| Plutocrats have perpetrated a treacherous sneak attack on Social Security--a cultural Pearl Harbor! Pretending to be cutting taxes for the middle class, the Big Money Fat Cats and their Congressional lackeys in 2010 cut payroll contributions to Social Security from 6.2% to 4.2%, representing a loss to the Social Security Fund of $140 billion the first year! This 2010 Obama/Republican Party payroll tax cut actually represented a 30 percent reduction of money going into Social Security. Now, in 2011, Obama is proposing further cutting payroll contributions to Social Security from 4.2% to 3.1% for both employers and employees. This would represent a loss of 50 percent in revenue, a loss of $480 billion in Social Security contributions in 2012 alone. Cutting any program by 50% of its revenue is a sure way to destroy it! |
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