Independent Groups Agree a 60 Day Payroll Tax Cut Extension is “Unworkable”
• SHORT-TERM SENATE BILL “NOT WORKABLE”: “As lawmakers fought, payroll specialists told Congress on Monday that the two-month change in Social Security payroll tax rates envisioned in the Senate bill was not workable.” (New York Times, 12/20/11)
• “SUBSTANTIAL PROBLEMS, CONFUSION, & COSTS”: “Pete Isberg, president of the NPRC today wrote to the key leaders of the relevant committees of the House and Senate, telling them that ‘insufficient lead time’ to implement the complicated change mandated by the legislation means the two-month payroll tax holiday ‘could create substantial problems, confusion and costs affecting a significant percentage of U.S. employers and employees.’” (ABC News, 12/19/11)
• “UNPRECEDENTED COMPLICATIONS”: “Payroll processors are warning that a two-month payroll tax-cut extension passed by the U.S. Senate would be difficult to implement. … [T]he Senate-backed two-month extension of the tax cut that could create unprecedented complications.” (Bloomberg, 12/20/11)
• “CANNOT BE IMPLEMENTED PROPERLY”: “Officials from the policy-neutral National Payroll Reporting Consortium, Inc. have expressed concern to members of Congress that the two-month payroll tax holiday passed by the Senate and supported by President Obama cannot be implemented properly.” (ABC News, 12/19/11)
