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Most American workers will get a 2 percentage-point break on their payroll tax for one year. Instead of paying 6.2% on wages up to $106,800, they will only have to pay 4.2% in 2011.
However, some workers to include some federal employees, teachers, and other public employees who are covered under another another type of pension system, and do not pay into SS we will not get it.
This tax holiday replaces the Making Work Pay credit, which expires this year.
Unlike Making Work Pay, which was limited to workers making less than $75,000 ($150,000 for couples), the payroll tax holiday will be available to everyone who pays into Social Security.
The Making Work Pay Credit was $400 for singles and $800 for married couples.
The bad news: Since the Making Work Pay Credit was replaced by the Tax holiday, it looks like those workers who do not pay into SS will end up with a tax increase next year.
Most American workers will get a 2 percentage-point break on their payroll tax for one year. Instead of paying 6.2% on wages up to $106,800, they will only have to pay 4.2% in 2011.
However, some workers to include some federal employees, teachers, and other public employees who are covered under another another type of pension system, and do not pay into SS we will not get it.
This tax holiday replaces the Making Work Pay credit, which expires this year.
Unlike Making Work Pay, which was limited to workers making less than $75,000 ($150,000 for couples), the payroll tax holiday will be available to everyone who pays into Social Security.
The Making Work Pay Credit was $400 for singles and $800 for married couples.
The bad news: Since the Making Work Pay Credit was replaced by the Tax holiday, it looks like those workers who do not pay into SS will end up with a tax increase next year.
Happy new year folks.
I would rather get a pension from the city than a couple of extra bucks in my pocket. 401ks are not practical for the working class.
It seems to me that they have been getting a HUGE tax break for a very long time. Now you are complaining that you are getting a little less of a tax break. Between my employees and my own personal ss tax, I pay a lot into a system that will likely never pay me back in my old age. It seems to me like you got a great deal, and probably shouldn't be rocking the boat.
I think you might have missed the point of my post. If you don't pay into SS, it looks like you will have a tax increase next year!
So how many real world people does apply to?
1. Have to be a Fed, or some other very narrow SS exempt group?
2. Have to have hired prior to 1985 (and not retired, yet)?
3. Have to be making over $75K or $150K as a couple?
So of the 300 million or so of US . . . what is this about maybe 10,000 people or so?
1. Have to be a Fed, or some other very narrow SS exempt group?
2. Have to have hired prior to 1985 (and not retired, yet)?
3. Have to be making over $75K or $150K as a couple?
So of the 300 million or so of US . . . what is this about maybe 10,000 people or so?
"Now you are complaining that you are getting a little less of a tax break."
Think you guys are missing the point
1. It's making "up to" $75K/single/$150K/couple
2. Yes it's a narrow band of workers; I think 10,000 is a large under estmate.
3. It's not "a little less of a tax break." it amounts to a "Tax Increase" to those who are middle class
It appears it doesn't affect you guys, so you find fault with it; but for those folks it's a loss of disposable income.
It's only a tax increase of $800, and in fact it's not really an increase, they are just losing out on the $800 they saved over the last two years for Making Work Pay right? Surely they are still saving more than $800 a year over the rest of us by not paying into SS?
This thread demonstrates why the cut taxes were such a bad idea, I can just see it next year. The headlines will be "Democrats want to increase social security tax by 2%". If the 2% cut becomes permanent it will kill social security, one has to wonder whether the Democrats are either stupid or have no real interest the the ideas they are suppose to support.
Anyhow, okay, some government workers, who are likely overpaid, will not get a tax cut this year. Sounds great.
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