Tax cut should not cost Americans more money

Posted: Wednesday, May 12, 2004

Such a responsibility! The U.S. Senate is in the process of giving us our tax cut for the next number of years. In return for this, we have the privilege of paying our required Social Security taxes and having our employers pay their fair share to assure us and our children of working age of a modicum of security in our old age.

My interpretation of the Social Security payments is that it is a form of taxation that is line budgeted to achieve a targeted goal. We are told that we are behind in achieving that goal and there will be a greater amount required to accomplish a lesser final result.

In the same breath, it is not being emphasized that the funds in the account presently and for the next 10 years will be those used to achieve our tax cut. The logic is confusing me. I get to pay Social Security taxes required by law to have a tax cut that has come out to be a tax increase of $1,000 this last year.

In addition to the required Social Security taxes that I have paid, I understand that what was expected and promised will not be available to me as promised? Wow! What a deal! I haven't had time to see whether the bill passed as yet or not. I've had to increase my work load to keep even so far.

I have been thinking about a letter to Sen. Lisa Murkowski to see how this rationale fits in with my savings. Her advertising continues to say how much she must be saving us if she voted for it. Please help me figure this out.

Mary J. Toutonghi, Soldotna

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