Devilish Details

Josh Marshall has posted the Kolbe-Boyd version of the "Bipartisan Retirement Security Act."

Provision: Provides a payroll tax cut for all working individuals under the age of 55, by diverting 3% of payroll
taxes on the first $10,000 in earnings and 2% of all earnings above $10,000 up to the wage cap into personal
Individual Security Accounts.

OK I have subscirbed to the fact that the Social Security crapola is basically about getting another tax cut.

YEAY!

So I did the math. Right now the cap is at $87,000.

3% of $10,000 = $300 (the really poor will get this ammount)

2% of remaining $77,000 = $1,540 (middle class will see some of this)


Republicans going balls to the wall for a measly $1,840 tax cut.

Priceless.