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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (151953)	12/10/2010 4:30:50 PM
From: KyrosL	Read Replies (1) \| Respond to of 542836

Only employee contributions are reduced by 2%. So, 16% revenue drop.

To: Wharf Rat who wrote (151953)	12/11/2010 3:04:51 PM
From: Cogito	Read Replies (1) \| Respond to of 542836

>>Cutting taxes by 180B or whatever to balance the budget and fixing SS for the next 75 years by dropping taxes 2% shows that Obama didn't have the math skills to get into med school, and became a lawyer instead. Especially when 2% = a 33% drop in receipts; Obamathematics?<< OK, well, Obama did not say that reducing the payroll taxes was intended to fix SS for the next 75 years. Nobody has made that claim, and it wasn't the purpose of the tax deal. Second, the reduction means a drop of 16.5% in receipts, not 33%. While individuals pay 6.2% in FICA to support SS and Medicare, their employers also pay 6.2%, and I don't believe this deal would change that. Only the rate the employees pay will change.