Obama plan hits seniors and low-income taxpayers

Discussion in 'Opinions, Beliefs, & Points of View' started by Prinnctopher's Belt, Apr 6, 2013.

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  1. Prinnctopher's Belt

    Prinnctopher's Belt Antiquities Friend SF Supporter

    Obama plan to change inflation measure would raise taxes, slow growth of Social Security
    By Stephen Ohlemacher, Associated Press | Associated Press – 11 hours ago

    WASHINGTON (AP) -- President Barack Obama's plan to change the way the government measures inflation would lead to significantly lower Social Security benefits while increasing taxes, mainly on low-income families.

    If it's adopted across the government, the Congressional Budget Office says, the proposed new inflation index would reduce the federal budget deficit by a total of $340 billion over the next decade.

    The change would have far-reaching effects because so many programs in addition to Social Security are adjusted annually based on year-to-year differences in consumer prices. Taxes would go up because of smaller adjustments to income tax brackets, the standard deduction and the personal exemption amount.

    Obama is proposing the new measure of inflation as part of his 2014 budget plan, which is scheduled for release on Wednesday.

  2. paulhewson

    paulhewson Well-Known Member

    I don't like this any better than you do, but he has to give the Republicans (souless cocksuckers that they are) something to get the ball rolling.
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