NAO
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Fri Mar-26-10 01:27 AM
Original message |
Very easy and very fair way to fix social security - just apply a flat payroll tax |
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Currently the payroll tax is 15% - that works out to 7.5% for the employer and 7.5% for the employee - for everyone making up to 108,000 per year.
If you make 216,000 per year, you only pay 7.5% payroll tax - that works out to 3.75% for the employer and 3.75% for the employee.
And if you make 432,000 per year, you only pay 3.75% total payroll tax - 1.875 % for the employer and 1.875% for the employee.
You can see how it gets worse and worse the higher a person's income, the lower their tax rate.
And if you have income that is not a paycheck, like interest income or dividends, you pay 0% payroll tax!
Why not just a flat rate for all incomes of all kinds?
Or better yet, why not 15% flat tax for people making 108,000 7.5% for people making 54,000 3.75% for people making 27,0000 1.875% for people making 13,500 and anyone making less than that is exempt.
If this simple, fair plan was implemented, there would be plenty of money in social security for decades if not centuries.
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aquart
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Fri Mar-26-10 02:01 AM
Response to Original message |
1. I think you are talking about progressive not flat taxation. |
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And I have no desire to be nice to the greedy, unpatriotic, unpleasantly entitled rich. They had their chance. They blew it. Take away their nasty greedathon.
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Sherman A1
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Fri Mar-26-10 03:07 AM
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2. I believe the cap should come off the tax structure |
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and those with higher incomes should pay more.. I believe that is a progressive tax system as to the exact break points, well that is a matter of discussion.
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cherokeeprogressive
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Fri Mar-26-10 03:23 AM
Response to Original message |
3. I understand what you're saying... but |
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anyone under the poverty level +x amount of dollars should pay ZERO. All income tax should be computed individually. There should be NO LOOPHOLES of any kind. Every individual should be taxed appropriately, starting with the poverty level and increasing in percentage depending on gross wage.
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MadHound
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Fri Mar-26-10 06:26 AM
Response to Original message |
4. Rather than taxing us a second time, |
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How about the government simply cuts military spending and actually start spending money for the people.
Sorry, but SS has been raided, usually for military adventures, for years. Why should I have to pay again for what I've already paid for?
Cut the military and help the people.
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DU
AdBot (1000+ posts) |
Fri May 10th 2024, 08:14 AM
Response to Original message |