"Hidden" mortgage fee paying for payroll tax cut

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.

 

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