Posted on 11/30/2011 10:07:15 AM PST by Free ThinkerNY
President Obama‘s choice of Scranton, Pa., to talk taxes today isn’t just coincidence: it’s a strategic backdrop for a pre-election pitch aimed largely at white working-class voters in critical swing states.
In a speech at Scranton High School — a setting identical to one used last week in Manchester, N.H. — Obama will plug his plan to extend and expand a payroll tax cut for workers and impose a new payroll tax cut for small businesses. He’ll also likely underscore Republican opposition, which has included GOP frontrunner Mitt Romney.
Obama’s campaign strategists say the goal is to articulate in real, tangible terms what’s at stake for the middle class in the 2012 campaign, and how the differences between candidates could mean a hit to their pocketbooks.
If the existing payroll tax cuts are allowed to expire at the end of December, the average middle class family earning $50,000 a year would face an effective tax hike of $1,000, the White House says. In Scranton, where the median income is $34,700 according to the Census Bureau, an individual earning that amount would owe an additional $696 to the government in 2012.
“Take that away…and you’re going to cause the economy to shrink — to grow less, and you’re going to do a lot of harm to 160 million working Americans,” White House press secretary Jay Carney said Monday of the payroll tax cut.
(Excerpt) Read more at news.yahoo.com ...
“Lissen up—all you hens, capons and roosters. You know you can trust me.”
Colonel Harlan Sanders
Would he be happier if we just paid him to campaign for the rest of his life?
I know I would be
And the country would be better off and save a TON of money in the long run
Last summer when Zerobama took his million dollar (taxpayer-bought) Canadian busses out to campaign? It was to see White People.
Why not Blacks? I think we all know the answer to THAT. When you have a 90 percent lock on garnering the Black vote just becuase they will vote for the Black candidate....
Why waste the time and energy?
Black on the outside, but liberal pinko as you can get on the inside!
I’ll bet the average family would gladly pony up that extra grand or so if it would erase everything associated with this President and this administration.
Will they be busing in union members to make the gymnasium look full?
Will they be busing in union members... In Scranton, they won’t have to.
I did some math:
In 2011, Obama cut the percentage of FICA deductions on every employee. The EMPLOYER paid the old, full amount of 6.2%
Let’s say that there are 100 million people working in the USA.
Let’s say they are making only $10 an hour—40 hours a week and 52 weeks a year.
That is 2040 hours a year, times $10 per hour, an earnings of $20,400.00 annually per worker.
For 100 million workers, that is a total of $2,040,000,000,000.00==2 Trillion, 40 Billion dollars gross earnings.
Current 2011 reduction at 2% for the worker, has created a shortfall into Social Security funds of $40,800,000,000.00 40 Billion, 800 million dollars.
This is at a rate of only $10 an hour.
Millions of people earn more than $20,400 annually in this country and thousands earn well above $250,000. FICA deductions cut off at just over $100,000 of gross earnings per employee.
Now, Obama wants to raise the cut in FICA tax deductions to 3.1% for the employee AND 3.1% for the EMPLOYER both.
That totals 6.2% combined.
Using the same 100 million workers & the same annual earnings of $20,400.00 per person, that cut of FICA deductions will amount to $126,480,000,000.00 126 BILLION, 800 MILLION less into Social Security.
In 2011, Social Security went into NEGATIVE position: meaning that more money was already being paid out than was going into the account.
This action for 2012 on the part of Obama would move that shortfall up 3.1 times the shortfall of 2011.
This is a very conservative calculation of such shortfall, since I only used a wage of $10 per hour, barely above the minimum wage.
Such actions will collapse Social Security in a matter of months—by the time November 2012 gets here, the system will be on the ropes.
Current workers also need to realize that every dollar less they pay into the system is less money that they will get when they retire.
Obama is destroying another part of the American system.
This increase in the FICA cut will only accelerate the whole collapse.
;^)
He should travel down the road a bit to State Capital of Harrisburg and give us all a speach about how well Gov’t is at managing money. Hell, managing anything.
local reports are only 225 people turned up
There was another term that 0bama used back in college to describe people who work to earn a living...
“the bourgeoisie”
“using...annual earnings of $20,400.00 per person, that cut of FICA deductions will amount to ... 126 BILLION, 800 MILLION less into Social Security.”
Pretty Good conservative calculation. And interesting.
Kudlow did a segment with Oklahoma Senator Coburn yesterday or the day before. Coburn estimated that the resulting shortfall to Social security “trust fund” would be 330 billion from the worker and employer FICA contributions. This is double your estimated shortfall, but , I believe Coburn’s based his result on $40,000 average worker salary.
After destroying the country , you'd think Obama would want to hide his face because of the terrible job he did.Has he no shame?
Or is the liberal media too good at hiding joblessness and the decline of America?
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