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- iHaveNet.com: Politics
by Alex M. Parker
How the debt panel plans to slowly raise taxes and cut the growth of Social Security
As the Congressional super committee searches for common ground on the federal budget, one idea is getting more and more notice. The lawmakers are considering a tweak to the formula the government uses to estimate the annual increase in the cost of living. While it sounds like a technical change only budget wonks would notice, it would affect nearly every American, sometimes to the tune of hundreds of dollars in increased taxes and decreased
The government currently uses the
[Experts give super committee grim warnings.]
By "chaining" the CPI, the government would pay out less in
Both the Republicans and the Democrats unveiled their proposals to super committee members last week, and according to a Congressional aide, the cost-of-living tweak was in both plans. But because the adjustment would cut more money from
But it's still a controversial idea. Any cuts to the social safety net or tax increases are sure to draw fire, no matter how small. The retiree advocacy group
The chained CPI would also raise taxes, although not in the top-heavy way tilted towards millionaire and billionaires that Democrats favor. In fact, because it would affect how all of the tax brackets are affected, it would affect 73 percent of income earners by 2021, according to the non-partisan Tax Policy Center. The group also estimates that it would be felt by taxpayers of all incomes, with those making between
The super committee must find at least
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On the 'Super Committee' Menu: Social Security Cuts and Tax Hikes | Politics
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