Yep. As to the “evil or stupid” debate: Who cares? Same results!
WASHINGTON – The tax cut deal that President Obama struck with congressional Republicans contains a provision that could ultimately be the undoing of Social Security, say Senate Democrats and backers of the old-age and disability program.
Obama, as part of the Democratic package, secured a roughly 30 percent cut in the payroll tax, from 6.2 to 4.2 percent. Allowing it to expire in a year will mean that workers will see a nearly 50 percent jump in payroll taxes as the rate reverts back — an event that will surely be described as a tax hike. The cut is estimated to cost $120 billion per year.
Democrats have never allowed the rate to be cut, even temporarily, in the history of the program, because payroll taxes feed the Social Security trust fund and create the political base of support for the program, said Nancy Altman, author of “The Battle For Social Security”, a history of the program, and head of the advocacy group Social Security Works. Republicans have won a long-sought victory, even as President Obama hails it as a win for his party.
Republicans acknowledged that the expiration of the tax holiday will be treated as a tax increase. “Once something like this goes into place, a year from now, when it expires, it’ll be portrayed as a tax increase,” said Sen. Bob Corker (R-Tenn.). So in a body like Congress, precedents matter and this is setting a precedent. I think that certainly is going to create some problems down the road if it passes.”
I am so sick about this. If that provision passes, it would signal the death of the Democratic Party. Besides putting the whole program at risk, It’s a slap in the face to all of us who sucked up the 100% raise in our contributions in the early 80s.
Pay no attention to the man behind the curtain. The great OZBAMA sees and knows all.
Enjoy your 13 month high. Which they would eventually have approved anyhow. But tax relief for billionaires, estate tax and especially the poison pill on Social Security will be with us for much longer. Turn out the lights, Barry, the party’s over. Your work here is done. I’m sure you won’t have to worry about the price of cat food.
It just gets unbelievabler and unbelievabler.
The more I’m reading about Obama’s deal to cut SocSec taxes for a year, the more I’m worried about exactly what he and the Repubs are doing here. And my fear increases in that Obama seems hell bent on cuts to SocSec.
How in FSM’s name did this DINO get near a nomination, much less the presidency? I know, I know — just venting. But he’s so terribly bad for us.
Silent scream time.