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...
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In the UK we reached a point where there are families with three generations who have NEVER held a job and NEVER made a contribution to the exchequer at all, we also have immigrants and asylum seekers living in very expensive houses on a thing called housing benefit in central London costing us tens of thousands of dollars per family to the tax payer. Yet when the present Government try to reduce that they are called fascists and racists and scrooge and many epithets much worse. When a nation reaches a point where 60% of the population are supported by 40% whilst failing to contribute themselves then that is unsustainable.
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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