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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The article misstates the impact of the fiscal cliff on entitlements. The problem isn't that taxes were cut. The problem is that all entitlement taxes are driven on jobs. As taxes rise and spending falls, it is jobs that are lost. That is a major problem for Social Security, and the people who believe that the system can pay full benefits until 2033.
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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