Tax cuts just 37 percent of the total deal

[liberal N proud]

In its fact sheet on the tax cut framework, the White House provides some numbers on specific provisions:

•A $120 billion Social Security payroll tax cut in 2011, with the rate being cut from 6.2 percent of earned income to 4.2 percent. For a worker making $60,000 a year, this would result in an additional $1,200 in take-home pay.
•$56 billion in additional unemployment insurance benefits for 13 months.
•$40 billion in tax cuts for families and students, including a two-year extension of the American Opportunity tax credit which helps families
pay college tuitions, which was part of last year's stimulus.
The White House fact sheet did not detail the cost of a two-year accord on estate tax (taxing inherited wealth above $5 million at 35 percent).

http://firstread.msnbc.msn.com/_news/2010/12/07/5606406-bush-tax-cuts-just-37-percent-of-the-total-deal

[lonestarnot]

1. Last point is interesting. Glaring ommission for some reason.

[Hannah Bell]

8. there are a number of glaring omissions.

[lonestarnot]

11. Wish I had omitted one of those m's

:evilgrin:

[dflprincess]

2. The Social Security cut is a Trojan horse

and will eventually be used as a reason to claim SS is "insolvent".

An extra $100 a month (using the example of someone making $60K) is not worth risking the retirement and disability safety net.

[doc03]

3. So a person making $60,000 gets a $1200 handout from

SS and what do the retirees get? Since the SS has been put in the hole even more we have to take a bigger cut. You tell me why a person making $60000 should get a $1200 bonus when people on SS don't get a COLA for at least three years? I guess as long as people are on the receiving end of a handout they are all for it.

[aquart]

4. +1200

[dflprincess]

6. Did you misread my post.?

I said an extra $100 a month is NOT worth risking the retirement or disability safety net.

I called the payroll tax cut a Trojan Horse because, while it will sound good to some people, most of us know it's just another step toward destroying Social Security completely.

[doc03]

9. I totally agree with you, I was just expressing my frustration

about the thing.

[doc03]

10. delete

[FrenchieCat]

5. SS is already being claimed as "insolvent".......

we are already borrowing from it.
Nothing new here!

[dflprincess]

7. It's another shot in the war against SS.

Now they're not only looting the trust fund, they're putting less money into it.

[RobinA]

12. Agree Totally

I wish the pundits would get off the "tax cuts for rich people" meme and hammer the SS cut for awhile. That's the biggest problem with this bill, and none of these other adjustments and extensions should be hiding it.