> From: Chuck Norcutt <chucknorcutt@xxxxxxxxxxxxxxxx>
>
> The social security tax is a
> fixed 12.4% of all income up to $97,500 (this year).
Thanks for the correction. I just wrote that I thought the ceiling
was ~$80,000. Shows how long it's been since this had an impact on
me... :-)
The point is it's a regressive tax -- once you pass $97,500 (about
$30,000 more for the Medicare portion), you're out of this tax, scott
free.
US taxes are heavily weighted toward the middle class, taking a big
cut (as you can see) at ~$100,000. Plus those who make lots more can
afford accountants and lawyers who can get them out of even more taxes.
Some argue that the Social Security portion isn't really a tax; it's
enforced savings. But it is running a serious deficit, and is
currently sufficient only for paying current Social Security
payments. When the baby boomers start retiring Real Soon Now, there
won't be enough Social Security to go around.
:::: The record is clear that left to their own devices, the
automobile manufacturers lack the wisdom or the will or both to
switch decisively to the production of inexpensive, compact, energy-
saving cars appropriate to our present needs. -- Donald E. Weeden,
1975 ::::
:::: Jan Steinman http://www.VeggieVanGogh.com ::::
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