General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsChained CPI *RAISES TAXES* for the poor to the middle class
Even if Social Security is exempt, it is going to hurt the majority of us.
According to Congress Joint Committee on Taxation, if individual income taxes were indexed to the Chained CPI starting in January 2013, by 2021, 69 percent of the gains in revenue would come from taxpayers with incomes below $100,000, while those in the highest income brackets would barely be affected. For example, workers with incomes between $10,000 and $20,000 would experience an increased tax burden of 14.5 percent, while those with incomes over $1,000,000 would just see an increase of 0.1 percent. 9 This contradicts the idea that the negative effects from benefit cuts due to a switch to the Chained CPI would be offset by increased revenue from the wealthy.
The above is an excerpt from a report from the Center For Economic And Policy Research. You can download the report from this page:
http://www.cepr.net/index.php/publications/reports/the-chained-cpi-a-painful-cut-in-social-security-benefits-and-a-stealth-tax-hike
And a link to the press release
http://www.cepr.net/index.php/press-releases/press-releases/chained-cpi-cuts-social-security-benefits-while-raising-taxes-on-the-middle-class
Panasonic
(2,921 posts)Boehner has recently rejected Obama's newest offer - and nothing more to offer.
It just shows that Republicans are so goddamn selfish and self-centered that they say I GOT MINE, FUCK YOU!
Fuck. That. Shit.
Luminous Animal
(27,310 posts)Chained CPI is also so goddamn selfish and self-centered.
spanone
(136,009 posts)Luminous Animal
(27,310 posts)So, yes. Obama took the Republicans request and made it his own.
http://uk.reuters.com/article/2012/12/18/usa-fiscal-inflation-idUKL1E8NI9IZ20121218
MotherPetrie
(3,145 posts)Luminous Animal
(27,310 posts)Uncle Joe
(58,647 posts)Thanks for the thread, Luminous Animal.
Luminous Animal
(27,310 posts)WillyT
(72,631 posts)PETRUS
(3,678 posts)Luminous Animal
(27,310 posts)Luminous Animal
(27,310 posts)octoberlib
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