Some of us have known this for a long time. Some of us just found out and some will find out very soon. There are few, if any, elected officials who really care about our interests unless we're one of the few thousand ultra rich who control Congress and the White House.
The Obama-Republican tax plan was just approved in the United States Senate. It will become law soon. What did we lose?
The Senate put the Social Security system at risk with a 33% cut to employee payroll taxes, from 6.2% to 4.2% of wages. Social Security is doing well with a $2.5 trillion surplus. But this major change begins the starvation of the system. Those who voted in favor will turn around sometime soon and say that Social Security is faltering. Of course, their cynical actions will be at fault. They'll conveniently avoid mentioning that.
The Obama-Republican plan keeps the tax rate on investment income (capital gains) well below the rates for income taxes and below the capital gains rates in 2000. Wall Street ruins the economy with their shady deals then gets more tax breaks on their shady stock deals.
The wealthiest citizens get an extension of the "temporary" Bush era tax cuts.
We're told that these huge tax cuts are worth it because they'll get the economy going again by producing jobs. We had nearly 10 years of the Bush tax cuts and guess how many new jobs have been added to the economy? None, when you factor in population growth.
These tax cuts will cause $900 billion in lost revenues. Supporters of these tax breaks will talk your ear off about balanced budgets. Apparently, they see no connection between giving away $900 billion and increasing the budget deficit.
This legislation has nothing to do with new jobs or a balanced budget. It's all about enhancing income of those at the very top.
Read more:
http://www.opednews.com/articles/It-s-official--You-re-on-by-Michael-Collins-101215-942.html
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