New law re tax increase

[Zoigal]

If the new law doesn't go into effect, will the tax increase affect seniors who are retired and not working ie their ss benefits or pensions? I am thinking it will only effect those who are actively employed...right or wrong?....z

[JDPriestly]

1. Those now working will be required to pay the percentages of their pay in payroll taxes

that those of us who are now retired paid when we were working.

That is my understanding.

When I received my Social Security card way back in the 1950s, I was advised that the amounts of my benefits would depend on how much I put into that insurance fund.

So, I do not understand how people now working will be credited for this time when they become eligible for benefits if the payroll tax vacation is continued.

I would like to see middle class people and low-income people get the tax relief, but reducing payroll taxes is not the way to do it.

[RKP5637]

2. I agree. "Reducing payroll taxes is not the way to do it." People are going to need that

benefit down the road and I bet it's never replaced. Also, IMO, it's like the Bush tax cuts. There is going to be so much yelling and screaming when they try to eliminate the payroll reduction tax cut. And it's not a fix, it's just a temporary band-aid over a serious wound.

[RebelOne]

3. Right, it will only affect those who are still working. n/t