The Motley Fool Discussion Boards
Retirement Discussions / Retired Fools
|Subject: Re: Obama on payroll tax||Date: 6/14/2008 1:52 PM|
|Author: fleg9bo||Number: 13418 of 19483|
Kinda like it's fair that I pay school taxes when I have no (and never had, never will have) children in school?
That's a silly example since an educated populace is a societal necessity as much as roads and courts. I have no kids, either, but don't object to taxes for schools (except insofar as they're doing a crappy job). Educated kids go on to become good taxpayers, and the taxes they pay in the future will help keep us all afloat.
Don't even start with the sales tax. The poor pay a much higher percent of their income on sales tax than do the rich.
I didn't start with the sales tax--you did. The poor pay a much higher percent of their income for everything than do the rich. It's so unfair. Let's charge the rich more for car insurance and use the extra money to lower insurance for the poor. Let's charge the rich double for their corn flakes so others can have free corn flakes (the ones who aren't already getting food stamps). When you make the gov't the great equalizer, things can get out of hand. With all the travel you do, I suspect you're above average in income and assets. Be careful--there are people out there with less than you have and there are other people who want them to have your stuff in the name of fairness (those people are called liberals).
As far as eliminating the cap on SS, it won't do much good anyway:
Based on SSA's own projections, Heritage analysts found, however, that eliminating the cap on wages subject to the OASI payroll tax would generate only enough revenue to delay the date of the system's insolvency by a few years. Moreover, by 2035, the OASI program would have enough revenue on hand to pay only 87 cents on every promised dollar in benefits. 10
Yet the cost of this change would be substantial. It would require the largest tax increase in U.S. history, 11 subjecting millions of American families to a massive hike in their payroll taxes and further reducing an already dismal rate of return. 12 This change would harm America's economic prospects by slowing economic growth and reducing employment opportunities.
I suspect your motivation isn't to fix the system anyway but to punish the evil rich for having more than you do. Tell me where I'm wrong on this and I'll take it back.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|