Free Republic
Browse · Search
News/Activism
Topics · Post Article

To: MarkL
Since you insist on going with the benefits side, I'll go with you. Here's what's not fair (I'm not sure what "fair" is). Using your $80,000 figure as the cap the maximum contribution would be $9,920 at 12.4%. Again, using your figure of someone making $8,000,000. They, too, would max out at $9,920 in FICA contributions. The difference is that they are not paying 12.4%. They are paying 0.124%. Not only is that not fair on the contributions side but they will have the same claim against the SS system as the person who's income was always at the cap. The wealthy person contributed at 1/100th the rate of the person making 80 grand.

I try not to put labels on the SSS even though it is a socialistic ponzi scheme that will eventually fail and/or bring our capitalistic system down first.

63 posted on 02/01/2004 9:39:56 AM PST by leadpenny
[ Post Reply | Private Reply | To 60 | View Replies ]


To: leadpenny
What you are forgetting is that, yes, the 8 million dollar person will pay 1/100th of the 80K person. The benefits he/she receives are also paid accordingly. A washout.
I am retired and have to pay more income tax now than when I earned in excess of $200K per year, but had deductions that I don't have anymore. Strange, isn't it?
What I don't understand is this constant nickel and dime bitching going on.
You could be living in a socialist country like Geramny. There in the "Wonderland" you pay 15.8% of your income for Socialized Medicine, which your employer matches. 19.8% for retirement, which your employer matches. 1% for long term care, which your employer matches. 8% for ecology taxes and a few things more, unemployment et..
The total for "Utopia is 46% deducted from your paycheck. Now you pay income taxes that are much higher than here.
For every purchase they sock you with 16% Value added tax, heavily tax your utilities (3times as much for electricity than here). If you have a car, the road taxes are very heavy and Gas is $ 6 per gallon.
....................and just imagine we actually think about electing UN style liberals into office? I can hear it now............
87 posted on 02/01/2004 12:32:51 PM PST by americanbychoice
[ Post Reply | Private Reply | To 63 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson