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Haven't "they" been talking about this for years, now? I think it will be dependent alot on who is elected, how the millionaires are taxed, what the interest groups like AARP decide to lobby for, etc. etc. I personally am not going to worry about this (or about any other money issue). The government has no clue what they are doing now, and I just cannot be concerned enough to help them figure it out. As long as I get my 3.6% increase, let them figure out where its coming from.
Haven't "they" been talking about this for years, now? I think it will be dependent alot on who is elected, how the millionaires are taxed, what the interest groups like AARP decide to lobby for, etc. etc. I personally am not going to worry about this (or about any other money issue). The government has no clue what they are doing now, and I just cannot be concerned enough to help them figure it out. As long as I get my 3.6% increase, let them figure out where its coming from.
Well if, as they say, it will last until 2036 at least, I'll be 90 then and likely won't know, won't care or won't remember! Chances are I won't make it that long anyway.
At the risk of sounding political (even if it was my career) and off-topic (you started it ), I think Obama's entire agenda is to usher in the end of the country as we've known it and it's managed to survive for over 200 years.
All the revenue is put in one pot and then they spend much more than they have. The trust fund is an accounting exercise just like many other measures that the government uses to mislead us as well as themselves. The cut is as much a political move as anything else and what really needs to happen (but won't) is a complete reform of both spending and taxes.
I am completely opposed to a payroll tax cut. It will make no difference in the unemployment issue and only serves to weaken Social Security further - which has been running a surplus until lately. Questionable impact as an economic stimulus, as well. People are given money to spend that they shouldn't be. Since future of SS endangered by this move, that 2-3% should put into individual retirement accounts. Not spent. These people are going to need it.
I see it as a political ploy to tell working people "I cut your taxes" - but reality is their futures are being compromised.
Totally irresponsible, imo. There is no valid argument for this. None.
If the article is correct, the payroll tax cut won't affect the solvency of SS, because the revenue that would have been collected and put into the SS trust fund is being replaced (and put into the SS trust fund) by general tax revenue (which means, of course, it's borrowed, and charged to Uncle Sam's Mad-Max credit card). What it does is provide a boost to many people who make too little to pay any income taxes at all.
But I think that NewToCa has identified the real problem, which is the difficulty in reinstating the full payroll tax anytime in the future. Strategically, it seems like a really stupid (or cynical) move, given the purported need to increase tax revenue in order to cut the deficit and debt.
Last edited by Hamish Forbes; 12-11-2011 at 02:42 PM..
It does matter which account SS benefits are drawn from. SS should not be commingled w/tax revenues to run govt, although I know they are. Separate books are still being kept. Otherwise, why would the article mention that the difference in revenues. SS revenues decrease, causing SS to start to run a 'deficit' - further fueling the arguments of opponents that the 'scheme' was bound to fail. As I recall, it was Lyndon Johnson(?) who first broke the lock box of SS. Too lazy to look it up right now. Anyway you cut it, SS has less revenue - and that is not good any way you look at it. It is a BAD idea. Sadly, you are correct. Just like Bush tax cuts were supposed to sunset in 2009 or 2010, good luck getting the payroll tax restored. So, 2036 will soon become 2025, if not earlier. I'm fit as fiddle at 69. Wth, 2025 is only 13 years away. My sister thinks I'll live to be 100 - under a bridge if things continue this way.
Last edited by Ariadne22; 12-11-2011 at 07:12 PM..
Location: Finally escaped The People's Republic of California
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Trust Fund? I don't trust any of those politicians with it...Vote em all out.....
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), I think Obama's entire agenda is to usher in the end of the country as we've known it and it's managed to survive for over 200 years.
