Recent Posts:2% Payroll Tax Cut Looks Like It Will Be ExtendedThe Senate and the House have passed bills that would extend the current 2% reduction in the employee portion of the Social Security tax. The payroll cut adds approximately $80 per month to the net paychecks of someone making $50,000 annually. It is expected that President Obama will approve the plan next week. The current cut was set to expire on Feb 28, 2012. As economics teaches us, there is no such thing as a free lunch. Good news for lower taxes, bad news for our country's deficit. Of course there will be no reduction in spending to accompnany this reduction in revenue so the deficit will now increase at an even quicker pace. Mason Gardner | 02/18/2012
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