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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: CommanderCricket who wrote (142406)12/7/2010 7:08:55 PM
From: JimisJim  Read Replies (1) of 206181
 
CC: that is 7 out of 18 people, none of whom have to run for reelection... I have seen almost all of those things "talked" about and recommended over the years and the only one I've ever seen actually implemented was the increase in SS retirement age for boomers from 65 to 66 or 67.

More politically feasible would be the recommendation that caps on SS payroll taxes be eliminated -- I believe income after the $95,000th dollar earned in a year is free of all SS taxes. It used to be around $60K 30 years ago and has gradually gone up over time. All I know is that when I used to work full time for a salary, I always did a double take late in the year when I opened my pay stub and it seemed like I'd been given another raise or bonus, but it was just that my YTD income had gone over the SS tax cap and my entire paycheck was no longer taxed for SS until it reset the next Jan. 1st.

And lastly, remember when the sales tax deduction went away? And then crept back in, albeit in much reduced form and only in certain states/situations.

I'd imagine that the construction industry lobbyists are all over any attempts to reduce, phase out, or cut the mortgage interest deduction... and they've got enough at stake and enough money to tip the scales -- they have more influence than voters, IMO.

Jim
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