Yessir, there'd never be a Katrina under a Baraq regieme. We're saved.
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Posted on 07/18/2008 7:31:08 PM PDT by Free ThinkerNY
New York tax filers reporting more than $375,000 a year in earned income may end up paying nearly 60% of their wages in taxes to the government under a Barack Obama presidency, economists who have analyzed his plan said.
The Democratic presidential candidate is proposing not only raising the federal income tax, but also adding a Social Security tax for those Americans earning more than $250,000 a year. For New Yorkers, that could mean that if the current Social Security rate is applied, the marginal tax rate, or rate on every extra dollar earned, could rise to 58%.
"This is a very eye-popping number," a resident scholar at the American Enterprise Institute, Alan Viard, said.
Under current law, there is a 12.4% Social Security tax on salaries up to $102,000 a year. While the Social Security tax is split equally between employers and employees, economists widely hold that employees shoulder the entire tax burden because employers simply pass along the cost of the tax in the form of lower wages.
Mr. Obama has spoken of creating a so-called doughnut hole, where those earning more than $250,000 would have to pay an additional Social Security tax; anyone earning between $102,000 and $250,000 would be exempt.
(Excerpt) Read more at nysun.com ...
I have been for a progressive FICA tax for years, but this isn’t the way to go.
Sozialismus kostet zu viel!
And yet the dumbo New Yorkers will vote for more taxes. Wait and see.
No doubt here.
Great...this is the Stupidity Tax that all the Wall Streeters for Obama should be happy to pay.
The rich will move their money to trusts, Swiss bank accounts or mattresses. They are too smart for Oblabba. The hard working middle American will shoulder the load for the Dems. He will destroy the country.
Since New York is a solidly blue state, I believe they should welcome these higher tax rates with open arms.
remember u.s. senator george mitchell from maine?
he was my favorite tax and spend, hate the rich liberal.
he got an increased tax on luxury boats and put all the blue collar guys—remember, the dems are for the working class!
out of work! because the rich people stopped buying luxury yachts.
poor george.
“From each according to his abilities to each according to his needs” (Karl Marx)
Watch Obama carry New York easily. Liberals are self destructive.
Why not?
From each according to his abilities to each according to his needs, just like your ‘progressive’ FICA tax.
bttt
Yessir, there'd never be a Katrina under a Baraq regieme. We're saved.
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Well, it should solve the housing crisis a little in the south.
They’ll all take off and come here to FL. And God forbid, vote Democrat.
Have ya? To make Social Security "solvent"? I've already paid more into SS than I could EVER get out, unless I live to the ripe old age of 116. Under the LukeL plan, you'd have me pay more eh?
Well why should a bottom wage earner pay 7.5% of his income to taxes which he can never get back? Why make small business owners pay some 14% in FICA taxes?
“New York tax filers reporting more than $375,000 a year in earned income may end up paying nearly 60% of their wages in taxes to the government under a Barack Obama presidency, economists who have analyzed his plan said.
The Democratic presidential candidate is proposing not only raising the federal income tax, but also adding a Social Security tax for those Americans earning more than $250,000 a year. For New Yorkers, that could mean that if the current Social Security rate is applied, the marginal tax rate, or rate on every extra dollar earned, could rise to 58%.”
Makes not a whit of difference.
New Yorkers - PARTICULARLY the wealthy, liberal ones - will vote for Obama en masse. He’ll win in a landslide there. Didn’t the great Elliot Spitzer win with something like 70% of the vote?
Can’t have the evil Republicans in control, now, can we?
Change! Change! Change!
Spare some change?
- John
A bottom wage earner gets EITC which is thousands of dollars. They pay nothing in, yet get everything out.
Why would you support a progressive FICA tax?
Progressive taxation is the foundation of bad government. It creates class distrust and animosity. All of these things are good if you subscribe to Marxism.
As to your question, why are a bottom earners dollars any different than dollars from top earners?
Well why should a bottom wage earner pay 7.5% of his income to taxes which he can never get back?
Because this wage earner is a citizen and uses services that are not free. Repeat after me, "There is no free lunch.!" I worked hard to get skills that provide an income for my family. My coworkers and I pay far more than this and far more than we will ever 'get back.' I dare say this 'low wage earner' gets far more than the 7.5% they would pay.
Socialism coming to America.
What is the rate now, for comparison?
btt
I just feel the level some on the bottom pay is far too much, and the person who goes into business for himself is getting screwed paying 15% in FICA plus all other income taxes. It is these type of workers who need some sort of relief. I support the cap on social security taxes but would like a system which doesn’t hurt those making less than $50,000.00 per year.
LOL!
Just more excellent news for New Yorkers who are already fleeing the corrupt state in droves.
From my experience, dims truly believe that pubs are the ones who raise taxes and their precious democrat representives lower them!
It is amazing that they really have no idea.
Progressive taxes = progressive votes. See a pattern here? God forbid you should invest your own money and do well from the proceeds. Here, let the progressives piss it away for you.
The left hates heroes. A hero demonstrates the importance of a single person making big things happen. A hero is an individual -- as opposed to a group, or a tribe, or a "people." A hero defies victimhood, undermining the left's entire world view.There are big and great things that are publicly glorified as heroism. We can all be awed by mighty acts of courage and will that can move great forces in the world. Such people and such feats are important to history, and inspire us to live according to the best within us.
But in everybody's life there are countless choices, conflicts, and opportunities that require courage, integrity, a willingness to face hard truths, make difficult decisions that might have big consequences, and take action that you would rather not have to take.
Ronald Reagan saw the heroic in ordinary Americans. That is one of the things that I loved about him as a president, for everywhere he looked in America, he saw ordinary people doing extraordinary things.
— Dr. Joel Wade
“I have been for a progressive FICA tax for years, but this isn’t the way to go.”
I’m for a progressive FICA tax also, progressively reducing it to ZERO that is!
There is just one thing that many Americans need to learn or relearn and that is that everyone must PAY THEIR OWN BILLS! This includes retirement, mortgage payments, health care, gym membership, whatever. Your bills are your responsibility!
Liberals will love it!
Why make small business owners pay even more than they would have to otherwise? Why deprive the people who provide the job for the ‘bottom wage earner’ of the money that it takes to pay more ‘bottom wage earners’, leaving more ‘bottom wage earners’ unemployed?
But hey it sure does feel good to get that ‘rich’ guy, doesn’t it?
So, you like socialism. I disagree. No big deal. With the way the public schools are going these days, there are lots of mind-numbed morons to do whatever you and your socialist overlords tell them to, but just FYI, you’re probably hanging out on the wrong website.
Sometimes I wake up and ask my self why I even bother to go to work.
It sucks, big time
Now, that would actually be PROGRESSIVE instead of something regressive described as ‘progressive’ by liberals as a ruse.
We can all dream... :)
Progressive taxation based on income is damaging to the poor, who are then hampered from advancing.
Progressive taxation on wealth is fair, as those with more wealth gain more from the government’s protection. The man with nothing has little to lose; the man with a lot wants a large army to protect his position.
Tax burdens should be transitioned from income to wealth.
Great, so I can fight all these liberals trying to penalize me for being productive, so YOU can come along and kick my a$$ because I’m ‘wealthy’ if I actually succeed. Maybe I should just do nothing and collect a government check.
Actually, centering it on the inheritance tax would likely be the fairest.
Nope. Since the income tax would be gone, you would have every incentive to continue being productive.
No, I am thinking of the small business owner, who may report their earnings as personal income and as a result pay 15.2% FICA instead of 6% if they had an employer. It is this type of person who deserves a break on FICA taxes. We shouldn’t punish the self employed this way.
When you have nothing to lose, you will take from those who have everything to lose.
The definition of Democracy, two wolves and one sheep deciding what's for dinner.
Okay, so who is it that we should be punishing?
I'm self-employed, and I don't like paying more than regular "employees" either. Your own distaste for paying more than others, however, should illustrate to you exactly the reason why taxes should not be "progressive."
“And yet the dumbo New Yorkers will vote for more taxes. Wait and see.”
The dumbo New Yorkers making under $250K which is still the vast vast vast majority. Of course some dumbos making over $250 will vote for him too.
Yet NY will vote heavily for Osama.
while the fica tax is a flat amount up to the maximum earnings amount, the benefits are progressive because social security calculates benefits based on income “bend points.” contributors with lower earnings get more back in retirement benefits.
The answer to the Socialist Security Ponzi fraud scheme is to dismantle it. Everyone should have the option of leaving the system now by taking a lump sum distribution. Everyone should have the right to not participate. Socialist Security is unconstitutional, since it takes your property (income) and gives it to someone else. Those who earn more do not receive proportionally higher retirement checks. Instead, their money subsidizes (increases) the retirement checks of those who earn less. For example, I paid in 5 times as much as a friend, but she will receive half as much as me - about $750 vs. $1,500.
No one has an “account” at SS. There is no “trust fund”. Some SS taxes are even used for purposes totally unrelated to SS.
If a corporation constructed its retirement plan in the same manner as SS, the company directors and execs would be sentenced to jail.
Everyone should contact his Congressmoron to demand a lump sum payment, and termination of his participation in this fraud. The lump sum should be calculated as all taxes paid by the employee and employers, plus interest over the years, less any retirement benefits already received.
That also means raising taxes on every single business in America that has employees making that much because businesses have to match the Social Security tax. DUMB, DUMB, DUMB...
232 years ago that sort of thing got some people really pissed off!
America has seen this before. McGovern was going to soak the “rich”, the evil Corporations and raise up the poor and give them free homes.
If Obama wins, it won’t destroy the country, Americans are too resilient for that. It will only wake a whole bunch of College educated Socialists out of their brainwashing, to the realities of the inevitable world.
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