Tax Law

Payroll Tax Politics

By Robert Goulder

The GOP never met a tax cut they didn't like ... until now. That's how Democrats portray Republican reluctance to extend the payroll tax breaks scheduled to expire at the end of the year. Casual observers of U.S. tax policy can be forgiven for doing a double-take here. Election-year politics has turned conventional wisdom on its head.

Here's some relevant background.

Anyone who earns a paycheck is all too familiar with the various subtractions that comprise the difference between your gross and net pay. Beyond what they take out for federal income taxes, there are further withholdings under the Federal Insurance Contribution Act (FICA). ...

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