Social Security Benefits And Tax Holiday Worries

President Barack Obama, Congress and tax-cut advocates pushed through a one-year provision that lowers 2 percent of the mandatory contribution to the Social Security Trust Fund. The usual amount paid in Social Security withholding is 6.2 percent. The new tax provision allows workers to pay in 4.2 percent for a full tax year.

The tax break will cost the federal government an estimated $112 billion. The idea behind the tax-cut is that Americans will keep more of their money and stimulate the economy.

In Utah alone, 1.3 million working Utahns will keep $950,000 of their paychecks.

Low-income elders in Utah worry the tax provision will have negative long-term effects on Social Security.

Several residents of the senior housing in Salt Lake City spoke about the benefits and the tax holiday. Colleen Martinez, 63, does not want the tax holiday to lead to cuts in herĀ Social Security benefits, as she would no longer afford living in a housing center.

The elderly Americans have similar worries, for the first time in 75 years; the Social Security will depend on the nation’s general fund budget for revenue. They fear this might be a step toward cutting Social Security benefits, especially if the government tries to force reduction of our government’s debt by cutting into benefits.

Americans such as Martinez worry their children and grandchildren will not have Social Security benefits to rely on as they reach retirement age.


    I didn't think there was a caring professional considerate attorney firm on the planet, but Troutman & Troutman proved me wrong. From the receptionist to the legal assistance to the attorney and more they were exceptional people.

    - Robert S.

    They did a fantastic job getting everything gathered up and getting the trial done as quickly as possible. Anytime I had a question they were patient and help me understand what was going on. Especially Christy and Charlie were great.

    - Michael M.

    Steve Troutman was able to get my short-term and long-term disability for me. Then Erin another lawyer for their firm got my Social security disability for me. Great people.

    - Billy S.

    Mr. Troutman walked me through the entire process. Heather was available each time I called, answered all my crazy questions, and helped me fill out forms along the way. I was never treated like I was wasting time.

    - Julia C.

    Erin and Keith were fabulous! They were compassionate, helpful, and very responsive! They made the process very smooth and painless every step of the way.

    - Valerie W.

We Are Here to Help 

Free & Confidential Consultations
  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.