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Payroll Tax Cut Could End Social Security
Investor's Business Daily ^ | 12/22/2011 | David Hogberg

Posted on 12/22/2011 12:06:01 PM PST by Slyscribe

Washington is engaging in a game of chicken over the payroll tax holiday, but this likely won't be the last time Congress and the White House try to extend it. Some say it will become a "permanently temporary" feature of American politics. And the consequences could be dramatic.

"We could be having this conversation 15 years from now and talking about how President Obama, as a Democrat, was the president that started the path to killing Social Security," said Jason Fichtner, a senior fellow at the libertarian Mercatus Center.

(Excerpt) Read more at news.investors.com ...


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: budget; entitlements; payroll; taxes

1 posted on 12/22/2011 12:06:04 PM PST by Slyscribe
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To: Slyscribe

Social security is already dead if you are under the age of 30.

Jason is just making a political point :)

(Good guy by the way, but being silly here)


2 posted on 12/22/2011 12:10:00 PM PST by MadIsh32 (In order to be pro-market, sometimes you must be anti-big business)
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To: Slyscribe
Paying in and paying out are two different issues. They are not necessarily linked. Many European states have old age pensions no one paid into ~ actually that's a common occurrence there.

The US government also has RESOURCES that can be titled over to any beneficiaries left over from the good old days.

3 posted on 12/22/2011 12:12:15 PM PST by muawiyah
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To: Slyscribe

Nah, they won’t end it they will pretend it.

SS will now be funded 100% by fiat money and new debt.

Because Obama needs votes.


4 posted on 12/22/2011 12:12:33 PM PST by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: muawiyah

I read a story out of Kalipornia where there was a dead guy paid $7.7 million in pension after working as a Capitol aide in Sacramento for 22 years. Those guys paid in NOTHING.


5 posted on 12/22/2011 12:14:26 PM PST by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: Slyscribe

“We could be having this conversation 15 years from now and talking about how President Obama, as a Democrat, was the president that started the path to killing Social Security,”

Yeah maybe “we” would. Everyone else would be blaming the Pubs.


6 posted on 12/22/2011 12:17:24 PM PST by bkepley
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To: bkepley
Yeah maybe “we” would. Everyone else would be blaming the Pubs.

Indeed they would. BTW, did anyone see an AP (associated Pravda) story about how the economy is improving, consumer confidence is up, etc. etc. Biggest bunch of horsecrap I've read lately. If Bush were still in office, they'd be talking about Great Depression II.

7 posted on 12/22/2011 12:22:57 PM PST by Marathoner ("Government is not reason. Government is not eloquence. It is force." George Washington)
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To: Slyscribe

social security will never “go broke” as long as they can print money.


8 posted on 12/22/2011 12:27:59 PM PST by snowstorm12
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To: GeronL
State and Local ~ that's where the problem pensions are as well as the vast overwhelming majority of government employees.

I think Congress should take action to close ERISA to any state or local retirement program. That way we can protect ERISA from about the largest collection of fraudulent retirement schemes known to mankind.

9 posted on 12/22/2011 12:28:15 PM PST by muawiyah
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To: Slyscribe

We would all be Hearing it 24/7 Now if a Republican had proposed this farce,Oh wait, George W Bush wanted to let the Younger people to put 2% of their money into their own account and I thought the world was going to end,now this marxist is going to cost the Social security System 250 billion dollars and he ios a Hero. Folks you get what you deserve and the American People elected this guy and are in for it, and the Morons dont know what is going to Hit them as soon as they reelect this scumbag


10 posted on 12/22/2011 12:29:36 PM PST by ballplayer
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To: Slyscribe
Social Security is already dead. This pathetic stunt just provides them cover. After this tax cut they can look back and say, “Gosh, that killed social security.” Truth is, it's been on life support for a quarter century, in spite of the fact that they've raised the taxes, raised the retirement age, and lowered the benefits. Ponzi scheme on the highest order.
11 posted on 12/22/2011 12:31:17 PM PST by youngidiot (Hear Hear!)
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To: GeronL
Currently most of Social Security FICA is paid by employers.

I was hoping the Congress would allow business FICA payments as an allowable deduction if and only if the employee on whose behalf they were being made was verified to be legally in the United States by e-verify.

That particular question ~ ILLEGALS TAKING AMERICAN JOBS ~ is certainly of high value, and maybe even higher value than the Keystone project.

12 posted on 12/22/2011 12:31:42 PM PST by muawiyah
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To: Slyscribe

The republicans are going to lose on both these issues. And they can’t be so stupid as to think otherwise.

This whole thing has been a sham and I’m ashamed to have drank the cool aid. The republicans took the house. It was planned so there would be someone to blame. But the dems kept the senate, with help from the republicans, so they could stop the house from stopping obama.

Now they volunteer to get smeared as raising taxes on working people and cutting off unemployment at Christmas.

They’ll nominate Romney so the press can say the “right wing racist tea partiers” stayed home whether they stay home or not.

obama will be re-elected. The dems will take back the house (though that’s really not neccessary). And the GOP is in on the scam.

I’ve started wearing a tin foil hat when it comes to the two parties. But I know longer think everything is about to collapse and I’m going to start eating my stored food.


13 posted on 12/22/2011 12:32:58 PM PST by Terry Mross (I'll only vote for a second party)
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To: Marathoner

ALL part of the plan. Cut unemployment and the unemployment numbers go down because less people are drawing it. And the GOP volunteered to take the blame for no checks while obama gets the credit for putting people back to work.


14 posted on 12/22/2011 12:36:56 PM PST by Terry Mross (I'll only vote for a second party)
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To: Slyscribe

Yesterday I mentioned a way to finally be rid of that socialist Ponzi Scheme. I will repeat what I said:

I have an idea:

If the Democrats think this “tax cut” is good for the economy, why not make it for the full FICA withholding amount of both individual and employer and make it permanent. Then, those who paid into it all their lives and ready to retire will have sufficient amount in their part of the “lock box” to collect it as planned. Those people who contributed a percentage their working years will get that percentage of back from the “lock box” at retirement and then they can use the remaining working years to build a real retirement savings.

Social Security problem solved.

What? No “lockbox”? My, that is a problem, huh?


15 posted on 12/22/2011 12:52:39 PM PST by Proud2BeRight
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To: Proud2BeRight

Where is AARP? Any other time someone mentions touching social security they scream bloody murder. No where to be found on this one.


16 posted on 12/22/2011 1:05:37 PM PST by baiamonte
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To: Slyscribe

We shouldn’t reduce the payroll tax; we should increase it because that would mean the 48% of those who don’t pay taxes will at least pay this.


17 posted on 12/22/2011 1:08:53 PM PST by New Jersey Realist (America: home of the free because of the brave)
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To: Slyscribe
Washington is engaging in a game of chicken over the payroll tax holiday

RED HERRING ALERT, Those in the district of criminals have to have these kinds of charades in order to keep our attention off the real issues, of which are too numerous to list but way too damaging to the those in government if allowed to completely surface. Returning the governance of this nation to the confines of constitutional principles would reverse much of what has caused our nation's erosion into the corrupt status of it's current state.

18 posted on 12/22/2011 1:19:09 PM PST by drypowder
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To: baiamonte

“Where is AARP?”

Defending their Democrat buddies of course.
“Payroll Tax Cut Doesn’t Impact Social Security”
http://www.publicnewsservice.org/index.php?/content/article/23974-1


19 posted on 12/22/2011 1:20:03 PM PST by Proud2BeRight
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To: New Jersey Realist

“We shouldn’t reduce the payroll tax; we should increase it because that would mean the 48% of those who don’t pay taxes will at least pay this.”

We have a Winner!

That is exactly why they went after this cut rather than a normal federal income tax cut. That way the people who already pay NOTHING toward federal income taxes would get a cut.


20 posted on 12/22/2011 1:24:31 PM PST by Proud2BeRight
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To: ballplayer

YES! Finally another person makes the connection. The same 2% Payroll Tax Cut exemption, money that is basically thrown away (or spend on lattes), is the very same 2% that President Bush was crucified for trying to make available for ‘private’ investment, for those who cared to.

THAT 2% was going to DESTROY Social Security, said the Dems, and put retirees in the street - but deliberately not collecting it, that’s ok -

WHY DON’T the Republicans in COngress or the Republican candidates mention this fact? Why won’t anyone?

Don’t forget the additional tax on mortgages and refis that is going to ‘replace’ this tax cut. The tax cut won’t help unemployed or retirees, but the tax added to morgages will impact them.

Great.


21 posted on 12/22/2011 7:37:50 PM PST by SusaninOhio (So)
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To: Slyscribe

Herman Cain rightly saw that SS will have to be paid out of the general fund, and in fact, it already largely is. That’s why he wanted to abolish both the employer payroll tax and the employee payroll tax......back to 9-9-9, with or without Herman.

Taxes on labor are just crazy.


22 posted on 12/22/2011 7:57:08 PM PST by cookcounty (2012 choice: It's the Tea Party or the Slumber Party.)
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To: SusaninOhio

Im tired of ranting against the Hapless Republicans,they are completely incompetent.
There was one reason and one reason only to extend this farce for 2 months,the Keystone Pipeline, as part of this bill in 2 months(coincidence right?)the decision is to be made to build it or not,Obama does NOT want to make a decision on this until after the next election as to not alienate one of his big Contributors,the unions who want the jobs and the Enviornmentalist who dont want it.
Right now the Democrats are filming all the Sob stories about how if people dont get this tax cut they are going to starve to death so in two months when the Republicans say Mr. Obama make a decision to build this for the Oil we need ,the Democrats will trot out all the Sob stories and say these mean lousy stinkin Republicans are going to starve the poor by holding their Tax cut hostage for that lousy filthy oil. Bohener and Cantor and the rest of the Eunuchs in the Republican party already have the speech written to cave.


23 posted on 12/23/2011 3:24:10 AM PST by ballplayer
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