Posted on 07/18/2008 7:31:08 PM PDT by Free ThinkerNY
New York tax filers reporting more than $375,000 a year in earned income may end up paying nearly 60% of their wages in taxes to the government under a Barack Obama presidency, economists who have analyzed his plan said.
The Democratic presidential candidate is proposing not only raising the federal income tax, but also adding a Social Security tax for those Americans earning more than $250,000 a year. For New Yorkers, that could mean that if the current Social Security rate is applied, the marginal tax rate, or rate on every extra dollar earned, could rise to 58%.
"This is a very eye-popping number," a resident scholar at the American Enterprise Institute, Alan Viard, said.
Under current law, there is a 12.4% Social Security tax on salaries up to $102,000 a year. While the Social Security tax is split equally between employers and employees, economists widely hold that employees shoulder the entire tax burden because employers simply pass along the cost of the tax in the form of lower wages.
Mr. Obama has spoken of creating a so-called doughnut hole, where those earning more than $250,000 would have to pay an additional Social Security tax; anyone earning between $102,000 and $250,000 would be exempt.
(Excerpt) Read more at nysun.com ...
Why would you support a progressive FICA tax?
Progressive taxation is the foundation of bad government. It creates class distrust and animosity. All of these things are good if you subscribe to Marxism.
As to your question, why are a bottom earners dollars any different than dollars from top earners?
Well why should a bottom wage earner pay 7.5% of his income to taxes which he can never get back?
Because this wage earner is a citizen and uses services that are not free. Repeat after me, "There is no free lunch.!" I worked hard to get skills that provide an income for my family. My coworkers and I pay far more than this and far more than we will ever 'get back.' I dare say this 'low wage earner' gets far more than the 7.5% they would pay.
Socialism coming to America.
What is the rate now, for comparison?
btt
I just feel the level some on the bottom pay is far too much, and the person who goes into business for himself is getting screwed paying 15% in FICA plus all other income taxes. It is these type of workers who need some sort of relief. I support the cap on social security taxes but would like a system which doesn’t hurt those making less than $50,000.00 per year.
LOL!
Just more excellent news for New Yorkers who are already fleeing the corrupt state in droves.
From my experience, dims truly believe that pubs are the ones who raise taxes and their precious democrat representives lower them!
It is amazing that they really have no idea.
Progressive taxes = progressive votes. See a pattern here? God forbid you should invest your own money and do well from the proceeds. Here, let the progressives piss it away for you.
The left hates heroes. A hero demonstrates the importance of a single person making big things happen. A hero is an individual -- as opposed to a group, or a tribe, or a "people." A hero defies victimhood, undermining the left's entire world view.There are big and great things that are publicly glorified as heroism. We can all be awed by mighty acts of courage and will that can move great forces in the world. Such people and such feats are important to history, and inspire us to live according to the best within us.
But in everybody's life there are countless choices, conflicts, and opportunities that require courage, integrity, a willingness to face hard truths, make difficult decisions that might have big consequences, and take action that you would rather not have to take.
Ronald Reagan saw the heroic in ordinary Americans. That is one of the things that I loved about him as a president, for everywhere he looked in America, he saw ordinary people doing extraordinary things.
— Dr. Joel Wade
“I have been for a progressive FICA tax for years, but this isn’t the way to go.”
I’m for a progressive FICA tax also, progressively reducing it to ZERO that is!
There is just one thing that many Americans need to learn or relearn and that is that everyone must PAY THEIR OWN BILLS! This includes retirement, mortgage payments, health care, gym membership, whatever. Your bills are your responsibility!
Liberals will love it!
Why make small business owners pay even more than they would have to otherwise? Why deprive the people who provide the job for the ‘bottom wage earner’ of the money that it takes to pay more ‘bottom wage earners’, leaving more ‘bottom wage earners’ unemployed?
But hey it sure does feel good to get that ‘rich’ guy, doesn’t it?
So, you like socialism. I disagree. No big deal. With the way the public schools are going these days, there are lots of mind-numbed morons to do whatever you and your socialist overlords tell them to, but just FYI, you’re probably hanging out on the wrong website.
Sometimes I wake up and ask my self why I even bother to go to work.
It sucks, big time
Now, that would actually be PROGRESSIVE instead of something regressive described as ‘progressive’ by liberals as a ruse.
We can all dream... :)
Progressive taxation based on income is damaging to the poor, who are then hampered from advancing.
Progressive taxation on wealth is fair, as those with more wealth gain more from the government’s protection. The man with nothing has little to lose; the man with a lot wants a large army to protect his position.
Tax burdens should be transitioned from income to wealth.
Great, so I can fight all these liberals trying to penalize me for being productive, so YOU can come along and kick my a$$ because I’m ‘wealthy’ if I actually succeed. Maybe I should just do nothing and collect a government check.
Actually, centering it on the inheritance tax would likely be the fairest.
Nope. Since the income tax would be gone, you would have every incentive to continue being productive.
No, I am thinking of the small business owner, who may report their earnings as personal income and as a result pay 15.2% FICA instead of 6% if they had an employer. It is this type of person who deserves a break on FICA taxes. We shouldn’t punish the self employed this way.
When you have nothing to lose, you will take from those who have everything to lose.
The definition of Democracy, two wolves and one sheep deciding what's for dinner.
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