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... My not-so-bold prediction over the last couple of weeks has been that the temporary payroll tax cut will be extended, and, on time. Why? Because there is too much danger for the politicians on all sides - Democrats in Congress, Republicans in Congress and the President - if they don't get it done. And, after all, they're politicians. (Apparently, they stopped being real lawmakers some time ago.)
Now, I oppose extending the temporary payroll tax cut. I thought the payroll tax was designed to fund government insurance programs for our benefit. Cutting the payroll tax under-funds them. But, I am sympathetic to those who think it needs to be extended a little while longer to help with the pathetic economy. I get that. As long as we all get that as the economy gets better we need to pay the money back. In other words, there's no free lunch.
View TaxAnalysts' Chris Bergin's opinion in its entirety on TAX.com.
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