So, when we cut payroll taxes, you would think that the accounting captures this in reduced revenues to the social security trust fund, right?
The employee’s share of the payroll was cut by 2 percent in December. The gimmick stems from the fact that the uncollected revenues from the tax cut were still credited to the Trust Fund–as if the government were still collecting 12.4 percent.
That’s Veronique de Rugy contemplating whether additional payroll tax relief is a good idea right now.
This would be a good line for a stand-up accountant comedian at the next Vegas convention. And did you hear what my wife heard about base line budgeting at the spa? Then there’s the one about the Kangaroo, walks into a bar, orders a static analysis martini with two stuffed olives, and the bartender asks him, stuffed with what, and the Kangaroo says,…