[FredZarguna]

First of all, SS and Medicare should go back up. Those are payments to an insurance program and the revenue lost over the last two years will NEVER be put back into the programs. They are already in terrible shape and we can't afford not to fund them.

As for the other calculation, I wouldn't trust Comcast -- they're bundlers for 0bama, and their rate is surely a nominal, not actual, calculation. Expiration of the Bush Tax cuts will increase the average family's actual Federal Income Tax liability (not nominal tax) by about $1200. That is on an average ($48,500) household income. I very seriously doubt that you would see an increase of $1000 on less than $29,000.

[3catsanadog]

I hope you are right.

[3catsanadog]

PS - I wish SS and Medicare had stayed at the same rate. Like a business I don't like rules and charges being changed around every couple years and I have thought myself what how the lower rate was affecting the payout.

Course SS will crash in a decade or two no matter what.

[DuncanWaring]

Social Security and Medicare both need to die.

Social Security can probably be gradually (over a period of 40 or 50 years) phased out.

Medicare needs to die much sooner. It’s been doubling in annual cost every 8 years since 1980. At that rate, in another 16 years, it will consume the entirety of today’s annual budget, and in another 16 years will consume the entire GDP.

I’m sure you realize that’s impossible.

Medicare must be cut drastically. Promises will be broken. There will be much screaming and gnashing of teeth. But, a person cannot expect to pay a few tens of thousands of dollars in Medicare taxes over the course of their working life and then expect to collect hundreds of thousands of dollars in medical coverage for joint replacements, heart-bypass operations and cancer treatments when they retire.

Can’t be done.

The sooner we admit that, the better.

[Gunslingr3]

First of all, SS and Medicare should go back up. Those are payments to an insurance program and the revenue lost over the last two years will NEVER be put back into the programs. They are already in terrible shape and we can't afford not to fund them.

They're not insurance programs, because insurance companies invest premiums to afford disbursements from the proceeds. These are welfare programs that are directly funded via payroll taxes.

Expiration of the Bush Tax cuts will increase the average family's actual Federal Income Tax liability (not nominal tax) by about $1200. That is on an average ($48,500) household income. I very seriously doubt that you would see an increase of $1000 on less than $29,000.

The payroll tax increase isn't part of the Bush tax cuts. Those taxes are going up next year, and everyone (with a job who is on a payroll) will see their take home pay reduced.