Media in Trouble: All the news thats UNfit to print!: Devilish Details

"The information of the people at large can alone make them safe, as they are the sole depositary of our political and religious freedom." --Thomas Jefferson 1810

Wednesday, February 02, 2005

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.


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.