Democrats are calling for higher-income workers to pay more in payroll taxes, while Republicans’ proposals focus on cutting benefits.
I've explained that a new House rule will make it harder to reapportion payroll taxes between Social Security's retirement and Disability Insurance (DI) trust funds to avert a one-fifth cut in benefits to severely impaired DI recipients in late 2016. Show More Summary
As Guy Benson reported earlier today, a new poll of likely voters conducted for Townhall by Gravis Marketing found that Rep. Bill Cassidy (R-LA)...
The Earned Income Tax Credit is one of the federal government's most successful anti-poverty programs. As House Budget Committee Chairman...
The ACT government proposes to implement a retrospective change to the payroll tax system which will apply from July 1 (although it is not expected to be passed until later in the year). This is the details of the change, as best I understand it. The change will affect most contractors who are employed via a recruitment [...]
Fed’s Fisher Says Economy Strengthening as Payrolls Rise (BBG) Russia Knows Europe Sanctions Ineffective With Tax Havens (BBG) EU Cuts Euro-Area Growth Outlook as Inflation Seen Slower (BBG) U.S. Firms With Irish Addresses Get Tax Breaks...Show More Summary
Put simply, a tax shift means to cut one tax and replace it with another—such as to cut income and/or payroll taxes, and put a carbon price in their place. This is called a “tax swap” or “revenue neutrality,” and a diverse group of stakeholders--ranging from Citizens Climate Lobby to ExxonMobil--are coming out in support of it. Show More Summary
I am viewed as being an opponent of fiscal stimulus, but I’ve always argued that an employer-side payroll tax cut would “work.” It just seems kind of pointless. If it’s a lower W/NGDP ratio that you need, just boost NGDP! Christina Romer has also advocated this sort of payroll tax cut. It lowers a country’s […]
Among President François Hollande’s proposed changes – while dealing with revelations of his supposed infidelity with an actress – was a pledge to cut public spending and slash the payroll taxes for business.
At the beginning of this year, many Americans opened their paychecks to find that their take-home pay was suddenly less than it had been the previous month. The payroll tax cut had expired, resulting in the average American worker owing an additional $700 in payroll taxes this year compared to last.
High earners will see $7254 in Social Security tax withheld in 2014, a stiff increase from $4624 in 2012 when a temporary payroll tax cut was in effect.
Wal-Mart Stores cut its annual profit forecast yesterday after higher US payroll taxes reduced customer traffic at the world’s largest retailer in the second quarter. ||| Renee Dudley New York Wal-Mart Stores cut its annual profit forecast...Show More Summary
The Congressional Budget Office last year warned that the increase in payroll taxes coupled with the $85 billion Sequester would cut the growth rate for 2013 in half. That's happening. Instead of furloughing public employees, the government should be adding new public jobs. Show More Summary
The US economy continues to slide into double dip recession under the savage austerity of income tax increases, payroll tax increases, and deep spending cuts. Not. But like the pain in a phantom limb that his been removed by surgery, the press has a hard time refraining from blaming the austerity for a slowdown that [...]
Transvaginal probes and giving regressive tax cuts after slashing K-12 education expenditures probably isn’t going to draw high-technology/knowledge based workers to the state Figure 1: Wisconsin private nonfarm payroll employment, seasonally adjusted (blue), Walker’s implied path for private employment (red). Show More Summary
Government spending cuts and higher taxes are weighing on the economy, experts say. According to the latest ADP National Employment Report, just 135,000 jobs were added to private payrolls.
In 2010, Congress passed the Tax Hike Prevention Act, which among other things reduced the payroll tax from 6.2% to 4.2% starting in 2011. For two years, workers saw higher take-home income than they would have had the law never existed, and consumers responded favorably by using the extra money throughout the two years to [...]Show More Summary
Basit Zafar, Max Livingston, and Wilbert van der Klaauw examine the impact of the payroll tax cut in 2011 and 2012, and its subsequent reversal: My Two (Per)cents: How Are American Workers Dealing with the Payroll Tax Hike?, by Basi...
(CNNMoney) - Most Americans plan to cut spending to make up for income lost from the payroll tax hike, according to a New York Federal Reserve study released Wednesday. The payroll tax cut, which was in effect in 2011 and 2012, reduced the amount withheld from workers' paychecks to 4.2%, down from 6.2%. That put […]