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Originally Posted by Madman
I understand England has 12% coming out of their citizens paychecks every payday to pay for their health care (I may be wrong). If that happens in this country... it will undoubtedly help many but, it will also bankrupt many.
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We have 6% (fica tax) coming out of our paychecks every payday to pay for Social Security (and another 1+% for Medicare)...that is, until your salary hits $100,000....at which point, one does not pay more in Social Security taxes. So if you make $200k, your tax rates is in effect 3%. The more you make, the lower the total percentage of fica taxes.
Applying that 6% rate on all income over $100k could very well cover the cost of the proposed health care reform.
Quote:
Originally Posted by classicman
It very simple - the productive members of society will pay for themselves and everyone else.
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Its very simple.....apply the same fica tax rate to all!