View Poll Results: Can the Payroll Tax be raised back?

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  • Yes, it can be reasonably raised back without demagoguery

    3 37.50%
  • Yes, but only as part of some Grand Bargain that reforms the entitlements

    3 37.50%
  • No, the lower rate is the new effective constant

    2 25.00%
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Thread: Is it Possible to Raise the Payroll Tax?

  1. #1
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    Is it Possible to Raise the Payroll Tax?

    Or have we now put ourselves in a situation where the political incentives will lead to an annual Christmas posturing as each side accuses the other of wanting "to raise taxes on the middle class", leading to this "temporary" tax cut taking on a permanent nature?


    If so, the cavernous hole that is our entitlement disaster just got a good bit deeper.

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    Re: Is it Possible to Raise the Payroll Tax?

    I think it can be raised back and should be eventually...all the terminology Ive heard attached to it is temporary...I also think bush tax cuts should end...we need revenue whether the teaparty will admit that or not..and cuts...not one or the other

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    Re: Is it Possible to Raise the Payroll Tax?

    really. and which political party do you see biting the bullet and letting the other accuse it of raising taxes on the poor and middle class?

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    Re: Is it Possible to Raise the Payroll Tax?

    Quote Originally Posted by cpwill View Post
    Or have we now put ourselves in a situation where the political incentives will lead to an annual Christmas posturing as each side accuses the other of wanting "to raise taxes on the middle class", leading to this "temporary" tax cut taking on a permanent nature?


    If so, the cavernous hole that is our entitlement disaster just got a good bit deeper.
    It should raised immediately. The SS trust fund is a ponzi scheme, starving it of money will make it more difficult to continue the scheme in the future. The lib's don't mind this problem as they appear to believe money grows on trees. They will try to fix the shortfall in funds by taking away the benefits the top wage earners have been promised. This just another tool they will use in their class warfare jihad.
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    Re: Is it Possible to Raise the Payroll Tax?

    If everyone agrees SS has a funding problem, touching that particular tax is not a good idea.

    If you really want to help the middle class, lower the tax brackets to 10% for everyone making 100,000 or less. Thats helping the middle class. Imo
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    Re: Is it Possible to Raise the Payroll Tax?

    Quote Originally Posted by conservativeguy View Post
    It should raised immediately. The SS trust fund is a ponzi scheme, starving it of money will make it more difficult to continue the scheme in the future. The lib's don't mind this problem as they appear to believe money grows on trees. They will try to fix the shortfall in funds by taking away the benefits the top wage earners have been promised. This just another tool they will use in their class warfare jihad.
    The government will have no choice but to raise taxes, cut spending and waste if they're going to have any chance of reducing the Natl Debt.

    “Hard work stopped paying off for too many middle class people. Fewer and fewer of the folks who contributed to the success of our economy actually benefited from that success.

    The financial crisis wasn’t primarily about rampant individualism. If it had been, the Wall Street bankers who gambled away billions would have, as individuals, paid the price. Instead, after profiting individually when the market went up, they forced the rest of the country to save them when the market went down. The financial crisis was an example of what happens when the richest Americans are allowed to practice “you’re on your own” economics when it suits them but demand that everyone else bail them out when it doesn’t."

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    Re: Is it Possible to Raise the Payroll Tax?

    Quote Originally Posted by Blue Dog View Post
    If everyone agrees SS has a funding problem, touching that particular tax is not a good idea.

    If you really want to help the middle class, lower the tax brackets to 10% for everyone making 100,000 or less. Thats helping the middle class. Imo
    You mean for income of $100K or less right, because the middle class is not bound by $100K. So for income more than $100K, the rate would be higher, correct?
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    Re: Is it Possible to Raise the Payroll Tax?

    Politicians are utterly dishonest when it comes to discussing taxes. They always talk about tax increase or tax cuts ignoring where they started from. Sensible economic policy is about determining what is considered the optimal tax rate and moving up or down to reach it. Always pushing for more or less taxes is just stupid.

    Payroll taxes are one of the least optimal federal taxes, but they are tied to Social Security. While you could cut SS costs with a raised retirement age and means-based-testing, we already have projected shortfalls and we will probably need both SS cuts and the higher payroll taxes to keep it afloat. The best outcome that seems likely with the current political situation would be trading the higher payroll tax rate in return for another tax increase.

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    Re: Is it Possible to Raise the Payroll Tax?

    Quote Originally Posted by lpast View Post
    I think it can be raised back and should be eventually...all the terminology Ive heard attached to it is temporary...I also think bush tax cuts should end...we need revenue whether the teaparty will admit that or not..and cuts...not one or the other
    When liberals are willing to rollback the size of the federal government to pre-Bush levels then we can talk about rolling back tax rates to pre-Bush levels.

  10. #10
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    Re: Is it Possible to Raise the Payroll Tax?

    Quote Originally Posted by cpwill View Post
    Or have we now put ourselves in a situation where the political incentives will lead to an annual Christmas posturing as each side accuses the other of wanting "to raise taxes on the middle class", leading to this "temporary" tax cut taking on a permanent nature?
    Hopefully each side accuses the other of wanting to raise taxes on the middle class, and the payroll tax cut becomes permanent. In the middle of a long recession whose primary cause is extremely low consumer demand, things that put money in the pockets of consumers, like a payroll tax cut, will be much more stimulative than things that don't, like an income tax cut for the top brackets.

    If so, the cavernous hole that is our entitlement disaster just got a good bit deeper.
    It can and should be paid for with higher income taxes and/or a wealth tax of some sort. In Congress it seems that the deficit is never a concern when tax cuts for rich people are on the line. Only when it's the people who actually need the money, and who will actually spend it to stimulate the economy. Note that a payroll tax cut is a considerably weaker form of stimulus than direct government spending, but it's the next best thing since more spending doesn't seem to be in the cards.
    Last edited by Kandahar; 12-12-11 at 10:38 PM.
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