Tax Cut Deal A Hidden Threat To Social Security

Tax Cut Deal A Hidden Threat To Social Security


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.


http://www.huffingtonpost.com/2010/12/08/tax-cut-deal-a-hidden-thr_n_793983.html

currently collecting. They just won't increase the taxes, it will be the same story 2 years from now.

the SCOTUS decision corps. are people for contributions, how can any sane individual think politicians are going to be for the majority of the people in a country with the severely skewed wealth distribution as in the US.

Give this country a few more years and we'll be operating like a third world world country except the lame in this country will call it a democracy. We the people will be a faint memory.

http://journals.democraticunderground.com/WCGreen/313

As soon as I heard the proposal, I noted this here on the DU.

Your going to see them gut EVERYTHING in the New Deal during the next two years. They are ALREADY holding meetings to repeal the healthcare program.

Cutting the tax makes no sense if you look at SS as a stand-alone self-supporting program. It only makes sense if you just look at it as part of a larger blended federal budget. I hope Obama doesn't see it that way.

That's what they said.

I will have nothing to lose,Nothing left.
I already don't trust many people.I definitely don't trust the politicians,the govt.military,any capitalist,corporate pig, no religion and especially hate and will never trust the rich,I will not stand by as they take what little means I have to live and manage the pain I live with(physical and psych),away. Don't try to put this tiger in a cage and starve,taunt,and betray thinking this poor trapped cat cannot reach you...



"As a result of this investigation, (police believe) that the tiger may have been taunted/agitated by its eventual victims," according to Inspector Valerie Matthews, who prepared the affidavit. Police believe that "this factor contributed to the tiger escaping from its enclosure and attacking its victims," she said.

http://www.msnbc.msn.com/id/22719922/ns/us_news-life/

I have endless hate in my heart for those monsters in human suits who would abuse in the name of vainglorious ego bullshit,profit, power-over or greed.This world is not kind,and there is nothing this world can do that can stop the hate inside..once I let it run forth..

as usual