Beavah 205 Posted December 20, 2011 Share Posted December 20, 2011 Yah, cynical as I have become of da thing that passes for the Republican Party these days, even I didn't figure that these nutters would throw unemployment relief and the payroll tax into uncertainty right before the new year. Used to be there were businesspeople in the Republican Party. Say what yeh want about taxes, but far more than taxes da success of business depends on not havin' too much uncertainty. When things are perpetually up in the air, no prudent business can invest for da long-term growth which supports the real economy. My hope is that the Senate and the President just let the cuts expire. Yeh can only be taken hostage so many times, and much as this will badly hurt the families of the long-term unemployed and be devastating to Medicare providers, the rest of us can afford to pay our part of social security. B Link to post Share on other sites
John-in-KC 311 Posted December 20, 2011 Share Posted December 20, 2011 Social Security is running on fictional IOUs from the General Fund of the US even now. Medicare is on a glide path to relying totally on the General Fund for its budget. What bloody fools of 536 National Leaders (President, 435 House, 100 Senate) ever voted this bloody idea into play in the first place? I've heard all manner of bad ideas on SS/Medicare. Letting this particular bad idea (cutting the inputs to the fund streams) die is the first good idea I've heard in some time. My two cents. Link to post Share on other sites
scoutingagain 20 Posted December 20, 2011 Share Posted December 20, 2011 This particular tax cut was a political move on the part of Democrats. It virtually erased any line between social security and the general fund. It also gave the bulk of the tax cut to those making less than $106K/year. Not defending it per se. But it did have the effect of putting more money in working people's pockets compared to a capital gains tax cut or even an income tax cut. But now the curtain has been pulled back and revealed, as all should have known, the social security IOUs are a general obligation of the US Government and need to be paid for out of the general tax fund. However, as I understand it this most recent grand stand is less about the 2% tax cut, and more about all the little tag alongs that were added to the original House bill to make it acceptable to House Republicans that went to the Senate, that the Senate bill eliminated. Me I immediately upped my 401K contribution by 2% when this went through. Conservatives are always saying, give me my Social Security Tax & let me invest it. Well this was their chance get some of it and do what they wanted to with it. SA Link to post Share on other sites
BS-87 30 Posted December 20, 2011 Share Posted December 20, 2011 I think folks under 45 should be able to get out of this mess called Social Security if they want to. Folks under 35 should probably be excluded entirely. Folks under 35 have zero faith anyway that it'll still exist in 40 years, so quit punishing them for decisions made by their great-grandparents and promises made to their grandparents. Link to post Share on other sites
Beavah 205 Posted December 20, 2011 Author Share Posted December 20, 2011 I think folks under 45 should be able to get out of this mess called Social Security if they want to. Folks under 35 should probably be excluded entirely. Can't have that, BS-87. That would mean all us old folks wouldn't get our social security. We need all you young people payin' in, because that's the money that's goin' into our pockets. If yeh want Social Security to be around when you are an old furry critter, it'll be up to you to lay a heavy burden on your grandchildren and their young families. All we can do is show you the way. B Link to post Share on other sites
JoeBob 606 Posted December 20, 2011 Share Posted December 20, 2011 That's not a tax cut! It's a holiday from your SS pension contributions. Which means your kids will be paying it for you. Two MONTHS? To take effect in ten DAYS? Yeah, that'll eliminate uncertainty in the future and stimulate business. A two month redistribution of wealth shows Business just how hopeless congress is of getting anything productive done, and stimulates Business to RUN! Link to post Share on other sites
Lisabob 13 Posted December 21, 2011 Share Posted December 21, 2011 I agree the 2-month timeframe thing is dumb. I don't agree that Speaker Boehner is doing anything not-dumb, in return. When your only options are dumb & dumber, I think you go with dumb. Link to post Share on other sites
John-in-KC 311 Posted December 21, 2011 Share Posted December 21, 2011 Lisa, This time, i'll disagree with you. This cut should never have happened. It only made the Ponzi scheme worse. Yes. I've called Social Security a Ponzi Scheme. I've got an idea to fix it, but it'll never happen ... our politicians are addicted to their power to tax. It's their crack cocaine. Yes, I am fully cynical today. A pox on all their houses, all 536 of them. Link to post Share on other sites
Lisabob 13 Posted December 21, 2011 Share Posted December 21, 2011 John, if this cut should never have happened, I'm sure you'll also gladly take back the Bush tax cuts too and restore us to the income tax levels of the (gasp) Clinton era? (And: Merry Christmas! I'm off the webs for the rest of the year) Link to post Share on other sites
Papadaddy 121 Posted December 21, 2011 Share Posted December 21, 2011 I was against the "tax holiday" when they implemented it last year. SS is already in a death spiral, and they are slowing down the life support IV drip??? Unemployment benefits have been extended to 99 weeks, and they want to extend it more??? A friend's daughter recently used up her 99 weeks, and miracle of miracles, found a job 3 days later! Granted, it wasn't "in her major", but she's getting a paycheck and benefits and paying taxes again. I'm afraid that, whatever the election outcome, the country is doomed...we can't afford more Obama, and there are no viable alternatives, as far as I can see...except Ron Paul, who will not get the nomination. Link to post Share on other sites
Beavah 205 Posted December 21, 2011 Author Share Posted December 21, 2011 I'm sure you'll also gladly take back the Bush tax cuts too and restore us to the income tax levels of the (gasp) Clinton era? Hear! Hear! I thought those were irresponsible at da time, even before we got into two wars and an unfunded Rx drug program. Let 'em all expire. Beavah Link to post Share on other sites
skeptic 992 Posted December 21, 2011 Share Posted December 21, 2011 Am with John in K.C. on this too; bring on the POX. Also bring back the Clinton structure, including actually under budget. Link to post Share on other sites
Eagledad 2777 Posted December 21, 2011 Share Posted December 21, 2011 Which makes one asks, what was the motivation to get a bipartisan agreement for the Bush tax cuts in the first place and what is different now? Barry Link to post Share on other sites
scoutingagain 20 Posted December 21, 2011 Share Posted December 21, 2011 The Bush Tax cuts were proposed at a time when initially we were running a surplus and they were supposed to be temporary. Even so, at the time they were described as "irresponsible" by such noted big government liberals as John McCain, Warren Rudman and David Stockman. Short of a complete overhaul of the tax system, we can only hope the federal government remains this disfunctional when they are set to expire again and they are allowed to finally expire and some sort of fiscal sanity returns. I'm not holding my breath. Instead of the 1% maybe we should focus on the 536. SA Link to post Share on other sites
Eagledad 2777 Posted December 21, 2011 Share Posted December 21, 2011 The Bush Tax cuts was a bipartisan vote to boost the economy and save jobs. Barry Link to post Share on other sites
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now