Tags: Election 2010 | Bush Tax Cuts | liberal | democrats | payroll | tax | threat

Liberals: Payroll Tax Cut Threat to Social Security

Thursday, 16 Dec 2010 12:26 PM

Liberal Democrats seem never to have met a tax cut that they like. Many argue that the payroll tax decrease included in the compromise reached between the White House and congressional Republicans will damage Social Security, The Hill reports.

“Behind Rep. Lloyd Doggett, D-Texas, the Democrats maintain the one-year payroll-tax holiday will likely be extended in future years, leaving Social Security to compete with other programs for funding — and threatening seniors' benefits over the long haul,” the news service states.

"There's a very good reason why people pay Social Security taxes — so they'll get Social Security," Doggett said at a press conference in the Capitol. "I'd rather have nothing done in this area than to do great harm."

Rep. Rush Holt, D-N.J., says the tax cut may ultimately destroy Social Security's funding system, in which workers pay into the program while they’re employed, so they can receive payments after retiring.

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