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May 22, 2002

$5 Trillion Raid on Social Security

The GOP is pushing to make their boondoggle tax cut permanent, further handing the wealthy a massive windfall even as national deficits are widening to more than $100 billion this year. A cheer for the Dem leadership as Daschle says No permanent tax cuts Part of the background to this story is the underhanded budget trick of last year-- by having the tax cut terminate a year early, the GOP made the tax losses look smaller in the debate. But as the estimates show, "Making the tax cuts permanent would result in $400 billion in additional lost revenues over the next decade, Daschle said. Revenue losses would be more than $5 trillion in the following 10 years." I am not a Social Security alarmist, but a $5 trillion hole blown in the budget could seriously threaten the system

Posted by Nathan at May 22, 2002 08:14 PM

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