09-22-2009, 10:28 AM | #931 | ||
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Quote:
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09-22-2009, 10:37 AM | #932 | |
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Applying that 6% rate on all income over $100k could very well cover the cost of the proposed health care reform. Its very simple.....apply the same fica tax rate to all! Last edited by Redux; 09-22-2009 at 11:14 AM. |
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09-22-2009, 10:55 AM | #934 |
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09-22-2009, 11:00 AM | #935 | |
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The higher one's income, generally, the percent of that income from wages/salaries (as opposed to investment and other sources of income) goes down. |
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09-22-2009, 11:18 AM | #936 |
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glatt - of course. It seemed like the simplest answer to the question posed.
Redux, so there is a 6% tax increase on all household wages and salaries of $100,000 or more - That correct?
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09-22-2009, 11:21 AM | #937 | |
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Why should someone making $150k pay a lower rate than someone making $80k. It is the reverse of the long standing concept of taxing according to ability to pay (the concept of progressive taxation that I know you dont agree with). But this wouldnt even be a progressive tax.....6% on all wages/salaries....same rate for all. Last edited by Redux; 09-22-2009 at 11:29 AM. |
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09-22-2009, 11:31 AM | #939 |
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Please read what I wrote...I think its pretty simple.
Yes....6% rate on wages/salaries for all....and yes, that would mean a tax increase for those making over $100k. Or hell, modify it, and only apply to the first $100K (as it currently the case), exempt wages between $100k - 250k, and then wages/salaries over $250K (or $400k family)..to protect the middle class. |
09-22-2009, 11:32 AM | #940 |
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That is the simple answer, thank you.
So a household with two people in it making 50k each is gonna get hit with a 6% tax increase. How well received do you think that message will be?
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09-22-2009, 11:38 AM | #941 | |
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Those two people making 50K each are already paying that 6%. A household with two people making $150K each are the ones effectively paying a lower rate.... 4.5% by both not paying on their last $50k. They would see their taxes increase 1.5% by paying that 6% on the full wages. Last edited by Redux; 09-22-2009 at 11:45 AM. |
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09-22-2009, 11:52 AM | #943 |
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Its a simple payroll tax increase....apply the same 6% rate that to all wages/salaries....or exclude wages between $100k -250K. Its really not that hard.
If you make 100K or under, you are already paying that rate. If you are making over $100k, you are currently paying 0% payroll tax on wages over $100k. |
09-22-2009, 12:25 PM | #944 | |
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ok got that part.
OBAMA IS RAISING TAXES!!! RUN FOR THE HILLS!!! Quote:
uh - yeh ok. Happy Monkey always makes up lil graphs and charts to explain this stuff.
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09-22-2009, 12:31 PM | #945 |
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apply the same 6% rate to all wages/salaries....or exclude wages between $100k -250K.
Two variations on the same theme. The second option would protect those middle wage earners. The fact remains that those workers making $100K and under are paying a greater proportion of their salaries in payroll taxes than those making above $100K. |
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