Tax Hikes May Crack Nest Eggs, Dold Raises Issue in 10th

Seniors among those most hurt by expiration of the Bush tax cuts. Boomers, check it out with the tax hike calculator.

Apropos, from Dold for Congress:

Seals Policies Hurt Seniors

Arlington Heights, IL- At a visit to Luther Village today, 10th District Congressional candidate Robert Dold outlined policies supported by Dan Seals that will hurt the economic security of seniors, including Seals’s support for the death tax, his support for the health care law that cuts $560 billion out of Medicare, and his refusal to acknowledge that Social Security is in crisis.

“Dan Seals would punish seniors who have saved for their retirement security, and he would punish seniors who rely on Social Security for their economic security, all while supporting gutting Medicare by $560 billion” said campaign spokesperson John McGovern. “Seniors lose with Seals’s policies.”

Seals supports the health care law, which cut $560 billion from Medicare to fund the law. Seals also supports reinstatement of the death tax, which applies to income that was already taxed when it was earned. This law results in a double layer of tax that penalizes seniors for working hard and saving money throughout their lifetimes.

The death tax, which will go from zero to 55 percent in 2011 unless Congress acts to stop it, collects only slightly more than 1 percent of the federal tax revenue but has a much larger negative impact on the economy. It is also by far the least popular federal tax, as 60 to 70 percent of adults consistently say they want the tax repealed permanently.

“We need leaders who acknowledge the challenges facing Social Security, and step up to support policies that will ensure the health and economic security for seniors who have worked hard throughout their lives to prepare for retirement,” concluded McGovern.