Hot Air » payroll tax holiday

Personal income drops in January by largest monthly amount in 20 years

Ed Morrissey — Fri, 01 Mar 2013 16:21:46 +0000

Consumer spending rose, however.

Today’s economic report has good and bad news, and both are tempered by the effects of government intervention. The Commerce Department reports that personal income dropped 3.6% in January, the worst such monthly decline in exactly 20 years, but that consumer spending seems unaffected: Personal income decreased $505.5 billion, or 3.6 percent, and disposable personal [...]

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Confirmed: Payroll-tax holiday a big nothingburger

Ed Morrissey — Fri, 08 Feb 2013 15:01:57 +0000

Shocker.

This should be a lesson to politicians and economists about the nature of gimmicky “stimulus” efforts …. but probably won’t be. In the pressure cooker of the tax fight over the holidays, most people forgot about the payroll-tax holiday — the reduction by two percentage points of FICA withholding for Social Security. Its backers claimed [...]

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Why not real tax reform?

Ed Morrissey — Tue, 27 Nov 2012 17:11:43 +0000

The other "holiday" season is almost over.

Thanksgiving and Christmas aren’t the only holiday seasons that will expire at the end of the year. While the Obama administration and the Republicans both talk about protecting the middle class from the fiscal cliff, all sides have kept mum about the soon-to-expire payroll tax holiday. This rebate on Social Security withholding was first implemented [...]

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