"Hidden" mortgage fee paying for payroll tax cut

Discussion in 'News / Current Events' started by carpro, Feb 6, 2012.

  1. carpro

    carpro
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    http://www.cbsnews.com/8301-505263_162-57371781/home-buyers-left-holding-bag-for-payroll-tax-cut/

    February 6, 2012 8:06 AM PrintText

    "Hidden" mortgage fee paying for payroll tax cut

    By Sharyl Attkisson

    Just before Christmas, American workers got a rare gift from Washington politicians - the current payroll tax cut would be extended for two more months.

    At the time, both President Barack Obama and House Speaker John Boehner lauded the move to avoid a tax increase for millions of working Americans.

    But there's something the politicians weren't bragging about - the fact that they're paying for the two-month tax cut with what has turned into a brand new fee on home buyers.

    SNIP

    The $35.7 billion collected in fees won't go into the Social Security fund to replace the lost payroll tax. It goes to the general treasury where Congress can spend it however they please.
     
  2. targus

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    And when the temporary payroll tax reduction goes away the mortgage fee will live on and on.
     
  3. carpro

    carpro
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    And we'll borrow the money from the Chinese to pay the unfunded benefits that must be paid.
     

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