The Payroll Tax Cut Extension Revisited

At the core, the payroll tax cut is one of the worst possible tax cuts to use because it not only worsens the viability of Social Security, but also it’s a tax that is almost impossible to avoid paying…

Beyond these negatives, the elephant in the living room remains the massive and ever increasing US debt and deficit. During President Obama’s tenure, the US budget deficits have been $1.4, $1.3, $1.3 and projected $1.33 trillion dollars. The debt has exploded from $10 trillion to $15 trillion. The US has been downgraded by S&P with Moody’s and Fitch expressing concerns over the long term debt of the country. Both parties are guilty of expanding the problem and both parties have yet to express leadership to find a path to compromise to solve the issues. President Obama’s budget and Republicans agreeing to cut taxes without cutting spending are emblematic of the problem.

http://www.cnbc.com/id/46382935/

 

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