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Obama's tax cut for the rich also would reduce the 6.2 percent Social Security payroll tax on all wage earners by two percentage points for one year.  At first look, this might appear to be a decent tax cut stimulus for working people.  It will put an extra $1000 in the hands of a family making 50,000 a year:

For a family earning $50,000 a year, it would amount to a savings of $1,000.

New York Times

Half of the families in America earn less that 50,000 though, but, hey, it's money!

But it takes away funds needed for social security.

This is the core attack on the New Deal.  Defunding social security at same time as they talk about raising the retirement rate, cutting benefits, etc.  We will pay for this with reduced social security.  Say NO to overturning the New Deal.  

No Republican could get this odious bill past a Democratic Congress.  So Obama will do the dirty work for the Republicans here.

he agreed to a deal on the federal estate tax that infuriated many Democrats. The deal would ultimately set an exemption of $5 million per person and a maximum rate of 35 percent — a higher exemption and far lower rate than many Democrats wanted.

snip

Some senior Democrats said an agreement by Mr. Obama to accede to Republican demands on the estate tax could lead to a revolt among lawmakers.

New York Times

The entire packager of tax cuts will cost 900 billion over two years, all borrowed.  

The package would cost about $900 billion over the next two years, to be financed entirely by adding to the national debt, at a time when both parties are professing a desire to begin addressing long-term fiscal imbalances.

New York Times

This is Obama's second stimulus, but it will cause more harm than good.  

This after cutting cost of living raises for all government workers to save 2 billion?   Hypocrisy and intellectual dishonesty.  

The House has not agreed.  This President's deal with the Republican Party must be defeated.

"The House Democrats have not signed off on any deal," Representative Chris Van Hollen of Maryland, who has been representing House Democrats in formal negotiations on the tax issue, said Monday night. "We will thoroughly review and discuss the proposed package in the caucus."

New York Times

Just Say No to Barack Obama's War On Workers.

The Obama Tax Cut For The Rich Is Immoral.  

In my eyes, he is no Democrat.

Update I: Another view:

Agreed up until that last sentence. (1+ / 0-)

Recommended by:TomP

Obama is a perfectly typical early 21st century Democrat.

Watch his party in both houses of Congress affirm that fact.

Obama is just a symptom of a much larger problem, which we won't solve if we see him as the issue.

"I trust that you will continue to let me and other Democrats know when you believe we are screwing up." - Barack Obama

by GreenSooner on Tue Dec 07, 2010 at 06:22:39 AM PST

GreenSooner has a point.  

There are the Merkleys, Pelosi, the Progressive Caucus, Grayson, Sanders (not a D), Harkin, Boxer, some others, but there also are many who will sell out workers.

Update II: According to clammyc, this won't directly affect the social security fund because general funds will be used to replace the shortfall.

http://www.dailykos.com/...

this won't reduce the social security fund (2+ / 0-)

Recommended by:dvogel001, gobears2000
I thought this as well, but similar to the HIRE Act credit, moneys would be diverted back to the social security fund from the general fund.

I still don't like this one bit for many other reasons, but it won't reduce the social security fund.....

Check out this awesome video

by clammyc on Tue Dec 07, 2010 at 06:20:57 AM PST

It still is very problematic because using general funds now undermines the fundamental basis of social security, that people pay in for what they get, more or less.  It is the first step to turning it into a general wealfare program, leading to further R attacks.  Of course, this one expires in 1 year, but nothing seems to expire.  Others explain it better in the comments. The Republicans have sought this shift for a long time.  Undermining social security is the holy grail for them.

This is a great deal for the wealthy and Republicans and a terrible deal for America.  Tell us some more about the tough chocies that working people must face after borrowing 900 billion for tax cuts.  

Update III: What it is all about: Barack Obama's Re-Election Strategy Of Triangulation!

With Democrats reeling in the wake of Obama's deal to extend all the Bush tax cuts, Michael Scherer has a remarkably sane take on what happened, noting that the deal allowed Republicans to walk away with the major prize but also allowed Obama to present himself as the defender of the middle class against Washington business-as-usual.

What you're seeing is the first glimpse of Obama's political strategy for dealing with divided government. Obama will strive for deals with Republicans that require concessions on core liberal priorities, and openly concede unhappiness with those concessions, but argue that the deals he's reaching are the best possible under the circumstances.

Obama will insist that such deals are necessary to keep government functioning on behalf of the American people, casting himself as the middle class's defender-in-chief against partisan brickbats flying from both sides. He'll be Washington's resident adult in a town full of bickering children -- on the right and the left.

Greg Sargent , The Plum Line

Making Bill Clinton look like a liberal.

Defeat Obama's Tax Cuts For The Rich Now!

Originally posted to TomP on Tue Dec 07, 2010 at 05:11 AM PST.

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