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Originally Posted by SamIam
Merc is not interested in the Social Security component of the FICA tax because it’s regressive. That is, the effective tax rate declines as income rises. The Social Security component of taxes is actually a flat tax for wage levels less than the Social Security Wage Base. In other words, for wage levels above the wage base limit, the absolute dollar amount of tax owed remains constant.
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How do you know what I am or am not interested in? I am very interested in these programs because I have been paying into them since I was 15 years old.
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Now it would seem that Merc is a pleasingly plump cat.
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Ok, define that. What is the ceiling income that places one in this group of cats? Where does it start, where does it end?
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...and in the second place, all his stocks, bonds, real estate, etc. are not subject to tax under FICA.
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What investments do I have and where are they invested?
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However, if you are an American in or above a certain income bracket, the Federal Income Tax will take increasingly larger chunks of change out of your bank account. This means Merc is invested in income tax rates, but he can’t imagine anybody caring about FICA. Thus, his continued insistence that the majority of Americans are happy to see Congress fling away tax money because if that FICA payment doesn’t pinch Merc why should it pinch anyone else?
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Why would a pinch at one level be any different from a pinch at another level when the bite becomes bigger and bigger as income increases, thereby placing the majority of all income tax burden on a small group (minority) and little to none on another (majority) group? That is wealth redistribution and I don't support it.
So the truth comes out. This is not about taxes at all, it is about wealth envy. Make it a clash of classes. Rich versus Poor. Us versus Them. This is the Obama re-election strategy. In one of his latest speeches he mentioned corporate jet company owners 4 times in comparison to poor children. If you took all of the money every one of them earned this year it would not compare to the spending by this Administration in a single week.
Something is going to give and it will be painful for everybody at the current rate of spending by this Administration.