Do we really need any more proof our elected officials remain woefully out of touch with the rest of us regular folk?
Well, just in case you had your doubts, consider the resurgent debate over the payroll tax cut. The suits in Congress have until Feb. 29 to figure out whether to extend the politically popular tax cut – and hopefully how to pay for it – or simply let it expire.
It was bad enough Congress waited until right before the new year way back in 2010 to pass the tax cut, which – as most of you probably already know – slashed the amount most wage earners paid into Social Security to 4.2 percent (from 6.2 percent). The last-minute passage forced employers to scramble to comply with the law in two weeks, over the holidays.
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