Payroll tax cut. The payroll tax that was reduced by 2% for employees is the FICA tax that supports Social Security. With all the talk about Social Security running out of money, cutting the tax that supports it was irresponsible. If anything, the federal withholding tax (the income tax), should have been cut. Of course, if our government had not "borrowed" (read that "stolen") the tax money collected for Social Security over the years, the program would be well-funded now and into the future.