Message Boards Directory
Welcome to the AARP Discussion Board. Here you can talk with peers about current events ranging from Social Security to caring for your parents to the latest on health care reform. It is also the perfect place to exchange healthy eating recipes and job hunting tips.
These forums are for you to engage and have fun meeting new people. Just remember the community code: Be nice!
Psst: This Tax About to Go Up for 163 Million People
posted at October 21, 2012 3:33 PM EDT
First: October 13, 2012
Last: September 28, 2013
President Barack Obama isn't talking about it and neither is Mitt Romney. But come January, 163 million workers can expect to feel the pinch of a big tax increase regardless of who wins the election.
A temporary reduction in Social Security payroll taxes is due to expire at the end of the year and hardly anyone in Washington is pushing to extend it. Neither Obama nor Romney has proposed an extension, and it probably wouldn't get through Congress anyway, with lawmakers in both parties down on the idea.
Even Republicans who have sworn off tax increases have little appetite to prevent one that will cost a typical worker about $1,000 a year, and two-earner family with six-figure incomes as much as $4,500.
Why are so many politicians sour on continuing the payroll tax break?
Republicans question whether reducing the tax two years ago has done much to stimulate the sluggish economy. Politicians from both parties say they are concerned that it threatens the independent revenue stream that funds Social Security. (Read More: Presidential Tax Plans Could Bruise US Muni Market)
They are backed by powerful advocates for seniors, including AARP, who adamantly oppose any extension.
Full Article: http://tinyurl.com/93bzs2e
Re: Psst: This Tax About to Go Up for 163 Million People
posted at October 24, 2012 6:32 PM EDT