Social Security

GOP Rep Proposes Financing Payroll Tax Cut -- By Workers Agreeing To Cut Their Social Security

Eric Kleefeld | December 6, 2011, 1:36PM

Shutterstock/ Gunnar Pippel

Freshman Rep. Jeff Landry (R-LA) has come up with an interesting solution to the political debate over the pending expiration of the payroll tax cut: Have workers voluntarily choose whether to continue the cut for themselves -- with the tradeoff that for every calendar year they claim the tax cut, they would also cut their own Social Security, delaying the start of benefits by one month.

The Hill reports that Landry is pitching the bill as an addition to the debate over payroll tax cut's expiration, which has hinged on the fact that the payroll tax is used to finance Social Security. (Republicans have refused Democratic efforts to pay for the tax cut by raising other taxes on the wealthy.)

Many workers would likely see their taxes go up -- but that would be because they declined to cut their future Social Security benefits.

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