Just how long do you think it will be before they declare that they have to move that level down to $200K? Then $100K? Then $50K?
And they still won't have enough.
Let’s just cut through all the BS and tax people earning $400,000 or more at 100%. Stop the nonsense about asking the “well off” to pay “a little more” or “their fair share.” That’s not the goal. The goal is to take as much as possible from a political minority to hand out benefits to a large voting block.
Pulp Fiction:”Bring out the Gimp!”
Political Fiction: “Bring out the Gimmes!”
Must be an election year. Time for the Democrats to buy some votes with someone else’s money.
Democrats can’t do math. They can’t do fractions and they don’t understand percentages. They think that anything under 5 percent is microscopic. Two percent, three percent, etc. Two percent of 400K is eight thousand dollars.
Noooooo! He needs to give up enough that he and his family don't live any higher than a HS dropout with 3 kids by 3 baby daddies who do not support them.
Is he up to his fair share yet?
Think these morons don't know what they are doing? They don't care because they figure they have theirs no matter what.
They won't get the picture until they have to worry about their own funds.
vaudine
The FICA max IIRC is 103K. Are they going to collect the full %age amount from the >400K earners plus an additional 2%? That would make those people eligible for some pretty hefty SSS payments when they retire. I believe the SSS Act is pretty clear that the %age of the payroll tax is equal across the board up to the cutoff. It would seem they would have to rewrite the entire Act to pull this off. Now the idea of my obnoxious cousin having to pay so I can receive 75% of my late wife’s benefit is attractive but it’s unfair and just another attempt to redistribute income. If they want to be fair, my wife paid in 200K and collected 61K before she passed last year. Give me the difference. If it was in a TDA, Annuity, or 401K it would be my money.
Stupid and destructive though it may be, raising FICA taxes on the EEEEEEVIL rich to hike benefits polls extremely well. Look for it to become a growing part of the Democrat playbook. And for it to actually happen at some point.
You hit it perfectly.
And of course the regimes’s oligarch friends don’t have much in the way of WAGE income, so they will be unaffected.
I can see this being a big thrust for the 2016 POTUS campaign.