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View Diary: Dick Durbin's new Social Security reform commission (Social Security Defenders blogathon) (205 comments)

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  •  According to Dean Baker, the "cut" that seniors, (4+ / 0-)

    veterans and the disabled will be asked to take, is 3 times more, relative to the amount of money 'the wealthy' were asked to pay in additional taxes.

    He gives this analogy at a forum that I watched on C-Span.  Maybe someone will want to ask him to expand on this on Friday (if he's here for 'live chat.')

    Here's a link to Dean Baker's diary from FDL on that same topic.  And here's an excerpt from it.

    President Obama Wants to Give a Bigger Hit to Seniors on Social Security than He Did to the Wealthy on Taxes

    . . . For the typical retiree, Social Security benefits are close to two-thirds of their income. This means that the use of the chained CPI would amount to a hit to their income of approximately 2.0 percent (two-thirds of 3.0 percent). . . .

    This means that the Obama tax increase would reduce their after tax income by a bit less than 0.7 percent.

    This means that the hit to Social Security beneficiaries from the chained CPI will be around three times as large as the hit to the typical affluent taxpayer from the Obama tax increase.


    "Only he who can see the invisible, can do the impossible."-- Frank L. Gaines


    by musiccitymollie on Tue Mar 26, 2013 at 12:19:46 PM PDT

    [ Parent ]

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