Sorry, didn't add enough zeros...

 

20,000,000,000,000 dollar

I'm surprised everyone is hung up on the elimination of the 2% payroll tax holiday. This was never advertised as a permanent solution, and the tax is used to fund Social Security. Also, I don't remember any of the anti-Obama group giving him any credit for this two years ago when it was instituted. I'm not thrilled, with losing the tax break, but truthfully I didn't notice much benefit from it either when it went into effect.

 

 

I don't blame him for the added 2%.

 

What I do blame him and Dems for are the flat out lying they do.

 

Obamcare is a GIANT tax on the American people.

I'm surprised everyone is hung up on the elimination of the 2% payroll tax holiday. This was never advertised as a permanent solution, and the tax is used to fund Social Security. Also, I don't remember any of the anti-Obama group giving him any credit for this two years ago when it was instituted. I'm not thrilled, with losing the tax break, but truthfully I didn't notice much benefit from it either when it went into effect.

We've explained so I don't understand what you're surprised about, but I'll put it simply.

The President and Congress continue to fiddle while Rome burns.

I'd rather have the 2% tax increase than the 13% tax increase that's facing me if a deal isn't reached.

I'd rather have the 2% tax increase than the 13% tax increase that's facing me if a deal isn't reached.

 

Same here, the problem is that avoiding the tax increase should not be a goal. The goal of these negotiations should be to get the US back on the right path financially. This has not accomplished that, hopefully progress continues until we get there. However, I will not hold my breath waiting.

You know, I find it curious that folks that claim people that only pay payroll taxes are freeloaders who don't pay taxes, but now that the temporary tax holiday on payroll taxes is ending, it is a big tax increase. Which way is it?

You know, I find it curious that folks that claim people that only pay payroll taxes are freeloaders who don't pay taxes, but now that the temporary tax holiday on payroll taxes is ending, it is a big tax increase. Which way is it?

Try reading this

 

I think we all know that. That's not the point. I'm saying I'd have a lot less problem with it if:

A. The president would just be honest and say the middle class will be paying more.

 

and

 

B. They would have shown us some actual worthwhile cuts.

 

I'm tired of waiting to see what they'll propose. To quote the great CCR, someday never comes.

 

and this, again.

 

Same here, the problem is that avoiding the tax increase should not be a goal. The goal of these negotiations should be to get the US back on the right path financially. This has not accomplished that, hopefully progress continues until we get there. However, I will not hold my breath waiting.

I don't blame him for the added 2%.

 

What I do blame him and Dems for are the flat out lying they do.

 

Obamcare is a GIANT tax on the American people.

Seems most folks are ignoring the huge white elephant in the room that is the ObamaCare tax increases on the middle class. Around $1,400 in 2013 then up to $2,300 in 2014. Huge, huge tax increase on the middle class...

Does the compromise address (I know, it's on the revenue side only) the cutoff for wages earned that are subject to Social Security contributions? I never did understand why there was a cap.

I had always heard that the wages were capped because payouts are capped.

For those who like to look at the real numbers...

 

Historical Tables | The White House

 

 

Browsing around here are some sobering notables.

 

From table 4.2

 

1. Interest on the debt will drive outlays increase to almost a half a trillion dollars a year by 2017 (the last year of out looks). This is seen in Treasury - $444B in 2010. $927B in 2017. Pure interest on the debt becomes a monster.

 

2. Monster #2 is HHS. This department goes to over $1.2T in 2017.

 

3. The total of the 2 above will be over $2T a year in 2017 and will be almost half of the entire budget.

 

4. Treasury spending will exceed in military spending in 2014. This is a factor of outlooking defense spending to reduce starting in 2013 and the increasing interest payment on the debt.

 

5. There are only 4 federal departments that have outlooks in spending that increase any significant about between 2011 and 2017. HHS, Treasury, Office of Veterns Affairs and (interestingly) Office of Personnel Management. Off-budget SS rises but it is off-budget and supposed to be paid for by incoming funds.

 

6. Otherwise every other department of the Federal Government is outlook ed to reduce its actual real spending between 2011 and 2017. Defense is already outlooked to reduce $100B a year by 2017. Education is basically flat after an unusual spike in 2010 spending. Department of Labor goes from $131B to only $68B in 2017.

 

Bottom line - HHS (Obamacare supposedly) and Treasury (interest on debt for sure) are the divers of spending based on current outlook. If these two are not addressed nothing else will fix anything. Every other department of the Federal government (including defense) is already scheduled to stay flat or reduce with the exception of Veterans and Personnel. But these two are relatively non-impact to the overall budget. And Personnel is likely driven by Obamacare.

Does the compromise address (I know, it's on the revenue side only) the cutoff for wages earned that are subject to Social Security contributions? I never did understand why there was a cap.

 

Its not the problem at all. Social Security is mostly off budget since it still in surplus mode. The cap does rise every year. There is no cap on medicaid.

 

Uncapping this only creates a larger surplus and creates a large pool of real money to raid to help the on-budget horrid deficit and replace the cash with (likely worthless) IOUs.

From a pure political viewpoint the biggest loser in this has to be Rep Boehner, correct?

For those who like to look at the real numbers...

 

Historical Tables | The White House

 

 

Browsing around here are some sobering notables.

 

From table 4.2

 

 

2. Monster #2 is HHS. This department goes to over $1.2T in 2017.

 

Wow, I had no idea they have a federal budget line item. Just wait until jolmstead reads this.

Anyone notice all the "pork" tacked on to the bill?