Say hello to the new Democratic plan, same as the old the Democratic plan
So the new Democratic plan, as laid out by resident scumbag Chuck Schumer is to raise taxes on the rich and cut nothing. I’m glad the Democrats aren’t a broken record that have only one policy, but rather embrace a myriad of different ways to improve the economy and never stick to a plan after it has already failed the last 100 times it was tried.
Senator Schumer, who has never met a tax hike or Constitutional violation he didn’t like is suggesting this new tax hike on millionaires to offset the cost of continuing the tax break on the payroll tax we have all enjoyed for the last year.
And you know what, I like the payroll tax break. Better that I get to keep my money than it goes to the Social Security system where it is guaranteed that I will never see it again. I’m kind of like that; I prefer my money to remain in my wallet instead of the wallets of highway robbers. I guess I’m just greedy.
But how about this we don’t need to raise taxes on anyone. Do you know why? Well first because Schumer’s tax those who make more than a million a year plan is just laughable. You could tax everyone in the country who makes more than a million a year and still not have enough to shore up social security.
Let’s take a look. [2006 figures] U.S. Census figures don’t list go above $250,000 a year but let’s use that. After all $250,000 a year is rich and those bastards deserve to have everything taken from them anyway. So there are 2.2 million households with an income of $250K or higher (There are 116 million households so this group is about the top 2% of the number of households). The whole group has an average income of $448,687 (which if you take the time to think about it means most of them are below the million dollar mark, but they’re still evil rich bastards). So the total income for this group is 987.1 Billion dollars. So if Chuck put an additional 10% on their income that would yield 98.7 Billion next year.
But that won’t solve much. You see Social Security was already taking in 29 Billion less than it was spending in March of 2010…then in December of 2010 Obama signed the 2% Payroll tax holiday for a year, which is what Schumer wants to save. That saved Americans about $100 Billion that wasn’t sent to the thieves at Social Security. Oh wait, we were already spending more than we were taking in, then we cut income by a $100,000,000,000.00. Hmmm and if Chuck got a 10% hike on everyone at $250,000 or more that would supply 99 Billion.
But Chuck only wants to tax those making over a million. Which, since they’re a small portion of that top 2% means the tax rate will have to be even higher to make up the difference. So we’re at what, a 20% increase? 30%? And you’re still not making up for the initial $29 Billion shortfall that we started with before the payroll tax cut.
And let us not forget the baby boomers are starting to retire. A massive generation of losers who expect to be taken care of. Yeah I’m sure that won’t jack up costs.
And I’m sure a 30% tax increase on income won’t possibly slow down the economy at all. No, not at all.
And it’s even more ridiculous as most people who make over a million a year make it through investments which is an entirely different type of income than the type Schumer is talking about. So don’t worry Warren Buffet, your Democratic pals aren’t coming after a single cent of your income.
How about this, Chuck. Instead of your plan which won’t work and is only there to stir up the class warfare, how about a plan that works.
If you’re on Social Security right now, you’re taking a 10% cut in benefits. If you’re going on it in the next 3 years you’re taking a 15% cut. If you’re not retiring in the next three years, guess what you’re really not retiring in the next three years because we’re raising the retirement age from 67 to 71…and look forward a 20% cut in benefits. And if you’re under 50 right now you’re retirement age is 75 and a 25% cut in benefits. This will get costs in line.
And then we should lower benefits for everyone 45 or younger even further but offer these people a privatized system that is self sustaining and not a ponzi-scheme like entitlement program.
But that would actually work. And Chuck Schumer isn’t interested in things that work…he’s interested in things that get him and his ilk elected so they can be exempt from all payroll taxes and all insider trading laws.