The amendment has passed.
Is it possible to cap the Payroll tax hike and find a way to make up the loss of revenue from foregoing the final leg of implementation?
Or you could consider capping it in any case. Reducing the rate from the ultimate 6.5% to the current 4.5% would mean a loss of revenue of about $225 billion. This bill would save at least $300 billion in spending.
So we would save only $75 Billion a year? I think keeping the rate at 6.5% is probably a good idea so we can get savings of $300 Billion a year. And I am certainly not in favor of using those savings to have tax cuts. We should pay down the debt with that. That is the fiscally responsible thing to do.
I agree with this... I think debt reduction should be the short term goal, it saves money in the medium-long term.
