Payroll Experts Say Two Month Payroll Tax Holiday Extension Would Do More Harm Than Good
The Democrats/liberal media are sticking it to Republicans, saying that they gave Americans a holiday tax hike that could hurt the economy. But, in reality, a two month extension of a tax holiday with nebulous economic benefit would likely do more harm than good according to payroll experts:
Officials from the policy-neutral National Payroll Reporting Consortium, Inc. have expressed concern to members of Congress that the two-month payroll tax holiday passed by the Senate and supported by President Obama cannot be implemented properly.
Pete Isberg, president of the NPRC today wrote to the key leaders of the relevant committees of the House and Senate, telling them that “insufficient lead time” to implement the complicated change mandated by the legislation means the two-month payroll tax holiday “could create substantial problems, confusion and costs affecting a significant percentage of U.S. employers and employees.”
ABC News obtained a copy of the letter, which can be read HERE. Isberg agreed that it would be fair to characterize his letter as saying that the two-month payroll tax holiday cannot be implemented properly.
Robbing two entitlement programs that are already insolvent to fund a temporary, feel-good tax holiday is bad policy.
Republicans need to be the adults in all this.
Tags: john boehner, medicare, payroll taxes, social security
