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RUSH: Well, there he is, the Bamster\u2019s on television, ladies and gentlemen, all upset that nobody will go along with him on extending the payroll tax cut for the length of time that he wants it cut. He\u2019s out there blaming the Republicans. Of course, he thinks that\u2019s gonna drive up his-poll numbers. He\u2019s sitting there, he\u2019s all excited, he\u2019s up to 50% job approval, and they\u2019re telling him this is why, so he\u2019s out there hammering the Republicans again. <\/p>\n
Now, the House Republicans want to cut the payroll tax for a year. Senators of both parties don\u2019t. And that\u2019s the bottom line today. The Senators of both parties only want to go two months. Obama wants to go two months. The House Republicans want to do this for the whole year. So what\u2019s happened here, folks, the House has rejected the Senate\u2019s two-month extension, after the Senate rejected the House\u2019s one-year extension. Now, everybody\u2019s knows that the House plan on this is more rational, and it\u2019s more economically sound, but despite that, the Republicans are gonna be blamed for this. But I want to raise another point. <\/p>\n
Obama — stick with me on this. Obama really wanted to cut the payroll tax by 4%, which experts say would have blown a hole of $250 billion in Social Security funding. Now, what we\u2019re talking about here, the payroll tax cut extension, the payroll tax, FICA on your pay stub, if you see it — I need to ask a question, seriously, pardon my ignorance on this. I just don\u2019t know. Are any of you on the other side of the glass there — Dawn, Snerdley — do you get paid with direct deposit? Okay. Where do you see what your deductions are? Okay, the statement is sent to you in the mail or electronically? Okay, but you get either electronically or in the mail, but is it just like any other piece of junk mail that shows up? Do you have to look at it? Is it something you normally look at every week to see how much you got paid and how much is withheld? <\/p>\n
My question is, and I\u2019m sitting here saying payroll taxes, FICA on your pay stub, do people know what I\u2019m talking about? Okay. All right. Good. In the old days where you actually got paid with a check, you know, had your deductions listed on there and that\u2019s back in the old days. I\u2019d get paid by a Brinks truck so I don\u2019t — (interruption) right, I know you get a statement, but is it — you know, I get junk mail I don\u2019t even open \u2019cause I know it\u2019s junk mail. So I\u2019m just asking, how many people look at these statements? You know what your net is but you don\u2019t know what your FICA deduction — what I\u2019m asking is, is how many people know what that is? I\u2019m telling you that the vast majority of people, I\u2019m guessing, do not know what the number next to FICA is. Okay. Well, that\u2019s why I\u2019m spending time, because the FICA deduction, if you are paid by electronic deposit, next time you get your statement, look at FICA, that\u2019s your payroll tax. That is the sole funding mechanism for Social Security outside of borrowing and all the other rotgut.<\/p>\n
I\u2019m talking about the direct constitutional, virtue-of-the-law way that Social Security\u2019s paid for is with that one deduction on your paycheck, FICA. I don\u2019t remember what it stands for and it doesn\u2019t matter. Now, my point about this is, here you have a Democrat president, who wants to cut the payroll tax by 4%, he wants that large a tax cut in the payroll tax, which would blow a $250 billion hole in Social Security funding at a time when everybody knows that we\u2019re short on being able to pay all the obligations now. We have reached the tipping point. People who are receiving Social Security payments are now receiving more than they contributed. That\u2019s not a knock. I don\u2019t want to get any phone calls, I don\u2019t want to hear it. <\/p>\n
We\u2019re getting to the point now where the youngsters in America know full well that it\u2019s probably not gonna even be viable by the time they retire, and yet here is a Democrat president advocating a huge tax cut in the sole funding mechanism for Social Security. If this were a Republican president, folks, we wouldn\u2019t be having the argument about whether to extend it for two months or a year. The Republican president would be in the process of being destroyed as somebody who wants to kick senior citizens out of their houses, deny them health care, force them to eat dog food. This is so damn topsy-turvy, the news media and the rest of the Democrats have managed to convince the American people that cutting Social Security funding by hundreds of billions of dollars is a good thing. <\/p>\n
Meanwhile, when George W. Bush came along and wanted to privatize a portion of Social Security, or allow individuals to, so as to increase, maximize the returns, make their stash bigger, you remember the demagoguery. Bush wants Social Security recipients to go broke. Look at what happens in the stock market, want to turn it over to those Wall Street people. It\u2019s another get rich quick scheme for Wall Street people. Now we have a Democrat president, Democrat Senate doing everything they can to blow holes and underfund Social Security under the guise of a reelection tactic for the president and putting money in people\u2019s pockets. <\/p>\n
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I find this bizarre. I find this truly bizarre. And Obama\u2019s out there saying, “Well, we\u2019ve got more important things to worry than politics right now.” By that I mean his Hawaii vacation and his reelection. I\u2019m gonna tell you something else about this two month business and I\u2019ll make this a little selfish. Like some Americans, I pay my taxes every, on average, three months, quarterly estimates. The second estimate of the calendar year, that\u2019s the bear, because that comes in two months. For those of us that pay our taxes this way, on April 15th we pay whatever we owe, and we always structure it so that we owe a little. You pay what you owe for the year you file, then you have your quarterly estimate for the first quarter of the current year. And then two months later you have the second. That June 15th estimate, that\u2019s a bear. <\/p>\n
My point is, they\u2019re gonna extend this, they want to extend this payroll tax cut for two months, but it\u2019s an accounting nightmare for people who file quarterly estimates, and there\u2019s a lot of self-employed, entrepreneurs, contract hires, this kind of thing, independent contractors. And this is what the report out yesterday said. We can\u2019t implement this. Two months is not enough time to rewrite the software, we just can\u2019t. This is nothing but a political football that\u2019s being kicked around, and the House is the only place where there\u2019s a rational belief or policy involved here. Senators of both parties want to cut payroll taxes for two months. House Republicans want to cut payroll tax for the full year and just be done with it.<\/p>\n
Now, for those who want to know, FICA equals the Federal Insurance Contributions Act. And the FICA tax is 6.2%. If you\u2019re self-employed, you pay the whole thing. It\u2019s a mess. I don\u2019t even want to get sidetracked on that. But we have here a Democrat president and a Democrat Senate cutting Social Security funding by $250 billion with a payment mechanism that doesn\u2019t exist. There is no paying for this. And people don\u2019t associate a payroll tax cut with Social Security. That\u2019s why I asked, “How many people know what the FICA number is on their pay stub or on their statement?” I find this literally amazing. At any rate, Obama\u2019s out there, you know, yapping on the Republicans. Now Boehner is taking his turn. Our microphones are there, if there\u2019s anything interesting being said we\u2019ll have it for you. <\/p>\n","protected":false},"excerpt":{"rendered":"
RUSH: Well, there he is, the Bamster\u2019s on television, ladies and gentlemen, all upset that nobody will go along with him on extending the payroll tax cut for the length of time that he wants it cut. He\u2019s out there blaming the Republicans. Of course, he thinks that\u2019s gonna drive up his-poll numbers. He\u2019s sitting […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0},"categories":[],"tags":[],"yoast_head":"\n