If you think this admin. and the Dems intend to let us actually have more of our own money, think again.
All I know is that the payroll tax is being lowered and it was INSANITY for Republicans ever to oppose that.
“I am in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it’s possible.” — Milton Friedman
It is insane not to understand what is happening with the phony shell game. The lowering of the SS contribution (not tax) is using SS as a conduit for another unfunded stimulus bill. It is a scam.
SS is a pay as you go program, i.e., revenue is collected and benefits paid out. Right now SS is running in red and has been since 2010. It will continue to run into the red until all of the IOUs in the SSTF are exhausted around 2036. In order to make up the shortfall, the IOUs (non-market T-bills) in the SSTF must redeemed by the General Fund so benefits can be paid. 42 cents of every federal dollar spent must be borrowed so we are borrowing money to pay the benefits. It adds to the deficit and the national debt.
The politicians say that they will hold SS harmless and pay for loss of revenue by increasing taxes or fees. This is where the real scam comes in. They collect the money and use it for whatever they want over a ten year period while depositing more IOUs into the SSTF to make up the loss of revenue. In essence, this is the same scam that was used when SS was running a "surplus," i.e., revenues exceeed benefit payouts. The politicians deposited the surplus into the General Fund and spent it and issued IOUs in the amount of the surplus and deposited them into the SSTF, which is an unfunded liability that is reflected in our $15 trillion national debt.
So you are laboring under the false impression that you get to keep more of your own money, when in fact, you and your children and your grandchildren will be responsibile for paying it back. This is another scam to fool the people that they can get something for nothing. There is no free lunch. This is the SS Stimulus Bill and should be known as such.
Your quote from the fore-most Economist of the last century sums up my comments much better than I can. To wit:
“I am in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it’s possible.” — Milton Friedman