For the economy, the tax deal seems all good news. That’s not only because most workers get a tax cut, in the form of a 2 percent reduction in Social Security taxes next year. The Big Big Boom comes from the fact that the bill is financed entirely by deficit spending – [...]
Obama’s signature tax cut for middle class — titled Making Work Pay – expires at the end of this year. Republicans show no interest in renewing it. As a result, working-class and middle-class earners will pay a bit more in 2011, even if the Bush-era tax cuts are left in place.
This was [...]
Let me get this straight. Conservative budget balancers say that we can’t afford Social Security. This weekend marks the program’s 75th anniversary. The “anti’s” say it’s past time to phase it out. End socialism in the U.S.! If you’re old and poor, your kids should take you in. Harumph.
The same conservative budget balancers say [...]
For all the anger about taxes, you’d think that rates had never been so high. In fact, it’s the reverse. They’ve rarely been this low. The median income family of four, earning $75,594, will pay only 4.6 percent of its total income in federal income taxes, after taking exemptions, deductions and tax credits. Last year [...]
