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Thread: GOP may OK tax increase that Obama hopes to block

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    Re: GOP may OK tax increase that Obama hopes to block

    Quote Originally Posted by Your Star View Post
    What about that "no tax increase" pledge that most of the GOP took? Either they just want to disagree with Obama, or they only care about the richest 2%, either way this is not good.
    Maybe there is more to it than the article explains?

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    Re: GOP may OK tax increase that Obama hopes to block

    How many understand this the payroll tax for SS?

    So as the article stated the 46% who pay no federal income tax, yet will draw Social Security when eligable. will have their rate go back to 6.2%. "Workers normally pay 6.2 percent of their wages toward a tax designated for Social Security. Their employer pays an equal amount, for a total of 12.4 percent per worker. As part of a bipartisan spending deal last December, Congress approved Obama's request to reduce the workers' share to 4.2 percent for one year; employers' rate did not change. Obama wants Congress to extend the reduction for an additional year. If not, the rate will return to 6.2 percent on Jan. 1."

    This tax is for anyone being paid legally. Is it not fair that everyone working pay into SS at the same percentage rate? Seems the 46% who pay no federal income tax would want to do their fair share to ensure SS is around when they are able to collect SS.
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    Re: GOP may OK tax increase that Obama hopes to block

    Quote Originally Posted by Your Star View Post
    What about that "no tax increase" pledge that most of the GOP took? Either they just want to disagree with Obama, or they only care about the richest 2%, either way this is not good.
    Were they not talking about federal income tax?. That is what I though Obama wanted to change on the "rich". The article refers to the one year reduction of the payroll tax for SS as part of the stimulas package Obama wanted.

    So you are for less revenue going into SS by not having the rate go back to the way it was one year ago? Hope you don't plan on drawing SS then.
    Last edited by mike2810; 08-22-11 at 01:54 AM.
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    Re: GOP may OK tax increase that Obama hopes to block

    I posted this same thread article yesterday: http://www.debatepolitics.com/breaki...pes-block.html
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    Re: GOP may OK tax increase that Obama hopes to block

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    Re: GOP may OK tax increase that Obama hopes to block

    So a couple of things here I'm wondering then my thoughts...

    Liberals. All thorughout the Bush Tax Cut debate in December many steadfastly stated that not extending the Bush Tax Cuts was not a tax INCREASE but rather simply letting tax rates go back to what they were supposed to be since it was just expiring. As such, is what the Republicans doing a tax increase or is it simply letting the tax rates go back ot what they were supposed to be?

    Similarly, to conservatives. Throughout the Bush Tax Cut debate in December many of you stated that regardless of the way it happened, the actions of the Democrats would cause taxes to increase and thus they were pushing a tax increase. Are the republicans now pushing a tax increase?

    Here's my view on this...

    Yep, its a tax increase. Its also one I have no huge issue with. I think the economic benefit of the additional money it puts into the market is largely negated by the short term nature of it, which I think is likely to lead it to be saved or simply used to pay down debt rather than actually significantly reinvested back into the economy on the near term. One or two year temporary tax holidays do little but let people have money they know is temporary and tenuous during a troubled time for the economy. What helps to stimulate is conrete, stable, secure economic conditions and a short term drop doesn't really do that.

    Do I have a huge issue with the payroll tax holiday occuring? Not at all. I don't have an issue with it being passed. I'm not necessarily angry if it doesn't get passed either because I can objectively look at, understand, and agree with the reason for opposing it.

    I do find it a wonderfully delicious bit of hypocrisy on BOTH sides, though I find utmost and distinct humor in the fact that the AP via MSNBC decided to...shockingly...focus only on the republicans. On one side, you have Republicans pushing against something that would cut taxes and put money into peoples pockets. On the flip side, you have Democrats pushing for something that will reduce revenue during a time when they say its most important to increase revenue.

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    Re: GOP may OK tax increase that Obama hopes to block

    Quote Originally Posted by Lord Tammerlain View Post
    A temp reduction in the employee paid for part of SS
    So...they want people to start contributing at the originally higher (by about 2%) level into a fund for a program that is looking at insolvency in less than 20 years....and people are railing on politicians for this?

    When serious proposals to alter or redirect the path of social security are shot down without consideration, when people use inflammatory language like "throwing grandma off a cliff" or "to hell with old people, right?", and people avoid reality for political expediency, it's frustrating to me that this has become just one more political power play. "Quick, let's throw them under the bus as hypocrites and hope people don't remember that every proposal to change social security to make it solvent has been DOA".

    Tired of the childish games. This slight tax "increase" will not be the end of the world. It never should have been inacted in the first place. If we aren't serious about fixing the problem we should damn sure not take actions that will exacerbate it.
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    Re: GOP may OK tax increase that Obama hopes to block

    Quote Originally Posted by Helix View Post
    wealth trickles up, as well. the GOP seems to spend less time thinking about that possibility.

    that being said, i don't see a way to make social security solvent without increasing revenue. my opinion is that raising the contribution ceiling is the most feasible solution.
    I would like to see the reduction lapse AND remove the ceiling...
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    Re: GOP may OK tax increase that Obama hopes to block

    The terminology of letting the tax holiday expire is irrelevant. It boils down to the fact that more revenue is needed to keep social security solvent; even more revenue than will be generated by the end of the tax holiday. The best solution I see is to raise the ceiling.

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    Re: GOP may OK tax increase that Obama hopes to block

    Quote Originally Posted by donsutherland1 View Post
    The temporary reduction in the payroll tax has reduced cash inflows to Social Security. It has had an actuarial impact on the program's long-term imbalances. Moreover, the Social Security Disability Insurance program is nearing insolvency. Unless some offset is found to focus on Social Security's long-term future, which is vital given the importance of the program, I don't necessarily disagree with allowing the temporary tax reduction to expire. This, in my opinion, is a clear example where the long-term should take precedence over the short-term.
    So...you are a GOPer???

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