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Supercommittee May Have Raised Your Payroll Tax

November 25, 2011 by  

Supercommittee May Have Raised Your Payroll Tax

One result of the heavily publicized failure of the Congressional budget reduction supercommittee could be a smaller paycheck for every working American.

One issue that was on the table as the group gave up on its efforts to reach a budget compromise was the extension of a payroll tax cut which was passed last year and is scheduled to end next year without action, according to Fox News.

President Barack Obama has urged Congress to act quickly in regard to the cut in order to avoid a tax increase that will affect all Americans.

“If we don’t act, taxes will go up for every single American, starting next year. And I’m not about to let that happen,” Obama said Monday.

The White House says reinstating the payroll tax cut is top priority because a middle-class family making $50,000 a year will see its taxes rise by $1,000 if the payroll tax cuts are not extended.

Without a deficit-cutting deal, though, it remains unclear how the President’s Administration would pay for an extension of the cuts, which would eat away at the Social Security coffers. White House Press Secretary Jay Carney said Monday that the money to finance the cuts should come from “asking millionaires and billionaires to pay a little bit extra.”

Sam Rolley

Staff writer Sam Rolley began a career in journalism working for a small town newspaper while seeking a B.A. in English. After learning about many of the biases present in most modern newsrooms, Rolley became determined to find a position in journalism that would allow him to combat the unsavory image that the news industry has gained. He is dedicated to seeking the truth and exposing the lies disseminated by the mainstream media at the behest of their corporate masters, special interest groups and information gatekeepers.

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  • Gerd

    Let me see if I have this right. Since Social Security is on the verge of bankruptcy or already is, we need to slow the inflow of money into the program that is it’s only source of funding. Yes, lessening the premiums on those still lucky enough to be working will destroy it quicker. Just like for Medicare, which is even worse off than Social Security, GW Bush added an unfunded drug benefit to hasten the demise of that program. Beam me up Scottie, there is no intelligent life down here.

    • An Inquirer

      I am not sure about this, but looking at the numbers at the Social Security site, it looks like the Treasury reimburses the Social Security fund for the 2% cut in the Social Security payroll “taxes.”
      Of course, these are little more than accounting games. Social Security “taxes” have long been spend on non-Social Security programs. The Treasury is obligated to repay SS for these money. However, the government will not have the money to repay these borrow SS funds, much less continue these non-Social Security programs whose beneficiaries expect to continue.

      • Joe H.

        Enquirer,
        Yup, and every person currently ON Social security or within 5 to10 years of being on it will soon be SCREWED,BLEWED, AND TATTOOED!!! Please tell me why anybody that has paid into it all their life should just have to take a loss because unscrupulous, CROOKED pols couldn’t keep their hands off their money????

      • Bill

        So, the 2% cut is in essence a loan. If I am not mistaken, the reason there is very little cash in the soc sec fund is it is all loaned out leaving only IOU’s in the fund. Is there any significant difference in what is happening with the 2% tax? Setting aside the 2% question for the moment, we are still currently spending more than revenue receipts. Pick a future date – any date will do — Can you possibly visualize any cash replacing those IOU’s by that date? Any soc sec tax cash originally designated to go into the soc fund NOT going into the soc sec fund will bring us faster and closer to disaster for those currently drawing soc sec pensions. Printing new currency will only create inflation, hurting everyone. It does appear that we will soon be “spreading the wealth of ‘poverty’”!

  • Ellen

    Here we go with the millionaires and billionaires being expected to pay more taxes to fund this. We have 234,000 earners who make $1 million or more. Do we really think that small number of people can provide enough extra income to fund the tax break given to over 150,000,000 earners? It was a foolosh tax break, since it impacts Soc. Sec. A true tax break would’ve been from regular income taxes, but the 50% who already don’t pay taxes wouldn’t get the break – since you can’t get a break off taxes you don’t pay. This is simply more Obama pandering to the poor while pretending to help the middle class.

  • SMSgt Z (ret) Nam 68
    • Lastmanstanding

      Rolling Stone as a reference…wtfu sarg.

      It is both parties that have raped the American citzens…only you progs have gained your wealth from the taxpayer.

      • SMSgt Z (ret) Nam 68

        Try reading it

        • Joe H.

          sarge,
          I Don’t remember the site, but somebody here posted the otherday that seven of the ten richest Americans are DEMS!!! Oh, And with all the progs in hollywood and the music industry, I would NEVER take rolling Stones word that is was the day after Thanksgiving without checking first!!!

          • SMSgt Z (ret) Nam 68

            Think someone said something good rersponce
            “Don’t remember the site, but somebody here posted the otherday that seven of the ten richest Americans are DEMS”

          • http://marcum1@wildblue.net coal miner

            1. Bill Gates 54 Microsoft 2. Warren Buffett 45 Berkshire Hathaway 3. Larry Ellison 27 Oracle 4. Christy Walton 24 Walmart 5. Charles Koch 21.5 manufacturing, energy 5. David Koch 21.5 manufacturing, energy 7. Jim Walton 20.1 Walmart 8. Alice Walton 20 Walmart 9. S. Robson Walton 19.7 Walmart 10. Michael Bloomberg 18 Bloomberg

            Read more: The Top Ten: Richest Americans — Infoplease.com http://www.infoplease.com/toptens/richestpeople.html#ixzz1erEnFcBF

          • http://marcum1@wildblue.net coal miner

            Joeh,

            Nov 1, 2004 … Roundup Top 10! … Almost everyone accepts it as axiomatic that Republican … The rich get richer faster during Republican administrations. …
            http://hnn.us/articles/8301.html

          • Joe H.

            coal miner,
            If you check your list, you will see that you only PROVE what I state, that seven of the top ten richest ARE, INDEED DEMS!!! OH, AND SARGE, HERE’S THE LIST!!!!

          • http://marcum1@wildblue.net coal miner

            wrong Joeh,
            Four Waltons and Wal-Mart, collectively, gave the most state campaign contributions of the Forbes magazine’s Top 20 list, with $6.8 million in total giving. Walton-related contributors favored Republicans with 72 percent of their total contributions.

            Michael Bloomberg gave $2.7 million to state political campaigns, mostly to Republican candidates and committees in New York

            Charles Koch 21.5 manufacturing, energy 5. David Koch 21.5 manufacturing, energy.Jim walton
            Also all of the Waltons not,counting the late Sam walton were conservative Repubicans.

          • http://marcum1@wildblue.net coal miner

            JoeH,

            Apr 25, 2011 … The Walton Family – The family that inherited Wal-Mart has more … they’ve given millions to conservative causes and the Republican party. …
            http://www.mogulite.com/top-ten-republican-moguls/

          • http://marcum1@wildblue.net coal miner

            Walton family uses chain’s profits to shift tax burden onto customers … Alice, the family spent $3.2 million on lobbying, conservative causes and candidates for … The biggest gift, $250000, went to the Republican Party of Florida, whose titular …
            http://reclaimdemocracy.org/walmart/waltons_estate_tax.php

          • http://marcum1@wildblue.net coal miner

            Oct 8, 2011 … If share values could be devised for hypocrisy, Eric Cantor’s would be soaring. ….. For the record, “Greed is Not good”; it’s ugly, selfish, obscene and … The Revolutionaries courageously engaging the enemy with truth and the …
            http://www.nationofchange.org/eric-cantors-hyper-partisan-hypocrisy-he-hails-tea-party-fig

          • Joe H.

            coal miner,
            Hellary used to be on the board of walmart! bloomburg is a DEM!!! Buffett is a Prog!! The Koch brothers are the only ones listed that are repubs!!! with the possible exception of one other! I don’t care who they donated to I only care that they are PROGS!!! There are many bills put forward by RINOs that are not conservative in context!!

        • Bill

          Sarge, if you redacted the liberal talking points from the Rolling Stone, the only thing left to read would be the advertising!

          • SMSgt Z (ret) Nam 68

            if you do not read something your opinion is meaningless

          • Joe H.

            As is yours, sarge, as is yours!!!!

    • http://gmail.com Sancheleezy

      I have total respect for you for your service as a soldier in Vietnam but I draw the line when you use Rolling Stone magazine to quote any facts as your source for information on taxes. They are another totally unreliable site for information of nearly any kind. They are an un-American and un-Constitutional site for anything but song and dance news and even then they sprinkle their articles throughout with tidbits of progressive disinformation.

      • Opal the Gem

        Based on things he said in his first posts several months ago it is highly doubtful he served in Nam or in the military at all.

        • Joe H.

          Opal,
          IF he did, with all the times he has called people here REMFs I can’t help but wonder if HE was one!! PX hero they call them!!!

          • SMSgt Z (ret) Nam 68

            Ask one individual if he was REMF again you get nothing correct

          • Joe H.

            No sarge,
            I said you ACCUSE THEM!!!!!

      • SMSgt Z (ret) Nam 68

        All fact are on the money unlike some sources

  • http://yahoo william russell

    Hey all i can not understand how stupid Obama thinks the american people are. You want to extend the reduction for social security for all wages earned, causing less money to flow into the social security fun, which is drying up faster and faster every day, and expect people not be smart to realize it that this is nothing more than trick to buy votes. I could support this tax cut if it was going be funded from cuts in other areas of the budget. We can put $500 billion to a solar pawer company. All funding for green slower powder should be stopped.

    • Aix Sponsa

      How stupid Obama thinks Americans are????? He thinks that Americans are stupid enough to vote Democrat AGAIN. He believes it, and so do I. Our welfare population wants all they can get before TSHTF. They don’t care about our Nation, they only want the free ride they have been promised. Many of those welfare people live better than working folks who are busting their butts to make a life for themselves and their families. I am expecting a major civil war in this country.

      • Billy

        Looks like a correction is due here. Obama does not expect anyone to pay.
        The Russian fleet is in their port in Syria. Russia believes that we have imported foreign troops into Syria to start the shooting of people and begin the destabilization of the government there.
        When Syria is attacked, the pact between Syria and Iran says that “Iran is attacked”. Now where does that leave us?
        Both Russia and China have supposedly warned us not to attack Iran! I believe that may leave us into WW#3. Who wins that? An estimate has been made that such a war would leave 20 million Americans alive to try to survive in a nuclear waste land with no transportation, electricity, water, or sewage disposal with only the food they have on hand that is not contaminated and the question of how to grow food in contaminated soil and waters. The Obamanation needs to be removed this weekend before the war begins. Don’t worry at this point who is running in those elections – They may never happen! larouchepac.com seems to have some news stories to that effect.

        • Billy

          Obama wants to make Syria a “No Fly Zone”. What do you think the Russian fleet there is going to “SAY” about that? He wants to put further restrictions on Iran.
          It should be noted that Iran has advanced biological weapons, EMP weapons, fuel-air bombs, and Liquid fueled rockets that they have converted into more advanced non-liquid systems. Both Russia and China have helped Iran to produce advanced defensive systems. The possibility exists that they may have some of those biological weapons inside the U.S. presently. They have been described as biological H-bombs. Pushing further on Iran may not be healthy.

      • Realist

        That is because they are led to believe that the US of A is a
        democracy where the majority rules. But a Republic has gotten
        too old fashioned for them.

  • WALLY

    Sometimes I think the Govt. feels the People have stupid printed on our forheads. Maybe they are right, because we elect these idiots to impose this ledigislative crap on us and we just sit back and wait till they screw us till there is nothing left. Along while the Polititions fill their greedy pockets. When are We the People going to say “ENOUGH IS ENOUGH”.

    • http://explorer Scout

      It should have been said long ago. Enough is enough. Protesting in the streets is not the answer. You have to Hit’em in the pocketbook where it hurt’s the most. Defund those elitest.

  • 2WarAbnVet

    I’ve never understood the hope for the success of this super committee. The committee’s goal was to cut 1.2 trillion in spending over a ten-year period. Meanwhile the government is spending at a deficit of more than 1.2 trillion EACH year.

    • Aix Sponsa

      Stupid is as stupid does, Forrest.

      Let’s face it people. The United States of America is like the window washer who fell from the 27th floor. As he passed the 7th floor the window was open and they heard him say…. “So far so goooooooooooood.”

  • hitthedeck

    Have we been misinformed about the super committee? Weren’t they formed to reduce spending? So where did the proposed tax increase come from? It’s no wonder when your have idiots like Senator Kerry on board. Congress never comes up with a simple solution to solve a problem that they created. Wouldn’t it make sense to cut spending by ten percent in every government department and program in Washington including foreign aid? I am betting those agencies and programs would not be effected in the least. I would bet that the waste would be eliminated and the management would be more efficient. Those managers and personnel who can not make due on the reduced budget should be replaced with better people that can. It works in private enterprise and it can work in government. YOU DON’T NEED SUPER TO MAKE SIMPLE WORK!

  • http://wayneperkins.com Black Wolf

    How Much can America Really Take from these People that We’ve Elected ?
    The”Super Committee” is nothing more than a way to Stall for more time so”They”can come up with More Laws to Paint us further into a Tighter Corner & have more control over over us.If you have 12 Members of the Government trying to decide on Issues that belong to an Entire Body & Should have the Attention of Everyone,Then We’ve getting Short Changed!
    We are already being Taxed 3 times on Every Dollar We Receive,Once when We get Paid,Twice when We Buy things @ the Store & the 3rd time @ the End of the Year! I Wonder What the $ is Really Worth ? How Much will it take to make them Happy?,ALL OF IT ! W P

  • http://wayneperkins.com Black Wolf

    How Much can America Really Take from these People that We’ve Elected ?
    The”Super Committee” is nothing more than a way to Stall for more time so”They”can come up with More Laws to Paint us further into a Tighter Corner & have more control over over us.If you have 12 Members of the Government trying to decide on Issues that belong to an Entire Body & Should have the Attention of Everyone,Then We’re getting Short Changed!
    We are already being Taxed 3 times on Every Dollar We Receive,Once when We get Paid,Twice when We Buy things @ the Store & the 3rd time @ the End of the Year! I Wonder What the $ is Really Worth ? How Much will it take to make them Happy?,ALL OF IT ! W P

  • http://marcum1@wildblue.net coal miner

    Forum topic – How the GOP became the party for the rich., Long read but … Top Republicans like Cantor have also pushed for a replay of the …
    http://www.snowmobilefanatics.com/forum/topic/127355-how-gop-became-party-the-rich

  • Tired of Idiots

    That’s exactly why nothing got passed, because of the GOP wanting to make Obama a one-term president. They are making the middle class pay for everything while the rich hoard their money.

  • http://marcum1@wildblue.net coal miner

    Oct 8, 2011 … If share values could be devised for hypocrisy, Eric Cantor’s would be soaring. ….. For the record, “Greed is Not good”; it’s ugly, selfish, obscene and … The Revolutionaries courageously engaging the enemy with truth and the …
    http://www.nationofchange.org/eric-cantors-hyper-partisan-hypocrisy-he-hails-tea-party-fig 2

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