The Lomax Report
News, Information and Items of Interest
For The Common Sense American
copyright (c) 2010 lomaxreport.com
Leaders Want Retirement Age-Taxes Raised
A report Friday December 3, 2010 identified both Republican and Democrat leaders who suggested that tax deductions be scaled back and retirement age be raised. President Obama's deficit commission is made up of former President Bill Clinton's Erskine Bowels and former Republican senator Alan Simpson and others. Two of the most 'conservative' Republicans, Tom Coburn and Mike Crapo, came out in favor of the plan. The commission proposes to raise the retirement age from 67 to 69 and to scale back or ELIMINATE deductions on taxes, such as the child tax deduction, mortgage-interest deductions and deductions for employers who provide health insurance. The plan would offer a rate cut on corporate taxes and raise the gas tax by 15 cents aa gallon to fund transportation programs. The plan also cuts social security, cut medicare benefits and cut pensions for military members.
Please note that while the commission was to work out a plan for cutting the deficit, the panel decided on a tax hike
for fuel to fund government programs (transportation programs). At a point where our country has been on the brink of
a second Great Depression, it is interesting to note that both Republicans and Democrats are in favor of this idea, which
leads us to question if Tea Party Conservatives' backing of Republicans down the line was such a good idea. Perhaps
they should be considering alternative candidates to back.
It will be interesting to see if the new congress taking office January 2011 gives themselves a pay raise and if they up
the retirement age for members of congress. It has been reported that Colorado's Pat Schroeder picked up a pension
of about $4.18 million and Pennsylvania's Robert Walker a staggering $4.2 million. These are their pension and do not
include other monies they may have access to.
All this is very discouraging for the working class citizen of the United States who is seeing these reports constantly,
seeing their hope of retiring when they are old go down the drain. And future generations of those who work for their
living can see only tougher times if the current mindset continues in Washington.
Over the past few elections both Republicans and Democrats have struggled to find something in common with working
class Americans, fueling the move toward third party and independent candidates.
Is it ok for her to sit, or must she keep working?