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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Bill who wrote (358358)2/12/2003 5:56:20 PM
From: Steve Dietrich  Read Replies (4) | Respond to of 769670
 
My biggest peeve is that the payroll taxes get counted as part of the surplus used to justify tax cuts, but the payroll taxes never get cut, literally taking money from the relatively poor and giving it to the relatively rich.

And then the Bush commission on SS says SS is trouble in 2016 because all the surplus money isn't really there. Of course it isn't there, they've used it to finance tax cuts.

And consider this from the CBO report:

Although revenues from individual income taxes are nearly 50 percent greater than revenues from social insurance taxes, households in the bottom 80 percent of the income distribution on average pay nearly twice as much in payroll tax as in income tax. In 1997, 9.6 percent of that group's income went to payroll taxes, compared with 5.2 percent going to income taxes

Steve



To: Bill who wrote (358358)2/12/2003 6:05:20 PM
From: Kenneth E. Phillipps  Read Replies (1) | Respond to of 769670
 
The payroll tax is a real cash cow for Republican borrow and spend policies. The Social Security Surplus is about $160 billion. In other words, the budget deficit would be $160 billion higher if it were not for social security. This is why Republicans won't touch it. They use it to finance their tax cuts.


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