The stupider, the angrier it seems. Maybe some kind of graph would be in order?
There must be a point at which intelligence gets so low that an apoplectic, rage-induced heart attack is right around the corner.
Those socialist nazis are gonna kill Granny! And she's gonna have to stand in line to get killed! And she won't be able to choose the doctor that kills her! And they're gonna raise taxes to pay for killin' her...
No matter how much good is done there will always be these loud bastards calling for no taxes. As much as I hate to have a huge standing military I am okay with services and programs to help everyone.
It's wag the dog peeps!!! The health care debate is just a smoke screen for the cap on Social Security and the tax base that is on full tilt boogie for anybody who makes over $105,000.00 per year.
The Government needs to first get the money then pay the bills not the other way around. Well unless you are deciding the fate of granny or how you get money for your campaining.
Peace
Todd Gremmels
These must be the same dudes who demonstrate in support of Israeli massacres in Palestine. The Zionist Pubic Option at its best!
You've got to be part of the "Pubic Option" to follow AIPAC.
http://www.ifamericansknew.org/
Dave,
Social security is capped at $80,000.00 a year. What that means is that if you make $105,000.00 or a million dollars a year you still pay the same as the person that makes $80,000.00.
According to Rep Jim Oberstar if you eliminate the cap you would not only have enuff to pay for medicare but you would have enuff to pay for health care for most of the working class.
The other issue is that the federal tax rolls backward from $80,000.00 so that when you get to $105,000.00 you pay approx 5% in taxes.
These are glaring issues that are never talked about.
But I can do the math and so can you.
Peace
Todd Gremmels
Todd- Got it, though I think the cap is a bit higher than that, it does make for a regressive tax. You're right- they talk about cutting services, but not about eliminating the cap on SS taxes. Also, something like 60% of major corporations pay ZERO federal taxes. So it goes.
It needs to stop Dave and it is the main bone of contention in all this blah-blah-blah.
peace
Todd Gremmels
PS I am thinking that mayor is to short sighted-maybe I should run for congressperson or State Rep.
The idea of removing the Social Security cap is political bullshit. If you remove the cap on witholdings, the corresponding cap on benefits also should be removed.
You make more money you pay more in, once you hit 65 you would take more out. It ends up being a wash. People who make over the cap income can save for their own retirement and do not need Social Security. Hence the cap.
Do the math.
People like Congressman Oberstar have done the math and the result is more money for the people that need it.
In retort if you make so much money then why do you need the Social Security back?
Also removing the cap on benefits would defeat the purpose of spreading out the money for the people that need it.
Social security and Medicare just need a few tweeks in their incomes not a reduction in service.
I've never heard anyone mention removing a " cap on benefits". The point is: this is a regressive tax- the rich pay a minute fraction of their income and the rest of us pay a significant chunk towards SS. By the way, Mr "anti-tax" Ronald Reagan raised the payroll tax on working people while cutting taxes on corporations. Thanks Ron. Also: "Passive income" ( I love that phrase), such as stock returns, pays no SS tax.
You said, "Do the math." That's all a tax policy geek needs to hear.
Social Security tax is paid on 6.2% by both employee and employer on EARNED income up to a cap (in 2009) of $106,800. The cap is indexed to inflation and increases every year.
A flat tax is a tax paid at the same percentage by people of all incomes. A progressive tax is paid at higher rates by people who earn more, and a regressive tax is paid at higher rates by people who earn less. Social Security is generally a regressive tax.
Mathew works at Wal-Mart and makes $18,720/year. He pays $1,161/year in social security taxes or 6.2% of his gross income.
Mark is a self employed contractor who makes $50,000/year. He pays 6.2% or $3,100 for his employee contribution but he's also regarded as the employer, so he must pay another 6.2% or $3,100 for a total contribution of $6,200 or 12.4% of his gross income.
Luke is a Goldman Sachs investment banker who is still sells credit default swaps. Luke is paid a $450,000 salary and a $500,000 bonus. He pays 6.2% of his income up to the cap of $106,800. This means he pays $6,622 in social security or .07% of his gross income.
John is wealthy and does not work. He earns $170,000 in interest, $385,000 in dividends, $1,200,000 in capital gains, and $320,000 from his commercial real estate, for a total of $2,075,000. He pays $0 and 0% in social security taxes because he has no earned income.
A quick technical clarification for the benefit of any cringing PDD CPA's out there:
In Mark's example he owes 12.4% on 92.5% of his $50,000 salary which equals $5,735 or 11.5% (opposed to 12.4%) of his gross income.
Now, back to the morans...
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about 15 years agoDave, Social security is capped at $80,000.00 a year. What that means is that if you make $105,000.00 or a million dollars a year you still pay the same as the person that makes $80,000.00. According to Rep Jim Oberstar if you eliminate the cap you would not only have enuff to pay for medicare but you would have enuff to pay for health care for most of the working class. The other issue is that the federal tax rolls backward from $80,000.00 so that when you get to $105,000.00 you pay approx 5% in taxes. These are glaring issues that are never talked about. But I can do the math and so can you. Peace Todd GremmelsDave Sorensen
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