Repeal the Current Tax Payment Act of 1943

With a national debt of $16.7 trillion and growing, America's spending problem isn't likely to go away in the near future. (The sequester only slightly reduces the annual rate of increase in the federal government's spending.) Given the Obama Administration's plans for future federal spending, U.S. debt is estimated to be between $19.3 and $22.5 trillion by 2016. In the wee hours of January 1, Congress voted to raise income taxes on individuals making $400,000 or more a year. Most of the Bush-era tax cuts were made permanent, so people making less than $400,000 a year assumed they weren't going to see any tax increases. Imagine the shock that nearly 80% of workers experienced when they learned that their FICA taxes (owed to the U.S. government to pay for Social Security and Medicare) had gone up. Congress had allowed the "payroll tax holiday," which had lowered a worker's share of the Social Security tax in 2011 and 2012, to lapse. I have a proposal that might impinge on the ease...(Read Full Article)

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