Chris Bellomy
2004-12-23 21:36:03 UTC
First, I quote Dave Johnson of seetheforest.blogspot.com:
Social Security runs a huge surplus, which is put into
government bonds. In the 2000 election Al Gore said this money
should be kept in a "lockbox," to pay back the bonds when
Social Security needs it. Instead Bush said this surplus was
"your money" and gave it out as tax cuts for the rich.
That tax cut WAS "your money" and it was supposed to be in
safe keeping until you needed it for your retirement. Instead
Bush and his cronies got their hands on it.
In 2018 Social Security stops running a surplus and needs that
money to pay YOU or your parents. Bush doesn't have it because
it went to tax cuts for the rich, and says that because of
this Social Security is "in crisis." So we need to cut
benefits, etc. But saying this 2018 problem is because of
Social Security is like blaming the bank when you don't have
enough to pay your mortgage payment this month, and insisting
that the bank lay off employees so they won't need your money.
I have another, more salient point about this. The Social
Security surplus was a result of higher payroll (FICA) taxes,
which are paid only up to a certain cap of income (roughly
$87k last I checked). If you make more than that cap per year
in salary, everything above the cap is tax free, FICA-wise.
Further, investment income is not subject to FICA at all.
Put another way, that surplus was paid for by average working
people, *not* by the wealthy. But who did Bush give the money
to with his tax cuts? Did he cut the FICA rate? Of course not.
He moved that money which had been paid by average folks
straight into the pockets of his rich donors.
The next time Republicans whine about the progressive income
tax, ask them why they never mention FICA, nor do they ever
propose any relief for those taxpayers. Nothing gets to the
heart of their scam more directly than this.
Social Security runs a huge surplus, which is put into
government bonds. In the 2000 election Al Gore said this money
should be kept in a "lockbox," to pay back the bonds when
Social Security needs it. Instead Bush said this surplus was
"your money" and gave it out as tax cuts for the rich.
That tax cut WAS "your money" and it was supposed to be in
safe keeping until you needed it for your retirement. Instead
Bush and his cronies got their hands on it.
In 2018 Social Security stops running a surplus and needs that
money to pay YOU or your parents. Bush doesn't have it because
it went to tax cuts for the rich, and says that because of
this Social Security is "in crisis." So we need to cut
benefits, etc. But saying this 2018 problem is because of
Social Security is like blaming the bank when you don't have
enough to pay your mortgage payment this month, and insisting
that the bank lay off employees so they won't need your money.
I have another, more salient point about this. The Social
Security surplus was a result of higher payroll (FICA) taxes,
which are paid only up to a certain cap of income (roughly
$87k last I checked). If you make more than that cap per year
in salary, everything above the cap is tax free, FICA-wise.
Further, investment income is not subject to FICA at all.
Put another way, that surplus was paid for by average working
people, *not* by the wealthy. But who did Bush give the money
to with his tax cuts? Did he cut the FICA rate? Of course not.
He moved that money which had been paid by average folks
straight into the pockets of his rich donors.
The next time Republicans whine about the progressive income
tax, ask them why they never mention FICA, nor do they ever
propose any relief for those taxpayers. Nothing gets to the
heart of their scam more directly than this.