Moynihan’s Plan to Cut Payroll Tax
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Anyone having faith in the integrity of a government trust fund probably still believes in the tooth fairy. A government trust fund is an accounting procedure that transfers money from the government’s left pocket to its right pocket. It is meaningless.
We either trust our government to live up to its obligations or we don’t. A trust fund won’t make the difference.
The payroll tax is a revenue-raising tax like any other tax and we should stop kidding ourselves that it is different because it is earmarked for a special purpose.
And why it stops at an arbitrary figure like $51,300 is something that has never been properly explained.
ERNST JACOBI
Malibu
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