big of a potential win for you to be anything but deliberate in your effort to put every last dollar to good use. No matter your goal, whether it is to pay off debt or save for a large purchase or retirement, it’s probably best to automate your efforts to collect the money.

...

http://www.nytimes.com/2010/12/25/your-money/25money.html

[niceypoo]

1. Tax cuts got us here in the first place

More tax cuts will only dig us deeper.

[Larkspur]

2. The tax cuts in the stimulus bill backfired because people didn't see the few dollars per paycheck

added to their net pay. It was so indistinguishable to ordinary Americans that many fell for the Faux News lies about Obama raising their taxes. It would have been better for Obama if he had sent a $300 check per middle class taxpayer than give us the tax cut.

The only ones the tax cuts work for are the wealthy elite, who don't need them anyway.

[Bluebear]

3. Yay, Bush er, Obama tax cuts for the wealthy!

[Hello_Kitty]

4. If my income is the same in 2011 as in 2010, I will have less money.

Because I'm under the threshold where the payroll holiday is less than the Making Work Pay credit.

In anticipation of your inevitable response: "It would have been worse if they'd let all the tax cuts expire so shut up, pauper." I know, we poor folks don't count in your world.