In a bill that is being called a “Jobs Bill”, the Senate introduced a plot to raid Social Security to bribe small businesses into hiring unemployed people who have been out of work at least 60 days.
From Yahoo News:
The bipartisan Senate plan would exempt businesses from paying a 6.2 percent Social Security tax on the wages of new employees, as long as the workers have been unemployed at least 60 days. The tax break would run through the end of the year.
So, in return for hiring a new worker, the already bankrupt Social Security “trust” fund will suffer a loss for each job created. The more successful this idiotic idea is, the faster Social Security reaches insolvency.
Is this a creative way to raise taxes on the middle class in the form of Social Security tax increases? Just transfer all the wasteful spending to Social Security and tax the middle class through the back door.
Here’s a better idea. Pass a permanent business tax rate cut and let businesses decide when they can hire more workers.