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The right is freaking because the era of conservatism has left us with massive deficits, an economy in ruin, and a world situation that's dire. The fact that the fat cats on Wall Street will earn less and the poorest Americans will get a few extra bucks is certainly enough to upset the avaricious members of the Republican Party, but fortunately those people have less and less political relevance. I do at least give the righties credit for admitting they're upsetting that the poorest of the poor might get enough help that they can feed their kids. Righties, welcome to civilization and humanity. Get used to it.
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The right is freaking because the era of conservatism has left us with massive deficits, an economy in ruin, and a world situation that's dire.
Please don't confuse republican with conservative. Liberalism has been running rampant for quite a while now
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I do at least give the righties credit for admitting they're upsetting that the poorest of the poor might get enough help that they can feed their kids.
I want everyone to be successful and be able to feed their families, so please don't play the class warfare card. I just don't want the government to steal my hard earned money, and give it to people who didn't earn it. We, as Americans, are guaranteed the right to life, liberty, and the PURSUIT of happiness. Nowhere are we as Americans guaranteed a job, money, ect. We are only afforded the opportunity to go out and make a better life for ourselves, we are not guaranteed that. The problem is that liberalism wants to take from the successful people and give to the lazy ones and it uses class warfare like this to try and justify it.
Everyone is this country has the same opportunity, don't punish the ones that make the best of it and reward the ones that don't.....you destroy incentive that way.
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"The difference between stupidity and genius is that genius has its limits". - Albert Einstein
Give a few dollars to dozens of millions of people and you get actual spending in this crappy economy. Give substantially more to a much smaller amount of people and they sit on it until the economy improves.
Anyone here with a decent paying and fairly safe job: Lets say your aunt Hilda dies and leaves you 30 grand. Are you going to run to the stock market or quit your job and take a shot at that small-business idea that's been on your mind for years? Something tells me that the answer would be no. You'd sit on it like all the banks did with their TARP 1 dough, until things improved on their own.
Give the money to those who'll spend it. Don't worry Republicans. It'll find its way into some rich person's hand soon enough. This brief period of time when the poorest among us won't be quite so miserable will be over quickly and we'll be able to get back to the business of making sure rich people have three yachts to choose from when they wanna go water skiing.
If you want to do that we should squash the whole Spending Bill and just have no payroll tax for a year. A quick google didn't tell me how much the payroll tax generates in a year so it may have to be longer or shorter than a year to match the $850B or so that we're spending. As you all know, the payroll tax is capped at just over $100K so it "hits" the average person. Rather than a tiny rebate that even welfare recipients are eligible for, this would be a 6.2% pay increase for every dollar earned up to that limit and a 6.2% decrease in employment costs for business.
To offset it somewhat you could even take the limit ($106,800 in 2009) and have the 6.2% tax for dollars over that - I'm not in favor of taxing the rich more but as a stimulus this would be as good as it gets.
Many of those people just got their 401k's and home values destroyed. I'd guess you're one of those people. What do you do with a windfall right now?
"Those people" - who are you talking about ?
Regarding 401Ks, every 401K has a cash/money market option. As people get closer to retirement THEY SHOULD HAVE USED IT unless they could afford the loss. Me ? I've been putting the max in since I started working 20 years ago and as a 41 year old it was all in stocks - so I've been hit hard like everyone but I'm young enough to make it up. Had I been 61 I should have either not been as aggressive in stocks or had enough that I could survive a big hit. My home value hasn't been hit too hard as I bought well within my means (probably below I guess) so x% of drop doesn't hit so hard.
What would I do if the payroll tax were suspended indefinitely ? Like most people, not one thing. I would probably save some but I have little doubt I'd spend some, we have a few items like my computer and our refrigerator which are at the age where they could be replaced any time between now and a few years from now. Keeping more of my money would likely encourage me to do it sooner rather than later.
If you want to do that we should squash the whole Spending Bill and just have no payroll tax for a year. A quick google didn't tell me how much the payroll tax generates in a year so it may have to be longer or shorter than a year to match the $850B or so that we're spending. As you all know, the payroll tax is capped at just over $100K so it "hits" the average person. Rather than a tiny rebate that even welfare recipients are eligible for, this would be a 6.2% pay increase for every dollar earned up to that limit and a 6.2% decrease in employment costs for business.
To offset it somewhat you could even take the limit ($106,800 in 2009) and have the 6.2% tax for dollars over that - I'm not in favor of taxing the rich more but as a stimulus this would be as good as it gets.
Nice. You just changed Social Security's D-Day from 2040 to 2020.
A better idea would be to raise that SSWageBase from $106,800 to no limit. Then LOWER the tax from 6.2% to 3.1%.
Right now, you and I pay the exact same amount in SS taxes that Donald Trump and Paris Hilton pay.
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"They (Patriots) may be the greatest team ever" - Chris Mortenson, January 18, 2005 on espn.com
Nice. You just changed Social Security's D-Day from 2040 to 2020.
I guess I didn't actually say this - I figured it was assumed - but the $850B we're dumping into Barack and Nancy's Big Adventure Spending Bill would, instead, backfill the loss of the payroll tax.
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Originally Posted by shmessy
A better idea would be to raise that SSWageBase from $106,800 to no limit. Then LOWER the tax from 6.2% to 3.1%.
Right now, you and I pay the exact same amount in SS taxes that Donald Trump and Paris Hilton pay.
It may have to come to that but the calculations would also have to change or those over the current limit would not only pay more in but be eligible for more out. We need to admit that using SS as a combination Madoff/Retirement/Insurance plan isn't working and need to change it to a Senior Citizen Welfare Program. Raise, or eliminate, the limit and means test recipients.
Regarding 401Ks, every 401K has a cash/money market option. As people get closer to retirement THEY SHOULD HAVE USED IT unless they could afford the loss.
Baloney.
Retirement used to be for people to stop working at 65 and kick off at 68.
Today, people are retiring at 60, 62, 67, whatever, but living until 85+.
Sticking it all into a .75% money market account when you need to beat inflation on an after-tax basis for 20+ years is financial suicide.
From the past 8 years (including the past three weeks) the US Gov't has been insuring that we will be experiencing hyperinflation in the years to come.
A diversified portfolio, rebalanced every 3-6 months, is what is prudent for the investment portion of one's financial portfolio.
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"They (Patriots) may be the greatest team ever" - Chris Mortenson, January 18, 2005 on espn.com
Re: Obama's signature tax cut
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