A 2% increase in the 10% tax rate to 12% is a 20% tax increase, not a 2% tax increase. It is way beyond time for a truth in taxation law such as was done in the seventies for loans disclosures.
On another note, with Republicans like Boehner, McConnell, and Arkansas Rep Tim Griffin (recently made a member of the ways and means committee) believing that the problem in DC is not enough “Revenue” - code for your money for them to spend- I have no doubt we will see “Bi-Partisan” support for the senate bill.
By the way, it seems the true definition of Bi-Partisan is not cooperation between competing parties, but is meant more in the Bisexual meaning, in other words our representatives have no problem voting both ways and see no wrong in voting the expediency of the moment rather than stand for a well defined principle.
“It is way beyond time for a truth in taxation law such as was done in the seventies for loans disclosures.”
Good point. More hypocrisy from our government.
And as for their expediency in voting, they bob and weave and do whatever it takes to stay in DC. That’s really all that matters to them. I mean what elese would these clowns do if they had to go back home to earn an honest living? Its a terrifying thought to them. They are just a bunch of weak and inept showboaters devoid of any convictions.
An increase in the employee share of the Social Security tax from 4.2% to 6.2% is a 48% increase that applies even to those employees who don't make enough to pay income taxes.