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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Dave who wrote (71037)2/23/2001 4:00:30 PM
From: Logain Ablar  Read Replies (1) of 436258
 
Dave:

The payroll tax is for funding retirement and medical care in retirement and only half of this is paid by the individual. The other 50% by business. I have no problem if this is cut as long as there is a corresponding cut in benefits so we can save more to cover the expenses when we retire. After all the american people have shown a good ability to save for retirement.

Right now the tax burden (not just income but its @ record levels as well) is @ the highest level since WWII (been running higher for over two years) as a % of GDP, so either our government starts cutting (and the only way to force this on DC is with cuts cause if its there they will spend it) or we run a surplus which will be used for "spending" plans. I've seen Laura Tyson already lobbying for this.

Now the question is how to cut.

Yes I saw a democratic piece where they misrepresented the #'s. They use the "rich" savings in year 10 and the middle class saving in year 1 of the 10 year implementation plan. Easy to fool the masses but I'm sure your smart enough to have picked up on it. Hey why did they use a lexus and not a caddy in the spot??

Yes I saw where Rubin is setting up to place the blame of the bubble economy excesses onto Bush. Also saw were Summers already talked about it.

Bush hasn't a chance since the true pain hits on his watch but the whole scenario started a long time ago. All he can do is try to minimize the pain.

The bottom 20% (I can't access my source so the % may be off a little) still don't pay any income tax and under Bush's plan they actually get more back thru the earned income credit.

Good luck
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