In response to:

Be Not Fooled: 77% of Americans Will Pay Higher Taxes

doug3694 Wrote: Jan 02, 2013 9:57 AM
The individual payroll tax is not a tax, since you get the money back when you retire. Of course it is a tax on business, so only business' taxes went up.
IvanKaramazov Wrote: Jan 02, 2013 10:43 AM
You don't if you die...not like a savings account.

But, keep thinking this way and try to cut out the McDonald's...and you just might see your money again...
Brencis Wrote: Jan 02, 2013 10:08 AM
LOL, you don't live in Australia where the government invests the "payroll tax". They spend it on Soc Sec and you will only see anything if there are still people to pay into it when you retire. That said, it isn't a tax, it's a Ponzi scheme.
McGovern Wrote: Jan 02, 2013 10:40 AM
Doug3694,

What world are you from again?

Your quote: "The individual payroll tax is not a tax." What? A tax is not a tax?

This program stopped being a retirement investment program in the 1960s when Democrat president Johnson used the money in the "lockbox".

A tax that is not a tax. That's a good one.
gwharpo Wrote: Jan 02, 2013 10:53 AM
Both the Senate and the House passed legislation yesterday to avert and delay the fiscal cliff. But make no mistake - every worker on a company payroll is going to see a tax increase. Take a close look at the first paycheck of 2013 and compare it with the last one of 2012.

The reason is that, while income tax rates have been largely preserved outside of upper income-earners, payroll taxes are going up on everyone by 2%. In 2011, Congress passed a one-year extension of a temporary payroll tax cut, from 6.2% to 4.2%. It's heading back to 6.2%,...