Congressman Jeff Fortenberry opposes extending the payroll tax cut.
“It’s good politics, but bad policy in my view,” Fortenberry tells Nebraska Radio Network affiliate KLIN’s Jack and John in the Morning. “This is a raid on Social Security.”
Fortenberry says he voted against the bill last year and will vote against it this year. He says Congress should consider other methods if it wants to put money into consumer pockets and stimulate the economy.
“This policy is unhinging Social Security from its traditional stable funding source of the payroll contribution,” according to Fortenberry. “So, now Social Security funding will be subjected to annual budgetary processing, which is up and down and politicized and it may make the program more vulnerable.”
Fortenberry calls the payroll tax cut a give-away gift now the country will have to pay for later.
Congress has yet to agree on extending a 2% cut to the payroll tax that goes into the Social Security Trust Fund. Congress approved cutting the payroll tax from 6.2% to 4.2% this year as a temporary boost to the economy. The cut will expire at the end of the year, unless Congress extends it.
Lawmakers in Washington have deadlocked over how to pay the $180 billion cost of extending the tax cut, which would affect 160 million workers, including one million in Nebraska.
For a link to Jack and John’s interview of Congressman Fortenberry click here.