Darrell Delamaide's Political Capital: Obama has blurred the Democratic brand
By proposing to switch to the chained CPI, Obama manages with one fell stroke to do two things a Democratic president is never supposed to do — cut Social Security benefits and raise taxes on the working class.
President Obama Unveils 2014 Budget Blueprint
The president says he has met Republicans more than half way by including cuts to Social Security and Medicare in his proposal.
Obama’s Budget Would Cap Tax-Advantaged Savings
Some of us have worried for decades that when America’s tax-advantaged savings pot got large enough, our perpetually revenue-challenged federal government would raid the nest egg. All that untaxed growth would simply prove irresistible. That day may be at hand. President Obama’s budget, just sent to Congress, proposes to cap tax-advantaged savings across all accounts at $3 million in order to raise $9 billion over 10 years. The proposal is being spun as a way to prevent wealthy private-equity executives from amassing huge IRAs—like Mitt Romney’s, once estimated to be worth as much as $100 million. But it would also curb the savings ability of self-employed professionals like doctors and lawyers. As these business owners reach the cap, and there’s nothing left in it for them, they might shut down or reduce plans that benefit their employees. (MORE: Young Workers with a 401(k) Finally Get Diversified) The cap proposal is a clear play to unlock some of the $10 trillion sitting in ...
Seniors would see smaller Social Security checks under Obama budget
Senior citizens would see their Social Security checks shrink under President Obama's latest budget proposal.
President Obama looks to reduce Social Security cost of living increases with 'chained CPI'
President Obama's new budget proposal -- which will be formally unveiled next week -- includes a move to slow payments to Social Security.