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(CNN)   Congress does something   (cnn.com) divider line 83
    More: Followup, divided government, United States House Committee on Ways and Means, economic recovery, tax cuts, House Minority Leader, payrolls, House of Representatives  
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7252 clicks; posted to Politics » on 17 Feb 2012 at 3:44 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-02-17 04:56:29 PM

Cat Food Sandwiches: Soup4Bonnie: Arkanaut: Looks like the cut is from the employee's portion of the payroll tax, so each employee is going to see a small bump in their paycheck. That does create some demand.

What kind of bump? Give me some numbers. You or anyone good at math.

This is an extension of a tax cut we got at the beginning of last year. We've already had our bump, now paychecks will just stay the same as they have been.


Right -- I was wrong to say they are "going to see a small bump", but the extension means a difference of -- according to TFA -- $83 a month. That's just ($50,000 / 12) * 2%.
 
2012-02-17 04:58:31 PM
Are Republicans now admitting that lower taxes actually result in lower revenue?
 
2012-02-17 05:03:15 PM
Great, now how do we pay for it? You like medicare and social security? Why don't you want find a way to pay for it?
 
2012-02-17 05:04:07 PM

Lou Brown: Are Republicans now admitting that lower taxes actually result in lower revenue?


I think they realize that they came off as such jackasses last summer that they better take it easy before people realize they actually want to tank the economy.
 
2012-02-17 05:07:32 PM

Debeo Summa Credo: Lou Brown: Are Republicans now admitting that lower taxes actually result in lower revenue?

I think they realize that they came off as such jackasses last summer that they better take it easy before people realize they actually want to tank the economy.


If that was their intention, they're a few months too late to that party.
 
2012-02-17 05:07:46 PM
Ah, I thought congress was going to use the new payroll tax revenue to pay for those tax cuts for the rich they were all hard about
 
2012-02-17 05:10:40 PM
this should prove a big stimulus, for the oil companies.
 
2012-02-17 05:11:29 PM
lh6.googleusercontent.com
Cool! With an extra $83.00 a month, I can afford to turn my smart phone back on!
 
2012-02-17 05:18:18 PM

Dusk-You-n-Me: In before "this robs the SS fund".

Normally, a reduction in the payroll tax would indeed reduce contributions to the Social Security trust fund, but last year's bill specifically made up for this loss from the general fund. The trust fund got every penny it normally would have, and all the proposals on the table this year do the same.

What changes here isn't the solvency of the trust fund. What changes is where the money comes from.

Link (new window)

Link (new window .pdf)


oh my god, can't stop laughing... this would actually be realistic spin if we weren't running 900 billion dollar deficits (low end) the next 4 years. God damn, that's funny.
 
2012-02-17 05:29:27 PM
img191.imageshack.us

What a great picture.
 
2012-02-17 05:38:43 PM
The perpetual smackdown of the Worst Congress in US History continues.
 
2012-02-17 05:38:46 PM

MyRandomName: oh my god, can't stop laughing... this would actually be realistic spin if we weren't running 900 billion dollar deficits (low end) the next 4 years. God damn, that's funny.


That's not spin, that's what is happening. Funds are pulled from the general fund i.e. income taxes. SS is solvent until 2037 and can pay ~75% of benefits after that. It's the most successful social welfare program in the history of the country. That we have a deficit doesn't change that.
 
2012-02-17 05:39:11 PM

MyRandomName: Dusk-You-n-Me: In before "this robs the SS fund".

Normally, a reduction in the payroll tax would indeed reduce contributions to the Social Security trust fund, but last year's bill specifically made up for this loss from the general fund. The trust fund got every penny it normally would have, and all the proposals on the table this year do the same.

What changes here isn't the solvency of the trust fund. What changes is where the money comes from.

Link (new window)

Link (new window .pdf)

oh my god, can't stop laughing... this would actually be realistic spin if we weren't running 900 billion dollar deficits (low end) the next 4 years. God damn, that's funny.


You believe the market is king, right? The market will come up with the best way to allocate our assets, right? Well, right now, the market is telling us that T-bills are the best way to allocate our assets. The real yield on 5-year and 7-year T-bills has been negative since August, and the real yield on 10-year T-bills has been negative since sometime in January. That means that the market is telling the government that they can get free money right now. Why are you opposing the government take free money when it can get it?
 
2012-02-17 06:01:55 PM

cameroncrazy1984: Yeah, they put another nail in the GOP coffin set to be buried in November.


Which is why they'll leave for re-election just before Labor Day, and a continuing resolution just keeping the government running to the end of the calendar year.

And all the tax breaks expiring 31 December. All of the "Bush Tax Cuts." The AMT fixes. The doubled child credit. The "marriage penalty" fix. And this. All dead come the new year. And the incumbents running for re-election hope the media and the voters forget about it in November.
 
2012-02-17 06:09:46 PM

Dusk-You-n-Me: In before "this robs the SS fund".

Normally, a reduction in the payroll tax would indeed reduce contributions to the Social Security trust fund, but last year's bill specifically made up for this loss from the general fund. The trust fund got every penny it normally would have, and all the proposals on the table this year do the same.

What changes here isn't the solvency of the trust fund. What changes is where the money comes from.

Link (new window)

Link (new window .pdf)


Thanks for the info, because I was wondering about that.
 
2012-02-17 06:10:13 PM
It's like I'm on the freekin' Tilt O' Whirl.

Isn't it just a case of Republicans acknowledging any attempt to slow the spending orgy and deficit Jenga is amo for the left?

You don't give your enemy amo right before a war.
 
2012-02-17 06:12:53 PM

Cletus C.: It's like I'm on the freekin' Tilt O' Whirl.

Isn't it just a case of Republicans acknowledging any attempt to slow the spending orgy and deficit Jenga is amo for the left?

You don't give your enemy amo right before a war.


Wow. You're so amo you shiat crying bullets.
 
2012-02-17 06:20:09 PM

Crabs_Can_Polevault: Cletus C.: It's like I'm on the freekin' Tilt O' Whirl.

Isn't it just a case of Republicans acknowledging any attempt to slow the spending orgy and deficit Jenga is amo for the left?

You don't give your enemy amo right before a war.

Wow. You're so amo you shiat crying bullets.


Well-reasoned and thoughtful response. Tip of the hat to you, Poindexter.
 
2012-02-17 06:43:54 PM

Cletus C.: It's like I'm on the freekin' Tilt O' Whirl.

Isn't it just a case of Republicans acknowledging any attempt to slow the spending orgy and deficit Jenga is amo for the left?

You don't give your enemy amo right before a war.


Yes, that they're so committed to doing that they want to raise the astronomical defense budget and cut inexpensive programs that cost almost nothing. Did your parents have any children that lived?
 
2012-02-17 07:04:45 PM

A Dark Evil Omen: Cletus C.: It's like I'm on the freekin' Tilt O' Whirl.

Isn't it just a case of Republicans acknowledging any attempt to slow the spending orgy and deficit Jenga is amo for the left?

You don't give your enemy amo right before a war.

Yes, that they're so committed to doing that they want to raise the astronomical defense budget and cut inexpensive programs that cost almost nothing. Did your parents have any children that lived?


Obama forced my mother to abort them all. Pity, that.

But yeah, should have clarified I DO NOT BELIEVE Republicans are interested in cutting spending. Their feint is to insist that all new spending or tax breaks have a funding source or cuts from other sources to balance that spending.

Of course they're not sincere. But they like to put on that show.

Democrats like to use any attempts to cut spending to make it sound like Republicans are snipping the tube to grandma's oxygen tank. Their show.

Obama likes to play three-card monte with his budget. That's his show.

Best ratings get that show picked up for another season. The shame is, Community is better than all three and it appears dead.
 
2012-02-17 07:15:45 PM
FTA: The roughly $100 billion payroll tax cut, a key part of Obama's economic recovery plan, has reduced how much 160 million American workers pay into Social Security on their first $110,100 in wages. Instead of paying in 6.2%, they've been paying 4.2% for the past year and two months -- a break worth about $83 a month for someone making $50,000 a year.

This whole snag has been about something that comes out to 83 BUCKS A MONTH?

Augh.
 
2012-02-17 07:20:04 PM
Congress should take a year off after the election. It'll give the country time to heal.

When we look back on this period of history, there won't be much debate over the idea that if the "do nothing congress" actually "did nothing", we'd have saved ourselves a lot of pain.
 
2012-02-17 07:21:13 PM
Did the final legislation include postal employees in the sacrifice or just mainstream federal employees? The original bill had postal employees bearing quite a lot of this forever to enable a short tax cut for everyone else.
 
2012-02-17 08:40:26 PM
Why would the Republicans make a sticking point of "paying" for a tax cut? I was led to believe tax cuts automagically increase government revenue and pay for themselves. But seriously, the GOP really is pathetically worthless and unconcerned with the country they're pledged to serve and I'm happy Obama drank their f*cking milkshake here.
 
2012-02-17 09:18:56 PM
Amazing how cooperative Republicans can be when their poll numbers are in freefall.
 
2012-02-17 10:43:24 PM
so keep those who are treading water in their position while giving an advantage to people who don't need it? yup, same old US stupid farking shiat for 30+ years now.
 
2012-02-18 12:10:32 AM

Rashnu: Why would the Republicans make a sticking point of "paying" for a tax cut?


Because the things the tea partiers ran on in 2010 are pretty much the same things the blue dog Democrats ran on in 2006?

*cough*paygo*cough*

/Geshundheit
 
2012-02-18 01:40:13 AM
This is great!
Cutting the funding for social security!! We all know that that system has way too much money.
 
2012-02-18 01:47:36 AM
Republicans are scared shiatless.

This is so funny.

You can get +150 if you want to bet on the Republicans winning the Presidency now. Even the retards have figured out how ridiculous the Republican platforms are.
 
2012-02-18 09:55:24 AM

tenpoundsofcheese: This is great!
Cutting the funding for social security!! We all know that that system has way too much money.


If you would read the damn bill, you'd see that both last year's and this year's extensions were supplemented by diverting general revenue into the trust fund to cover the shortfall.
 
2012-02-18 11:13:37 AM

Lackofname: FTA: The roughly $100 billion payroll tax cut, a key part of Obama's economic recovery plan, has reduced how much 160 million American workers pay into Social Security on their first $110,100 in wages. Instead of paying in 6.2%, they've been paying 4.2% for the past year and two months -- a break worth about $83 a month for someone making $50,000 a year.

This whole snag has been about something that comes out to 83 BUCKS A MONTH?

Augh.


so you are bringing home ~3500 a month (probably less depending on state and local taxes)
so $83 if about a 2% increase a month. but if you dont think that that $83 is huge for someone making 50k a year, you are deluded or have no clue how much $83 is when you are just making ends meet.

/did I really just caluclate the increase when I just could have read an article about what the cut was? sigh
 
2012-02-18 11:43:21 AM

namatad: Lackofname: FTA: The roughly $100 billion payroll tax cut, a key part of Obama's economic recovery plan, has reduced how much 160 million American workers pay into Social Security on their first $110,100 in wages. Instead of paying in 6.2%, they've been paying 4.2% for the past year and two months -- a break worth about $83 a month for someone making $50,000 a year.

This whole snag has been about something that comes out to 83 BUCKS A MONTH?

Augh.

so you are bringing home ~3500 a month (probably less depending on state and local taxes)
so $83 if about a 2% increase a month. but if you dont think that that $83 is huge for someone making 50k a year, you are deluded or have no clue how much $83 is when you are just making ends meet.

/did I really just caluclate the increase when I just could have read an article about what the cut was? sigh


I make 9,300 a year, I know a thing or two about making ends meet. If you're having to make ends meet at $50,000, 5 times what I make, then you just don't know how to manage your money.
 
2012-02-18 11:57:59 AM

namatad: Lackofname: FTA: The roughly $100 billion payroll tax cut, a key part of Obama's economic recovery plan, has reduced how much 160 million American workers pay into Social Security on their first $110,100 in wages. Instead of paying in 6.2%, they've been paying 4.2% for the past year and two months -- a break worth about $83 a month for someone making $50,000 a year.

This whole snag has been about something that comes out to 83 BUCKS A MONTH?

Augh.

so you are bringing home ~3500 a month (probably less depending on state and local taxes)
so $83 if about a 2% increase a month. but if you dont think that that $83 is huge for someone making 50k a year, you are deluded or have no clue how much $83 is when you are just making ends meet.

/did I really just caluclate the increase when I just could have read an article about what the cut was? sigh


By the way, I did the math. The difference of a 2% increase for someone making 50,000 is $83. That same 2% increase for me, making 9,300, is $15.5. I could spare $15. Hell, my social security/disability went up by $24 this year, so I'd still be making $9 more than I would be last year. Hell, myself paying $83 would be annoying, but not bank breaking, and I make five times less!

I repeat: if you're struggling to make ends meet at $50,000, you got some problems. I also highly doubt that there are a lot of people making 50K struggling over $83.
 
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