WASHINGTON  – President Barack Obama's plan to cut  payroll taxes for a year would provide big savings for many workers, but  makes Social Security advocates nervous that it could jeopardize the  retirement program's finances.  The plan is part of a package of tax cuts and  extended unemployment benefits that Obama negotiated with Senate  Republican leaders. It would cut workers' share of Social Security taxes  by nearly one-third for 2011. Workers making $50,000 in wages would get  a $1,000 tax cut; those making $100,000 would get a $2,000 tax cut.  The government would borrow about $112 billion to  make Social Security whole. Advocates and some lawmakers worry that  relying on borrowed money to fund Social Security could eventually force  it to compete with other federal programs for scarce dollars, leading  to cuts.  Social Security taxes "ought to be held sacrosanct,"  said Rep. Earl Pomeroy, D-N.D., chairman of the House Ways and Means  subco...
 
 
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