Social Security advocates fear payroll tax cut

still_one

(1000+ posts) Send PM | Profile | Ignore

Sun Dec-12-10 10:35 AM
Original message

Social Security advocates fear payroll tax cut

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.

http://news.yahoo.com/s/ap/20101212/ap_on_bi_ge/us_payroll_tax_holiday

Refresh | +13 Recommendations

Printer Friendly | Permalink | Reply | Top

PSPS

(1000+ posts) Send PM | Profile | Ignore

Sun Dec-12-10 10:41 AM
Response to Original message

1. "big savings?"

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.

I don't consider saving 2% that "big." They use this headling, of course, to impress the "low information" reader that they better get behind this so they can get that "big" windfall.

However, all together, this will be a material hit on the social security trust fund, making it easier to dismantle which is what the republicans (and, apparently, Obama) want to do.

Printer Friendly | Permalink | Reply | Top

msongs

(1000+ posts) Send PM | Profile | Ignore

Sun Dec-12-10 10:42 AM
Response to Original message

2. or we could just slash the military's bloated welfare budget...oh wait can't do that nt

Printer Friendly | Permalink | Reply | Top

Karmadillo

(1000+ posts) Send PM | Profile | Ignore

Sun Dec-12-10 10:47 AM
Response to Original message

3. Smart people like Obama prepare multiple attacks. If the Catfood Commission collapses in farce,

attack Social Security by cutting payroll taxes under the guise of helping workers.

Printer Friendly | Permalink | Reply | Top

bluethruandthru

(1000+ posts) Send PM | Profile | Ignore

Sun Dec-12-10 11:11 AM
Response to Reply #3

6. Sure seems like Obama is putting a lot of effort into killing social security doesn't it?

I guess because he won't need it, it's okay to get rid of it.

Printer Friendly | Permalink | Reply | Top

ThomWV

(1000+ posts) Send PM | Profile | Ignore

Sun Dec-12-10 11:07 AM
Response to Original message

4. This will kill Social Security, it is the first step in turning it into a welfare program.

Printer Friendly | Permalink | Reply | Top

Faryn Balyncd

(1000+ posts) Send PM | Profile | Ignore

Sun Dec-12-10 11:09 AM
Response to Original message

5. KNR

Printer Friendly | Permalink | Reply | Top

DU AdBot (1000+ posts)

Mon Apr 29th 2024, 03:07 PM
Response to Original message

Advertisements [?]

Top

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.