Obama's tax cut for the rich also would reduce the 6.2 percent Social Security payroll tax on all wage earners by two percentage points for one year. At first look, this might appear to be a decent tax cut stimulus for working people. It will put an extra $1000 in the hands of a family making 50,000 a year:
For a family earning $50,000 a year, it would amount to a savings of $1,000.
Half of the families in America earn less that 50,000 though, but, hey, it's money!
But it takes away funds needed for social security.
This is the core attack on the New Deal. Defunding social security at same time as they talk about raising the retirement rate, cutting benefits, etc. We will pay for this with reduced social security. Say NO to overturning the New Deal.