There are lots of other options which would have been far more prudent in terms of giving people more tax money back. The problem is that this 2%, the longer it stays in place, the harder it becomes to ever remove it. It should have never been done in the first place. They should have taken a flat 1,000 refundable credit out of the general fund if they wanted straight economic stimulus. This means that we moved up the clock on SS by several years. It was a very, very bad economic idea. Particularly since it's not getting spent which was the intended purpose. Most of the studies are showing that people are saving more / spending less (not a bad thing overall), often to a level that exceeds the amount being shuttled out in a payroll tax deduction.
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Date: 2011-12-24 01:01 pm (UTC)We need a 7% tax with no cap.