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Older Americans Against Payroll Tax Cut Extension
Source:
tax-news.com
- Oct 22, 2012
by Mike Godfrey, Tax-News.com
22 October 2012
Barry Rand, chief executive officer of AARP, the non-profit, non-partisan organization for the over-fifties, with over 37m members, has sent a letter opposing any further extension of the Social Security payroll tax holiday when it expires at the end of this year, to both the United States Congress and the White House.
The 2% payroll tax cut, reducing it to 4.2% from 6.2%, was introduced in 2011, and was extended in February this year to the end of 2012. In his letter, Rand said that, “when Congress and the President originally enacted and then extended the temporary payroll tax holiday, AARP recognized and appreciated that economic conditions had been devastating for millions of Americans and that there was a need for short-term action.”
However, he confirmed that AARP’s position on the temporary payroll tax holiday “was contingent on several conditions" in order to protect Social Security and its beneficiaries in both the short and long-term, and the AARP urged that any loss to the Social Security Trust Funds be fully repaid.
READ MORE:
http://www.tax-news.com/news/Older_Americans_Against_Payroll_Tax_Cut_Extension____57906.html
Category: General Business
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