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Pastimes : Let's Talk About Our Feelings!!! -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (72648)	1/19/2000 5:50:00 PM
From: Bill	Read Replies (1) \| Respond to of 108807

Lifting the cap would increase your federal tax by 6.2% on all earned income over $76,200, whether salary or non-qual options. If you thought paying 1.45% for medicare was bad, you won't be happy paying 7.65% for the full SS boat.

To: Lizzie Tudor who wrote (72648)	1/19/2000 6:33:00 PM
From: Ish	Respond to of 108807

<<because I am disturbed by the rising conservative tide and backlash against feminism etc. by conservatives, therefore I will accept fiscal irresponsibility if I have to (but I don't want to).>> Where I live there is a feeling that abortion isn't right. Birth control is ok. Sex is not an issue as far as job promotion except to favor women slightly. <<But with regards to lifting the cap off SS, the truth is there already is no cap on medicare, and almost 100% of most workers salaries are already taxed. >> Medicare is like 1.5% and SS 15%. The corporations may go to where the big options are due to contracted workers. Look for it, it's comming.

To: Lizzie Tudor who wrote (72648)	1/19/2000 11:45:00 PM
From: Ilaine	Respond to of 108807

Found this on the Myth thread, thought you'd be interested: US SENATE GOP:SOCIAL SECURITY SURPLUS SHOULD PAY OFF PUBLIC DEBT --Senate Budget Panel Not Working on Any Specific Debt Reduction Legislation --House Speaker Hastert Set to Call for Elimination of Public Debt by 2015 By John Shaw WASHINGTON (MktNews) - While House Speaker Dennis Hastert has instructed the House Budget Committee to draft legislation to ensure the U.S. public debt will be paid off by 2015, Senate Republicans are not inclined to push any specific bill this year, but rather to pledge that all of the surpluses generated by Social Security will be used for debt reduction. "At this point we're not working on any specific bill but it is possible that we will bring up our lock box plan," said Amy Call, a spokeswoman for the Senate Budget Committee. She was referring to legislation drafted by Senate Budget Committee Chairman Pete Domenici last year that created a separate public debt ceiling which would be steadily to reduced to zero over time as surpluses grow. This bill was opposed by President Clinton and blocked by Senate Democrats. The House passed a much softer version of the legislation last year, but it also was stalled in the Senate. "Given the limited time we have this year, it may make more sense just to say that all of the Social Security surpluses be used for debt reduction," Call added. Both the White House and the GOP majority in Congress have embraced the goal of fencing off the surpluses generated by Social Security for debt reduction. The national debt is about $5.6 trillion; of this sum the public debt is about $3.6 trillion. In its last comprehensive report, the Congressional Budget Office projected the United States will generate about $3 trillion in cumulative 10-year surpluses and that about $2 trillion will be generated by Social Security. The CBO said last summer that if all surpluses are used for debt reduction, the public debt could be eliminated by 2011. The CBO is to release new surplus estimates on Jan. 26 that are expected to be much larger than it projected last July. However, the CBO is also expected to list three different surplus scenarios that show clearly that future surpluses depend to a significant extent on the level of discretionary spending. Hastert said during a Jan. 6 press conference that the House GOP would offer a specific debt reduction bill this year. However, he has since referred the matter to the House Budget panel. Hastert is expected to announce later in the day that the House Budget panel should send him a debt elimination plan by April 15. Message 12616495