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Search Tags: social security tax cut
Economist Dave Redden joins host John Elliot to talk about investment options for federal employees.
April 16, 2012
Negotiations to renew a payroll tax cut for 160 million workers and jobless benefits for millions more kicked off on Capitol Hill on Tuesday, with both sides optimistic of an agreement despite last year's bitter battles over President Barack Obama's jobs proposals.
Lawmakers are poised to spend $120 billion or so to renew a Social Security tax cut that averaged just under $1,000 per household this year.
As proposed by the President, people who pay into Social Security would have their payroll tax cut by 2 percentage points next year. Those who don't pay into Social Security, like nearly 600,000 federal employees, would see no change. NARFE's Dan Adcock explains why there's grousing on both sides.