Payroll Tax Holiday Stirs Social Security Fears | Womens eNews
source: http://www.womensenews.org/story/retirement/101230/payroll-tax-holiday-stirs-social-security...
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As President Obama and congressional Republican leaders reveled in the Dec. 18 bipartisan approval of an $858 billion tax cut package to stimulate the economy, advocates for women's financial security set their sights on the next and biggest battle: ensuring that its one-year payroll tax holiday doesn't become permanent.
"Women will suffer if the 112th Congress, which begins in January, extends the (tax) holiday beyond 2011," said Maria Freese, director of government relations of the Washington-based National Committee to Protect Social Security and Medicare. "Four out of 10 women over 65 who live alone receive virtually all their income from Social Security."
The payroll tax holiday is part of the package for a two-year extension in tax cuts for the wealthiest Americans and a 13-month extension of unemployment benefits. It decreases a worker's contribution to Social Security taxes to 4.2 percent from 6.2 percent of the first $106,800 earned in 2011.The employer's contribution of 6.2 percent remains unchanged.
Read the full story on Women's eNews: http://www.womensenews.org/story/retirement/101230/payroll-tax-holiday-stirs-soc...
"Women will suffer if the 112th Congress, which begins in January, extends the (tax) holiday beyond 2011," said Maria Freese, director of government relations of the Washington-based National Committee to Protect Social Security and Medicare. "Four out of 10 women over 65 who live alone receive virtually all their income from Social Security."
The payroll tax holiday is part of the package for a two-year extension in tax cuts for the wealthiest Americans and a 13-month extension of unemployment benefits. It decreases a worker's contribution to Social Security taxes to 4.2 percent from 6.2 percent of the first $106,800 earned in 2011.The employer's contribution of 6.2 percent remains unchanged.
Read the full story on Women's eNews: http://www.womensenews.org/story/retirement/101230/payroll-tax-holiday-stirs-soc...
