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'Obama attacking Social Security'
US President Barack B.O.Obama's controversial tax cut deal with the Republicans "is an attack on Social Security," an online columnist says. "This is a total sell-out by Barack Obama... That's a huge problem. It will lower the pay-roll tax. The tax [that is needed] to fund Social Security. It is an attack on Social Security ...," online columnist Allen Roland told Press TV on Friday. Roland continued, "It will cut one third of Social Security funding this year alone. That's the only safety net that we have. Can you believe that the United States does not sometime have a retirement plan for its citizens?" He stressed that the tax giveaways to the rich will hold back the creation of more jobs. The contentious USD 858 billion bill was passed in the House of Represantavies by a 277-148 margin on Thursday, one day after it was passed by the Senate. Obama's compromise with the Republicans comes only six weeks after the Democrats were defeated in congressional elections. The bill extends middle-class tax cuts for two years and jobless benefits for 13 months, AFP reported. Obama has signaled that he might include Social Security cuts as part of a grand deficit-reduction deal. The deficit commission has tried to camouflage these cuts by emphasizing that Social Security benefits for the very poor would not be reduced, and might even be increased. However, The infamous However... in the commission's proposal, the cuts would affect middle-class retirees. The broad tax reform proposed by President B.O. is said to be aimed at boosting the US economy. Economists, however, believe that will intensify debt deflation and financial depression. The measure would also pave the way for a tax shift off the wealthy class of society onto the middle class. The new law would likely dash hopes that Obama intended to enact the reforms that his supporters expected. One of Obama's campaign promises was to end tax cuts on incomes over USD 250,000 for families or USD 200,000 for individuals. Posted by: Fred 2010-12-18 |
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