Contribution and Benefit Base

"After 1993, there has been no limitation on HI-taxable earnings. Tax rates under the HI program are 1.45 percent for employees and employers, each, and 2.90 percent for self-employed persons."

Tax rate is twice for self-employed?!



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This is the upper limit income to which social security taxes [ oasdi ] are paid.

2007 97,500
2008 102,000
2009 106,800


Note that there is a 6.2% payroll taxes from dollar one. This is regressive.


2007 and 2008 tax brackets -- MSN Money

Now this is progressive.

The more income you earn, the more you pay in terms of absolute dollar amount and percentage of income.


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Quote:

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Taxes are bad and soaking the rich isn't cool. Besides, taxes are (somehow) unfair... I got it. That's the Republican position...

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Ex

The information is there to objectively prove that the current tax system IS UNFAIR.

Soaking those that work hard to earn more money - that is unfair.


G&P

Quote:

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Originally Posted by inthebox

Soaking those that work hard to earn more money - that is unfair.

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Hello in:

I don't disagree. The only tax structure that would be FAIR is a flat tax - the same rate for everybody - but that wouldn't be fair, either.

Or how about eliminating the income tax and instituting a national sales tax? Nahhh, that wouldn't be fair.

How would YOU tax the people fairly?

excon

PS> Oh, and I think dissent is great... I just couldn't tell what you were dissenting against.

Ex is right about one thing. I WILL spend my Social Security, all whopping $1200 per month of it! I spent about 45 years putting into the system. I COULD have put something back at INTEREST except some Dem liberal set it up so I had no choice.

Another illustration about taxes. You have the job of equalizing the deep and shallow ends of a swimming pool. You take a 5 gal bulcket and move the water from the deep end and put it in the shallow end. On the way, you pour half of it on the ground. That goes to Washington.

Something else is steaming me. The attitude on the part of the left in this country that any who dare disagree with them are ignorant and dangerous people, and their opinions are not worthy of being considered is INSUFFERABLE ARROGANCE!

When Obama talked about American arrogance, he must have been thinking of himself!

Quote:

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Originally Posted by excon

Hello in:

I don't disagree. The only tax structure that would be FAIR is a flat tax - the same rate for everybody - but that wouldn't be fair, either.

Or how about eliminating the income tax and instituting a national sales tax?? Nahhh, that wouldn't be fair.

How would YOU tax the people fairly?

excon

PS> Oh, and I think dissent is great... I just couldn't tell what you were dissenting against.

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Glad you asked: :)
Americans For Fair Taxation: Americans For Fair Taxation


As to dissent : I was working yesterday and had family activities, so I could not attend the closest "tea party" 80 miles away, but the dissent is over increasing government spending, increasing taxes, and increasing government power.


With

Fed's Beige Book: Economic weakness slowing, maybe bottoming - Apr. 15, 2009

the economy slowing to near bottom, how can spending trillions more help?
where do those trillions come from? Taxpayors? Will the Chinese continue to buy up US debt? What will the value of the dollar be when the Fed just prints more out of nothing? Inflation hurts the poorest the most.

In fact,

Fed's Beige Book: Economic weakness slowing, maybe bottoming - Apr. 15, 2009

So why the need for government deficit spending of an unprecedented amount [ porkulus ]?





G&P

Hello in:

I read it. Seems to me that a "progressive national retail sales tax", soaks the rich too.

That's what the word "progressive" means. It gets higher the more you spend.

excon

That is right.

The truly rich, those that live off trusts or investment income, have the means to pay accountants to shelter their money from taxes.

The rich tend to buy very expensive things this is where they are taxed. They can't shelter money if they spend it. And we can't be taxed exorbitantly if we don't spend exorbitantly.

It rewards saving. Under the current the "income" you make from the bank saving accounts gets taxed.

The "prebates" means the government gives ALL enough to at least to eat.



G&P