Quote:
Originally Posted by d-ray657
The reduction in the payroll taxes did not come until the end of 2010. The tax cuts that were part of the stimulus were just that - a cut in income taxes for the middle class.
As far as the cut in payroll taxes - the government has been considering those funds fungible for years. They are also about a regressive a tax as you can get. Not only are they a flat tax rate, but it is a tax that is no longer collected when folks reach higher income levels. I have no problem with lower income people being the beneficiaries of a tax break during a recession. After all, the lower income people tend to spend a much larger portion of their income, so any tax relief directed to them goes straight into the economy.
Regards,
D-Ray
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Except that Soc Sec was always a UNIVERSAL self-funding program.. They are NOT fungible. If you MAKE them fungible -- the program becomes welfare. There is already a disparity of 10 to 1 between what folks pay into the program. LET'S JUST CALL IT WELFARE then and means test the crap out of it. What does UNIVERSAL mean to you lefties anyway? Does it mean that only 1/2 see any benefit in the program?
If a private insurance company promulgated the fantasty tales about a Trust Fund and that they were flush with cash til 2033 (when they are broke and running a deficit) like the SSA does -- you'd be SCREAMING to incarcerate the lot of them..