Soc Sec 'crisis' really a ploy to rid corp's of Payroll Tax !

Today's paper NYT article by Robert Pear "Social Security Ad Plan Stirs Ire" reveals that a CATO institute shill, 37 year old still-wet-behind-his-ears Andrew Biggs, is busy with more 'the sky is falling' b.s.

Furthermore, the article reveals the true intent of globalized corporations to rid themselves of the 6.2% payroll tax they must administer http://www.alllaw.com/articles/tax/article5.asp

"As an employer, you must also pay a matching amount of FICA taxes for your employees. Currently the social security tax rate is 6.2%. You are required to withhold 6.2% of an employee's wages for social security taxes and to pay a matching amount in social security taxes until the employee reaches the wage base for the year. The wage base for social security tax is $76,000 for the year 2000. Once that amount is earned, neither the employee or the employer owes any social security tax."

The medicare rates, see the article, are a bit less but there is no wage base minimum...this is where the REAL CRISIS is coming, and they suits want to stip SS payroll tax first !

Corporations are already dumping their healthcare and pension plans (see "The Benefits Trap" by Businessweek July 2004) in order to strip themselves of ANY costs to first world citizen, so they will be able to further exploit workers just as in the third world.

Racing to the bottom, with a bullet.

Thank you for the information which I will spread readily.

:kick:

http://www.businessweek.com/magazine/content/04_29/b3892001_mz001.htm

This is buried within that article:

"Perhaps most important, in the global economy, long-established U.S. companies are competing against younger rivals here and abroad that pay little or nothing toward their workers' retirement, giving the older companies a huge incentive to dump their plans. "The house isn't burning now, but we will have a crisis soon if some of these issues aren't fixed," says Steven A. Kandarian, who ended a two-year stint as the executive director of the PBGC in February. Kandarian is not optimistic about how that crisis might play out, either. "By that time it will be too late to save the system. Then you just play triage."

IN THE GLOBAL ECONOMY...COMPETING AGAINST YOUNGER RIVAL HERE AND ABROAD...

The MSM is ignoring the race to the bottom and the destruction of the saftey net, all for the almighty dollar. They have no shame. They will sell their mothers and fathers ... as part of the 'ownership' society. Actually the Rentier Society but who's kidding whom.

I have only the power of the pen, not the sword.

benes than we have?

the old "cut the peon benefits " to be competitive with foreigners.. fails when one sees EU compete ,.. and EU enjoys much more in the way of benefits.

like 6 weeks annual vacations.. ten years of unemploy benefits.. free doctors, free college.

If less for CEO's such things can be done. Our CEO'S get far more than european ones.

Any other reasons?

I think the plan doesn't exempt all 6.2% for "privatization", something like 4%?, but the truth is, that's a lot of tax cut if you've got a few thousand employees.....


(on edit) we ought to call it corporate welfare, if they want to play that game....

I do know Bush will do everything he can to take from the middle class and give to the rich. I'm less than 4 years from collecting SS at 62 and spent my lifetime preparing to be able to retire hopefully with an adequate income. Don't want the rules changed now.
If we didn't have these enormous tax breaks for corporations for the wealthy and corporations, things would be much better. Then consider the war which is draining billions. I read a while ago that in his inaugural speech Bush is going to push his idea of "spreading democracy" around the world. He believes that since he was reelected he has the power to do that! He is absolutely MAD! We are all in the middle of a very dark period in American history.

For those who missed David Letterman the other night...this will make you laugh. So much said in jest is true.

Top Ten Perks Of Being The New White House Dog

10. You're one of the few dogs that is smarter than his master.

9. Heart worm? I think Cheney's got a pill for that.

8. If you eat the President's briefing papers, it's not like he'll notice.

7. "Miss Beazley" isn't half as ridiculous as "Condoleezza"

6. K-9 color blindness means you don't have to worry about that terror chart crap.

5. Cannot be put in a kennel without approval of both the House and Senate.

4. Rumsfeld smells like bacon.

3. Get the same high-quality leashes that are used on Abu Ghraib prisoners.

2. At the rate Bush's Cabinet members are leaving, will be a senior advisor in no time.

1. An owner who sleeps as much as you do!

By FICA, i try to say, all funds for ss that are set aside by both worker and boss, and put in the gov's hands ... where it is called "the ss fund,", i think.

a newbie to all this// parents never explained it to me.

PS a post here said some study found fifty billion/yr would maintain current ss benefits till 21oo, so no crisis.

I know, that truman's tax structure would add far more.. 2. 7 Trillion additional tax funds / yr. SS would only need 5O Billion, part of just one trillion.

Total tax revenue thus, 2.7 plus current 2.4, for a result of 5.1 Trillion.

No ss crisis exists. None.

Dump failed Reaganomics, return to the healthy Truman tax structure.
Wages are lower than when Reaganomics began.. adjusted for inflation.

Reaganomics only sparked mass homelessness and mass hunger.
For 24 years.

We had prosperity during Truman.

as GHWB said. Now W just won't listen to his old man, just like on Iraq policy either...

"Honor thy father..."

http://www.talkingpointsmemo.com/archives/week_2005_01_02.php#004327
(snip)
But about $3 trillion of those dollars we needed to fund the 1980s and 1990s deficits we managed to borrow closer to home. We borrowed it from the Social Security (and a few other government) trust fund(s).

Almost the entirety of President Bush's Social Security phase-out plan comes down to a simple proposition: finding out how not to pay it back.

How can any Republican with an ounce of common sense support this President ? This is the litmus test; if they vote for this privatization crap Sen Reid and the Dems should not 'go along' for the ride for the next four years....Someone HAS TO fight back !

removed from our checks. Any excuse they can dream up to make more profits.

that's 2/3rds of GDP dropping, along with a rising 'tax' of gasoline prices going up, which is about $6 billion off of GDP for every sustained $1 rise in the price of gas, which is from the $25 per barrel the Saudis said they wanted. That's a huge hit on top of the rest of Bush's failed economic policies.

on "C'orporate De Jour Media" more often lately......