Lest we forget: back around the early ‘90s, the super-rich decided they needed to be rewarded for funding the campaigns of Congress. The super-rich demanded a huge return on investment. Congress notices over two trillion (with a T) dollars sitting in the social security trust fund. So Congress gave the two trillion to the super-rich. Two trillion of our hard earned social security monies. To maintain the giveaway to the super-rich, Congress decided to income tax the benefits of Social Security. This tax really only affects the middle and low income folks. Monies placed into the Social Security trust fund already had been taxed, but why not double tax the unsuspecting hard-working middle and lower class one more time? Because Congress can.
Greed knows no bounds. Today the stock market is at record highs and corporate profits are setting new records monthly. One in five major corporations in the US pays no income tax, period, and some even receive a rebate of additional cash over and above what was withheld. The super-rich site the 39% corporate tax rate (that none of them pay) for the basis of their lower tax rates. Once again, the super-rich is demanding another huge return on investment and Congress once again is willing to oblige.
Here is what is happening the best I can understand the program: Congress will take this nation an additional 1.5 trillion into debt to provide more monies to the super-rich. Some in the middle/lower class will see a few hundred dollars in their account as the result of the tax reductions. Around 8% of middle class Americans will see a tax increase right off the bat. By 2022 those earning less than $50,000 will all see a tax increase and by 2027 all of those in the middle class will be paying additional taxes (the tax cuts by the Congress for the middle class are not permanent cuts, only temporary by code). The tax cuts for the super-rich are permanent.
Plus, because proposed changes to the Affordable Care Act, it is estimated those purchasing their own health insurance will see an increase of at least 10%. So you get a few hundred dollars in one pocket called a tax decrease, we all cheer for the new lower taxes but we pay no attention it will cost as much or more in increased health insurance premiums. Medicaid will also see substantial cuts, billions gone, and counties will be left holding the bag to fill the void. County taxes will need to go up due to the Medicaid substantial cut. (We can’t allow these folks to die in our local streets.) The Congress will attempt to claim the tax reduction and these other increase in expenses are not related—-they are!
As a side note, I started drawing social security a couple of years ago. Between my employers and myself, I will pay into social security about $5.000 this year. Of that $5,000, there is NO adjustment to my benefits, it is just $5,000 given to the government, monies paid in with no return to me.
The billionaires of this country may have the money to “purchase Congress”, we who were the once working middle class still control the ballot box. (There is an effort underway to strip the power to vote away from many classes of citizens.)
We in North Iowa need to say “enough is enough, I am mad as hell and aren’t going to take it any more”. How about you?
Stan Walk, Saint Ansgar, Iowa
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Let’s see we have a fully functioning modern society that is the envy of the world. The two political parties at odds with one another are in fact the ‘two heads to the same snake’. Where the money goes who’s knows. One thing is for certain there is a whole lot of greed going on out in the business world right now. Welcome to the house of credit. Nothings is truly ‘fixed in’ anymore and this opens the door to wildly fluctuating scheming. It’s the shyster apocalypse. lol
and the shyster’s business card is made out of plastic. Most devious.
i too collect social security and work and pay in yet, paid in over $5000 the last few years and last month I got a raise, 4 lousy bucks a month, wow
That $4 more than you received in the last 8 years under Obama.
Medicare increases more than swallow any increases. Obama’s idea of redistributing the wealth was to take from the common guy and give to health insurance companies.
Walk, you talk stupid. None of your comments are true. In case you haven’t noticed Obamacare or the ACA has already increase premiums in some places over 100%. If you are trying to blame Republicans for 10% increase in premiums you are barking up the wrong tree.
I too pay into Social Security while drawing and I get an upward adjustment. You will also. It is apparent you don’t know what you are talking about and just want to gripe.
Get a life.
For the first time in nine years we are finally getting a COLA increase. Almost forgot what it was under Obama.
We will be getting a COLA increase for the first time in nine years. Almost forgot what it was under Obama.
Bull Shit as usual from this communist.
I agree with you Anonymous, but this time he is really off the deep end. Stan, your representation of the House version and the Senate version is nowhere close to the truth. The fact is, the rich are going to get soaked with this new legislation. Most everyone is getting a tax cut except those that live in huge state tax States like California and New York that won’t be able to deduct State taxes paid on their Federal returns. I like this because we have been subsidising them paying their fair share of Federal taxes because they live in a high state tax State.
We will be getting a COLA increase for the first time in nine years. Almost forgot what it was under Obama.