payroll taxes

AARP wrote to members of the House of Representatives to express our strong concern with a last-minute amendment to H.R. 5, the House Rules Package for the 114th Congress, that would effectively limit potential options regarding Social Security, including options to protect benefits under the Social Security Disability Insurance Program. Under the amendment, the House could only consider legislation affecting any part of the Social Security program if the overall effect of the changes improved Social Security’s Old Age and Survivors (OASI) trust fund. While we strongly support Social Security and believe Congress should act sooner rather than later to ensure Social Security’s finances for the coming decades, the amendment made public Jan. 6 is unduly narrow and limits the House’s ability to consider the full range of options for addressing issues facing Social Security.

We're taking home smaller paychecks now that higher  Social Security payroll taxes are back. At the same time, gas prices are spiking and causing a ripple effect on other goods and services that rely on transportation. One oil company executive says we shouldn't be surprised if the price per gallon hits $5 in the coming weeks.