Payroll taxes finance only about half of overall Medicare expenses.

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This means the Blues can no longer rely on the black crude to finance their payroll.

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Almost two thirds of the 47% are currently working and their payroll taxes help to finance Social Security and Medicare.

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It urged cost controls such as a payroll tax on rich clubs to finance poorer ones.

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For those who do own a small business, it's been difficult to finance inventories and make payroll, or expand if things are going well.

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Many have struggled to get the loans they need to finance their inventories and make payroll.

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All of these steps would be taken to ensure Social Security's solvency during a transition from the current pay-as-you-go system to a private account system, where less payroll tax revenue would be available to finance benefits.

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Social Security (pensions) benefits would be cut back for today's younger workers, who would then be allowed to divert a share of their payroll-tax contributions (which go to finance Social Security) into private retirement accounts.

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Personal savings, investment and insurance accounts would eventually be expanded to finance all the benefits financed by the payroll tax today, ultimately displacing that tax entirely.

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Those include beginning and expanding an option for personal savings, investment and insurance accounts for Social Security and Medicare, eventually expanded to finance all the benefits financed by the payroll tax today.

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In a long, detailed, entitlement reform paper at Newt.org, Gingrich in fact proposes eventually expanding such accounts ultimately to finance all the benefits now financed by the payroll tax, with the accounts finally displacing the payroll tax entirely with a personal, family wealth engine instead.

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And because of the credit crunch, banks have shrunk back from lending, making it harder to get loans to branch out, or finance your inventories, or maybe even to make payroll.

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But the ultimate plan for payroll taxes is to phase them out entirely in favor of lower cost personal accounts to finance the benefits currently financed by those taxes, as discussed in previous columns in this space.

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Liaoning, for example, needed to impose a payroll tax of about 30% to meet its pension obligations, says Stuart Leckie of Stirling Finance.

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That is because the personal accounts finance so much of the future benefits of Social Security that future deficits between continuing payroll tax revenues and continuing benefit obligations of the program are eliminated entirely.

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Group Finance Director Paul Richardson recalls that cash was so tight he had to approve the weekly payroll.

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