Node Of Evil - Fair And Balanced Reporting

For those who feel the war on terrorism
could use a little "Structural Adjustment".

Hey all, here's something that's vitally important -- the U.N. aid program in Palestine is close to running out of funds. Please take a minute to donate something to help the Palestinian refugees. You can donate here. More information about the program can be found here.

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How do you join the Node Of Evil? To join, simply repeat the phrase "I hate the war on terrorism". Yes, it's that simple!


Wednesday, February 23, 2005

raising the cap -- is it really an anti-tax measure?

President Bush has recently announced that he's open to the idea of raising the cap on the amount of income taxable for Social Security. Several conservative political groups are already on the attack against the idea, however I tend to think that this is yet another handout to the rich. How so? Let's consider the following scenario: assume for a moment that the President presents a plan that includes both the diversion of Social Security tax funds to private accounts and raises the cap on taxable income. If you're well-to-do and you're more concerned about lowering your tax liability, then it's a good thing to a.) give more to Social Security, but then b.) divert those new funds to a private account. So while it looks like Social Security is getting more funds because of the higher cap, in reality there's now another tax shelter (and a perfectly legal one) for those new funds which aren't actually going towards the Social Security general fund or to buy treasury notes for the trust fund.

Of course, all of this is speculation -- Bush hasn't decided to stop playing games and actually present a plan. Nevertheless it's important to realize that raising the cap on taxable income may not make up for the shortfall if the plan also includes diverting funds to private accounts.

Andrew 11:35 AM : |


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