HILLSBOROUGH: Payroll tax likely to go up 2% to 2009 levels

   One tax “increase” that appears likely to go into effect Jan. 1 will be the end of the two-year “holiday” of 2 percent of income taken to fund Social Security.
   For a person with an income of $40,000, that would mean an additional $800 out of pocket.
   Mr. Holt said he wished government had lessened the revenue for the fund with the promise to pay it back from the general fund. That undermines FDR’s ingenious balanced rationale for the program; he said. If Social Security begins to look like a economic redistribution program, its public support evaporates, he said.
   Mr. Lance noted that the 2 percent holiday was only on employees, with employers paying the full amount the entire time.