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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I've done some real quick calculations of what I would receive in SSI payments for when I should be able to collect. Only works out to about $1450 per month. For 20 years of collecting a little less than $345k. Lets make it easy, give me $300k now, tax free, and I will sign a waiver to not apply for it. If I also figure in my military retirement, les just make it a simple one million, no taxes. The reason I currently would like to do this is because I know I could invest it and have something. In a year , two years, 20, or more I might not have ANYTHING with the way the FEDS are trying to pay for anything and everybody, whether they are Americans or not, whether they work or not!
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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