>There are plenty of people who disagree with that,>but I'm pretty sure an overwhelming majority of>people in America believe in that system. The majority isn't necessarily always "right", especially when they're looking for something for nothing from the government.>Using that model of what is "fair", FICA taxes are>unfair to the lower middle class because they pay>a higher percentage of their income in FICA taxes>than people with higher incomes (above the limit).>A person making $76K a year pays $7.6K in SS taxes>(10%), while a person making $760K a year pays >$7.6K (1%). Some people think that's "fair"But if those two individuals pay the same amount into the system, don't they get the same amount out of the system? That is fair.If you'd like to redistribute wealth, just issue welfare checks to those who need it. Don't try to disguise it as Social Security, where benefits paid out are, to some extent, based upon taxes paid into the system.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra