SS with holdings lower? IS that true?

  1. American View profile image60
    American Viewposted 7 years ago

    SS with holdings lower? IS that true?

    Yes it is. For tax year 2011, Obama has lowered SS with holding from 6.2% to 4.2%. Really? I thought SS need more revenue because it is going broke. That is the savings you see, not Federal with holdings. So when you are told that you are paying the lowest Federal with holding, it is not true. You are paying less because of the SS reduction.
    Why is that? Because SS does not contribute to the general fund, so that way Obama can claim a tax reduction while not actually reducing taxes you pay from federal with holdings

  2. brages07 profile image60
    brages07posted 7 years ago

    What you're talking about is a payroll tax holiday where workers pay a reduced rate and employers continue to pay 6.2%.  Withholdings and taxes are synonyms.   He is doing this because he has bought into the myth that tax cuts stimulate the economy.  In reality, most people will only pay debts they already have or save the money, the same way people did with the Bush tax cuts and the tax cuts that came with the Stimulus.  Those tax cuts for the middle class only worked out to a few hundred dollars per person.  The theory is that tax cuts stimulate demand, which they do not.  He thinks he can do this because the Social Security trust fund is valued at about $2.6 trillion as of December 2010.  This is projected to run out in 2032.  What we really need is a serious jobs plan going forward.  Even the temporary employment of infrastructure improvements will beget more jobs as those employed in infrastructure improvements will have significantly more money than they do now.  This will allow them to really stimulate demand, more so than a check for about $350.  You're basically correct that this will only hasten Social Security's eventual bankruptcy.  What we need to do is eliminate the payroll tax ceiling and possibly increase the payroll tax rate.  Raising the age ignores the fact that the people about to retire lost their savings in the market collapse of 2008.  They are now particularly dependent on Social Security.  Doing anything to benefits only decreases the rate of turnover.  The economy never did and likely never will grow at a sufficient rate to compensate for this.  The result will be a personal debt crisis among my generation as we will be unable to find adequate employment to pay our student loan debt.

  3. WhatBigJohnThinks profile image67
    WhatBigJohnThinksposted 7 years ago

    S.S. actually makes a "profit" each year. Its the only government entity that brings in more than it send out. The problem is the overage is given up to the powers that be in government and used as "descretionary spending". A "promisary note" for lack of a better term is left with S.S. At issue is they have taken more than they will ecver be able to pay back. Now, guess who suffers?


This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

Show Details
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)