A one-year extension of the employee-side payroll tax cut was passed in December of 2011. It's scheduled to lapse along with the other fiscal cliff policies in 2012. This is a particularly popular tax cut because it goes by and large...
In response to:
America please listen to me very carefully. I am not an American citizen and therefore do not have a vote in the US, so how am I qualified or have the right to comment. Well as to the latter, I am married to an American woman, my eldest daughter is married to an American and they have three of my five grandchildren. My wife and I have a home in Ohio so I feel that I have a right to comment. As to my qualification to do so, I am a citizen of a nation in which the welfare system got totally out of control thanks to a Political Party that, like the Democrats in the US, used Tax payer money to pander to sections of the electorate in order to get re-elected, in short they bought the election. I mean of course the UK.
The coming fiscal cliff's mix of tax hikes and spending cuts are projected to seriously hamper economic growth over the next two years, and Congressional leaders would be wise to negotiate fixes for the problems. One of the more popular potential fixes, however, is only going to hasten the coming entitlement crisis by worsening the finances of Social Security.
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