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In reply to the discussion: The Payroll Tax Holiday is and has always been a poison pill for Social Security [View all]snot
(10,524 posts)29. This is becoming my fave post:
http://www.informationclearinghouse.info/article33471.htm :
Much more at the link.
"{W}hy do politicians only create new spending power for the purpose of waging war and destroying property, not to build or repair bridges, roads and other public infrastructure? Why should the government tax employees for future retirement payouts, but not Wall Street for similar user fees and financial insurance to build up a fund to pay for future bank over-lending crises? For that matter, why doesnt the U.S. Government print the money to pay for Social Security and medical care, just as it created new debt for the $13 trillion post-2008 bank bailout?
* * * * *
"There is no inherent need to single out any particular area of public spending as causing a budget deficit if it is not pre-funded. It is a travesty of progressive tax policy to only oblige workers whose wages are less than (at present) $105,000 to pay this FICA wage withholding, exempting higher earnings, capital gains, rental income and profits. The raison dêtre for taxing the 99% for Social Security and Medicare is simply to avoid taxing wealth, by falling on low wage income at a much higher rate than that of the wealthy. This is not how the original U.S. income tax was created at its inception in 1913. During its early years only the wealthiest 1% of the population had to file a return. There were few loopholes, and capital gains were taxed at the same rate as earned income.
"The governments seashore insurance program, for instance, recently incurred a $1 trillion liability to rebuild the private beaches and homes that Hurricane Sandy washed out. Why should this insurance subsidy at below-commercial rates for the wealthy minority who live in this scenic high-risk property be treated as normal spending, but not Social Security? Why save in advance by a special wage tax to pay for these programs that benefit the general population, but not levy a similar user fee tax to pay for flood insurance for beachfront homes or war? And while we are at it, why not save another $13 trillion in advance to pay for the next bailout of Wall Street when debt deflation causes another crisis to drain the budget?"
Much more at the link.
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The Payroll Tax Holiday is and has always been a poison pill for Social Security [View all]
TheProgressive
Dec 2012
OP
There's a lot of baloney being posted here lately. I'm amazed at the lack of civics knowledge.
freshwest
Dec 2012
#4
good op Progressive! The intent is as exactly how you describe it. watch the apologists tell you he
In Truth We Trust
Dec 2012
#5
It is our duty to continue the democracy that the founders established...
TheProgressive
Dec 2012
#8
Well it is not a 'democratic' idea however it is an Obama pushed idea...
TheProgressive
Jan 2013
#27
That didn't work on me. I up'd my 401k contibution by 2% when it went into effect.
RB TexLa
Jan 2013
#23
Refundable tax credit, just like the subsidies in the Wealthcare and Profit Protection Act
TheKentuckian
Jan 2013
#34