September 17, 2021

David Cay Johnston Impressed with Obama’s Wily Plan, Will Stand Up to Those Bullying Social Security

DCJ is putting the rubes (read: Republicans) on notice that A) Obama is one crafty SOB and B) if Rick Perry wants to throw around “Ponzi scheme” then two can play at that game.

Obama has also set a clever trap for anti-tax Republicans. Obama’s American Jobs Act would lower Social Security taxes for all workers and for all businesses in 2012. Republicans who vote against the bill would be voting against a tax cut. They would also be voting against a huge business tax break, letting business immediately write off all capital investments made in 2012. […] The latest assault on Social Security comes from Governor Rick Perry of Texas, a Republican presidential hopeful who insists that social insurance for widows, orphans, the disabled and the old is a Ponzi scheme. If Social Security is a Ponzi scheme then so are public education, businesses and the state government that has for decades employed Rick Perry.

Father Christmas seems a little surprised that the GOP would find a tax cut they didn’t like but as we know, many don’t find the Social Security tax cut to be their cup of tea because of its lack of eternal life.

More for the rich [DCJ/Reuters via TaxProf]

DCJ is putting the rubes (read: Republicans) on notice that A) Obama is one crafty SOB and B) if Rick Perry wants to throw around “Ponzi scheme” then two can play at that game.

Obama has also set a clever trap for anti-tax Republicans. Obama’s American Jobs Act would lower Social Security taxes for all workers and for all businesses in 2012. Republicans who vote against the bill would be voting against a tax cut. They would also be voting against a huge business tax break, letting business immediately write off all capital investments made in 2012. […] The latest assault on Social Security comes from Governor Rick Perry of Texas, a Republican presidential hopeful who insists that social insurance for widows, orphans, the disabled and the old is a Ponzi scheme. If Social Security is a Ponzi scheme then so are public education, businesses and the state government that has for decades employed Rick Perry.

Father Christmas seems a little surprised that the GOP would find a tax cut they didn’t like but as we know, many don’t find the Social Security tax cut to be their cup of tea because of its lack of eternal life.

More for the rich [DCJ/Reuters via TaxProf]

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

Where Does Janet Yellen Want to Be Taxed?

Presuming that Janet Yellen, our current secretary of the Treasury, lives in California, her marginal tax rate might be as high as 13.3%. That’s a little scary for those of us living here in Maryland. Good thing she knows how to handle finances. For that kind of tax rate she might easily be persuaded to […]