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15 million elderly americans rely on social security and they can fall below the poverty line. ie, this is our problem. so former national director for the national economic council ie the president s economist, gary cohn and former north dakota senator heidi heitkamp decided to ask the next generation for a fix in the form of a competition. gary joined us last month to tell us about the competition and now he is back. welcome with the winners from the harvard kennedy school of government, roy lu and anthony pasco. gary, again, thank you for doing this. i ve got to go to the winners first. loy, lay out your solution. sure. thank you so much for having us on the show. we would like to give a shoutout to the four members on the team. we came up with a bundle situation. there are three main pillars that start with c. cultivating contributions. we re trying to eliminate the payroll tax cap but at the same time, lower the payroll tax rate ....
State should be, the federal government should be, it does just look like a massive expansion of government programs. dana: talk about that, social security is always an important issue to talk about and lightning rod. wall street journal editorial board writing, memo to young workers. the democrats want to raise social security benefits for retirees while taxing you more to pay for it. the plan would raise average benefits by 2%. basically the payroll tax rate for social security would rise steady over two decades to 14.8%. right now it s about 12.4%. that would apply to all taxable income above $400,000. congressman who supports this said this is for the average american worker, insurance premiums would only be $0.50 per week per year. he goes on the say polling shows that americans like it, that it s doable common sense solution that americans want. this is a difficult thing ....
Of oklahoma in the new new yorker and a piece about eric cantor saying it s a little like the dysfunctional family speaking about the gop where everybody knows that old joe is an alcoholic and somebody needs to say. we need to get joe some help. come on. he s ruined too many christmas parties and i think joe is the far right, the tea party group. s.e. said something similar to this. will you be critical of old uncle joe? i think there s plenty of obstruction and dysfunction to go around. the point i m trying to make is that republicans, conservatives, those that believe in getting at the debt and deficit painted as blind defenders of the rich and the president is shrewd of doing that. unwilling to close loopholes and my argument call his bluff. close some loopholes and some corporate loopholes for the rich and reduce the payroll tax rate ....
What kind of impact those two changes going to have? that s a great example of we talk about the income tax but there are just there is a whole pan plea of taxes you don t talk about and think about and part of the grand discussion if it ever happens after the new year. that will be probably not going in to effect. i think, you know, probably the most urgent ones are the unemployment benefits and payroll tax and up for discussion, as well. i think in obama s proposal, he wasn t moving as much on the dividend tax as a compromise but, you know, that never settled at the end of the day. all right. enjoy that 4.2% payroll tax rate while it lasts. absolutely. up next, freedom of speech with the right to bear arms. that s in the spin cycle. ....
Political reality suggests they have to get a deal. the president gets most of what he wants because he won. 55% of the american people will blame the republicans if they don t get a deal. but statement the president desperately needs an extension of the debt ceiling. he also wants to get this off his back so he can go on to other parts of his legacy. that s why i think at the end of the day they will have an agreement. are you as optimistic as that, bill? i think so. and i was struck about what the president said. the republicans are at real risk, remind you, of looking like they are defending, keeping the current tax rates for the well think, the bush tax rates for the wealthy and right now the official republican position is let the payroll tax rate go back up by 2%. that s a two percentage point increase on every american and it s a marginal increase on everyone making less than $100,000 a year. i really worry that president obama, we consider that he s overreaching, it s too m ....