Deficit hawk Pete Peterson just cut a check to Social Security Works--WA. Bwahhhaaaa!

[eridani]

See the following thread for the winning video
http://www.democraticunderground.com/1251295306#post46

http://psara.org/wp-content/uploads/2013/05/june-2013-advocate.pdf

Conservative billionaire Pete Peterson, a major financier in the effortto dismantle Social Security, Medicare, and Medicaid, just got some egg on his face courtesy of the Social Security Works- Washington coalition, the Economic Opportunity Institute and PSARA.

The winning video in the Pete Peterson Foundation’s video contest – which had the goal of “compiling videos of people across the country letting Congress and the President know why fixing our nation- al debt is so important” – was “Just Scrap the Cap”, which represents the antithesis of Peterson’s austerity agenda.

If you haven’t seen it, “Just Scrap the Cap” is a humorous plea to shore up Social Security’s long-term finances by eliminating the current FICA wage cap of $113,700. Also known as “Scrapping the Cap”, this change would require billionaires like Peterson to pay the same Social Security tax rate as the guy who shines his shoes. Watch it here: www.justscrapthecap.com

Here’s the best part: After the votes were tallied and it was determined "Just Scrap the Cap" received the “Fan Favorite” award, Peterson was forced to cut a $500 check to Robby Stern, Social Security Works Washington Chair. Robby signed the check over to Social Security Works Washington and has promised that the coalition will use the money wisely: “We will use the $500 to finance our educational efforts and our Scrap the Cap campaign. We want to save Social Security from Peterson and his band of wealthy supporters.” Surely Mr. Peterson will be pleased to hear his money is going to a good cause.

Alex Stone is Communications & Technology Manager at Economic Opportunity Institute & a PSARA member. He helped direct and acted in the award winning video.

[Recursion]

1. That's the best thing I've read in a while

Thanks for posting!

[itsrobert]

2. $500 prize from a billionaire?

that's like 5 cents or less to the average American.

[eridani]

3. Well, it's the thought that counts

[reusrename]

4. Crap! They pulled the video down from Screwtube.

[hollysmom]

5. it's gone. Must be somewhere else.

[eridani]

8. Here's the original Social Security Works link

Spread it around!

[hfojvt]

6. actually scrapping the cap would not force Peterson to pay what we pay

take, for example, somebody like Mitt Romney, even though he is not nearly as rich as Peterson.

http://www.democraticunderground.com/?com=view_post&forum=1002&pid=1167192

"Romney's income $21 million, tax rate 14%
Ryan's income (wages) $153,000, tax rate - 20% (not including payroll taxes of 7.65%)

Romney makes about 65 times as much as Ryan, but still pays a lower tax rate.

And most of Romney's income - $3.3 million in interest, $4.9 million in dividends, and $12.6 million in capital gains - is made without doing one iota of actual work."

Typical of a rich person, they make much of their income from
1. interest - which pays 0% in FICA taxes regardless of the cap on WAGES
2. dividends - again 0% in FICA taxes
3. capital gains - again 0% in FICA taxes.

Except for the medicare part of FICA, which only applies to Capital gains (IIRC) over $200,000, FICA taxes are only levied on WAGES. And super-rich people like Peterson and Buffet do NOT get most of their income from wages.

[SunSeeker]

7. K & R