Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Bill who wrote (358380)	2/12/2003 6:30:26 PM
From: Steve Dietrich	Read Replies (1) \| Respond to of 769670

<<There is no surplus. Never was.>> Well here's what President Bush had to say about it in his first address to congress: The growing surplus exists because taxes are too high and government is charging more than it needs. The people of America have been overcharged and on their behalf, I am here to ask for a refund. << AND not a dime of FICA was ever refunded to taxpayers.>> Actually it was, that's why the Bush SS Commission stated that SS is in trouble in 2016: that's when SS will start to count on the surplus it's been supposedly building up. But Bush's commission says that money isn't really there. When Bush was using huge surplus projections to justify tax cuts, he was including the SS surpluses in his figure. Payroll taxes are used as general revenue, to finance all that income taxes are insufficient to pay for. Lacking income tax revenues are subsidized by payroll taxes which are in surplus. <<When income taxes are cut, income tax payers pay less.>> That's why they should cut payroll taxes (which are a tax on income). As the CBO report says: households in the bottom 80 percent of the income distribution on average pay nearly twice as much in payroll tax as in income tax. Give the people some of their money back. Steve