Payroll Tax Increase May Hurt Consumer Spending

By: Tuesday January 22, 2013 9:39 am

One part of the “fiscal cliff” deal that received little attention was the expiration of the middle class payroll tax cut. The tax increase occurred immediately and hit workers right in the paycheck. While the lower classes may not drive the economy their spending does have influence: A payroll tax increase of 2 percentage points has [...]

Corporate Welfare In “Fiscal Cliff” Deal More Than New Income Tax Revenue

By: Monday January 7, 2013 5:33 am

Well this is embarrassing. While President Obama pretended raising taxes on those earning $250,000 $450,000 a year and making the rest of the Bush tax cuts permanent was some kind of achievement in fiscal discipline, he spent more than the revenue those taxes will bring in giving welfare to some of the richest corporations in [...]

Obama Just Raised Taxes On The Middle Class

By: Tuesday January 1, 2013 9:45 am

More bad news from the fiscal cliff. While taxes will increase now on those making $250,000 $450,000, the truly substantial tax increases will come on the middle class via the expiration of the payroll tax cut: The payroll tax cut that boosted paychecks for millions of Americans over the past two years has expired. Early [...]

Social Security Solvent for the Next 28 Years

By: Friday August 5, 2011 10:48 am

This is a good piece of data to take into the Catfood Commission II hearings. Remember how Bernie Sanders and other Social Security defenders insist that Social Security is solvent and on track to pay full benefits for the next 26 years? It turns out they’re wrong. It’s able to pay in full for 28 [...]

Democrats Defend Social Security on Multiple Fronts

By: Wednesday August 4, 2010 7:10 am

Next week marks the 75th anniversary of Social Security, and in the official House Democratic talking points set next week as a time to discuss the program. But already, House members are defending Social Security, resisting efforts to cut it, and even working to strengthen it over the short and long term. Gabrielle Giffords, a [...]

Andy Stern Proposes Partial Investment of Social Security Trust Fund in Stock Market

By: Thursday July 1, 2010 6:58 am

Ryan Grim has a story about Andy Stern, one of the members of the fiscal commission, trying to broker a deal on Social Security. There are probably close to 14 votes, needed for the recommendations to pass out of the commission, for benefit cuts, so I’m assuming Stern is bargaining with the commission to hold [...]

Reid Looking At Payroll Tax Increase To Finance Health Care Reform

By: Thursday November 12, 2009 7:26 am

Harry Reid is seeking to manage the cost of health care reform by adding additional revenue-raisers in the form of taxes on the wealthy. Majority Leader Harry Reid is considering a plan for higher payroll taxes on the upper-income earners to help finance health care legislation he intends to introduce in the Senate in the [...]

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