Deficit declines $100 billion - From Jack Kemp. People keep forgetting that deficit and surplus predictions are nothing more than WAGs (wild ass guesses) and really mean nothing. As I've said on too many occasion, the supposed Clinton surpluses were nothing more than pie in the sky forecasts based on the assumptions of no more economic downturns ever and a double-digit increase in the stock market for all eternity. Anyone who considers any predicted budget figures to be anything close to reliable is crazy.




Social Security Gets 2.7 Percent Boost - This could end up in a net loss for SS recipients because of the increased Medicare premiums that will be deducted, as well as the income tax on 85% of the full benefits (before Medicare deductions).




sKerry says the presidential election will decide the fate of Social Security - This may very well be true; but not in the way that Lurch means. If anyone's plans will destroy the Social Security program, it is the DemonRats'.




COURT STOPS FRAUDULENT TAX-RETURN PREPARER. Norfolk Preparer Used Sham Trusts to Claim Improper Deductions




L.A.'s Scary 'Cop Tax' Campaign Angers Critics - Different groups use different tactics to encourage new taxes.




Social Security Increase Announced - Not receiving as much publicity as the increased benefits is this bit of news:

The Social Security Administration also announced Tuesday that 9.9 million workers will face higher taxes next year because the maximum amount of Social Security earnings subject to the payroll tax will rise from $87,900 to $90,000. In all, an estimated 159 million workers will pay Social Security taxes next year.

People forget that the Social Security system is set up as a Ponzi Scheme, where all benefits being paid out come from the pockets of current workers. Higher benefits = higher taxes.


- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 10/19/2004 01:06:00 PM Send this post: