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To: csmusaret
Does anyone have an opinion on replacing the payroll tax with a 1% national sales tax to fund SS and Medicare?

A one percent sales tax wouldn't fund it. In 2012 we spend roughly $1.45 trillion on Social Security and Medicare. For a 1 percent sales tax to cover that you would have to have $143 trillion in taxable sales. That's considerably higher than our total GDP by a factor of 8 or 9.

23 posted on 02/08/2013 10:08:41 AM PST by DoodleDawg
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To: DoodleDawg

If your math is correct how would using the sales tax just to fund SS work out. I am not so sure Medicare will survive Obamacare anyway.


24 posted on 02/08/2013 12:10:12 PM PST by csmusaret (I will give Obama credit for one thing- he is living proof that familiarity breeds contempt.)
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