The GOP unveils a 'permanent save' for Social Security -- with massive benefit cuts
The GOP unveils a 'permanent save' for Social Security -- with massive benefit cuts
Michael Hiltzik Los Angeles Times
Amid all the hand-wringing over Republican plans to eviscerate Medicare and Medicaid and repeal the Affordable Care Act, it shouldn't be overlooked that the GOP has the knives out for Social Security too.
The latest reminder comes from Rep. Sam Johnson, R-Tex., chairman of the Ways and Means Social Security subcommittee. Johnson on Thursday uncorked what he termed a "plan to permanently save Social Security."
Followers of GOP habits won't be surprised to learn that it achieves this goal entirely through benefit cuts, without a dime of new revenues such as higher payroll taxes on the wealthy. In fact, Johnson's plan reduces the resources coming into the program by eliminating a key tax -another way that he absolves richer Americans of paying their fair share, while increasing the burdens of retirement for almost everyone else.
Followers of GOP habits won't be surprised to learn that it achieves this goal entirely through benefit cuts, without a dime of new revenues such as higher payroll taxes on the wealthy. In fact, Johnson's plan reduces the resources coming into the program by eliminating a key tax -another way that he absolves richer Americans of paying their fair share, while increasing the burdens of retirement for almost everyone else.
The group calls Johnson's proposal "a thoughtful plan" and the product of "true leadership." But it also says that "revenue and benefit changes both need to be on the table." Johnson's plan doesn't meet that standard at all.
Typically, Social Security "reform" proposals at least pay lip service to the fact that the payroll tax has been giving the wealthy a larger and larger pass, by covering an ever-shrinking percentage of their wages and exempting the capital gains and dividends that make up a larger share of high-end income.
READ MORE: http://www.msn.com/en-us/money/personalfin...
Michael Hiltzik Los Angeles Times
Amid all the hand-wringing over Republican plans to eviscerate Medicare and Medicaid and repeal the Affordable Care Act, it shouldn't be overlooked that the GOP has the knives out for Social Security too.
The latest reminder comes from Rep. Sam Johnson, R-Tex., chairman of the Ways and Means Social Security subcommittee. Johnson on Thursday uncorked what he termed a "plan to permanently save Social Security."
Followers of GOP habits won't be surprised to learn that it achieves this goal entirely through benefit cuts, without a dime of new revenues such as higher payroll taxes on the wealthy. In fact, Johnson's plan reduces the resources coming into the program by eliminating a key tax -another way that he absolves richer Americans of paying their fair share, while increasing the burdens of retirement for almost everyone else.
Followers of GOP habits won't be surprised to learn that it achieves this goal entirely through benefit cuts, without a dime of new revenues such as higher payroll taxes on the wealthy. In fact, Johnson's plan reduces the resources coming into the program by eliminating a key tax -another way that he absolves richer Americans of paying their fair share, while increasing the burdens of retirement for almost everyone else.
The group calls Johnson's proposal "a thoughtful plan" and the product of "true leadership." But it also says that "revenue and benefit changes both need to be on the table." Johnson's plan doesn't meet that standard at all.
Typically, Social Security "reform" proposals at least pay lip service to the fact that the payroll tax has been giving the wealthy a larger and larger pass, by covering an ever-shrinking percentage of their wages and exempting the capital gains and dividends that make up a larger share of high-end income.
READ MORE: http://www.msn.com/en-us/money/personalfin...
This is what the oligarch's always wanted to put their hands on but first they had to conn the very people that The Social Security program was suppose to help.
"TAKEN OUR COUNTRY BACK" was not meant for the common people but the common people had to be conned first to give up that right. THANKS GOP.