3.17.2009
Get Rid of the Payroll Tax
I haven't read enough about the nuances of getting rid of the payroll tax, but this article from the New Yorker makes a very persuasive argument.
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I'm not against the idea of the holiday - it makes some degree of sense to me. However, to do away with FICA entirely seems really extreme. Hertzberg seems to think the revenue currently brought in by FICA - one third of total federal revenues - can be made up by punitive taxes on carbon, oil imports, etc. That seems highly unlikely to me. Suppose, for example, a carbon tax system worked and reduced industrial carbon output. Wouldn't that also reduce the revenue from carbon taxes? The two purposes are at odds.
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