I advocate that Medicare should not be funded by FICA. I would not be opposed to it being funded by a general sales tax.
I advocated half of FICAs contributions currently directed to funding the social security retirement system should be replaced by a federal sales tax:
Rates of portions of three specific taxes directed to fund the social security retirement system, (i.e.):
(1) FICA levied upon employees and based upon their employment earnings;
(2) FICA levied upon employers and based upon their payrolls;
(3) A proposed federal general sales tax based upon general sales transactions total prices.
All of these three taxes rates should be equal to each other.
I did not write of any changes to social security retirement benefits because any reduction of those benefits would be net detrimental to our nations economy and financially detrimental to retired employees and their families.
Respectfully, Supposn
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Poverty is directly detrimental to those families lacking minimal incomes but additionally it is detrimental to our federal, state and local economies. FICA is the most regressive of all federal taxes. It is proportionally greatest harm upon our working poor.
Medicare is available to all Americans reaching the age of 65. Except for work related injury) theres no logical relationship between prior employment and medical need. I advocate that FICA's portion of revenue earmarked for Medicare be entirely shifted to a general sales tax.
Social security retirement is available to almost all of USAs elderly (with very few exceptions), who were employed in the USA. No one can foretell their financial future condition with certainty. Its not unusual for even wealthy persons have found themselves in need of Social Security and Medicare in their old age.
Employees generally cannot themselves entirely fund their own lifetime annuity program and employers FICA contributions based upon their payrolls are punishing employers for providing payrolls. Im opposed to entirely disconnecting the relationship between payroll taxes and social security retirement benefits and Im opposed to increasing the retirement age. Although people are living longer, most people are physically unable to sustain the production rates they achieved in their prime working years. Some compromise is called for.
I advocate that Social security retirement funding should be equally shared by FICA and a general sales tax.
These programs were, are now and should in the future be there for all of us. The elimination or reduction of these programs would be significantly detrimental to our entire economy.
Prior to what I believe will be a temporary cut of FICA taxes, FICAs 15.3% tax of payrolls were allocated as 2.9% for Medicare and 12.4% for social security retirement. Individual employee incomes subject to social securitys 12.4% tax are capped. The taxes were equally paid by employees and their employers. This shift would reduce each employer and each of their employees FICA by 4.55% of payroll and total FICA tax revenues by 9.1% of payroll.
Employers FICA contributions of equal rates paid by all enterprises and are thus integral to their products prices.
If USAs payrolls are 1/3 of total sales that would be subject to a federal sales tax, the 4.55% reduction of employers FICA contributions of our reduces their costs by approximately 1.5% of sales and we could revenue neutrally replace that 9.1% of reduction of FICA tax revenue with a 3.03% sales tax that actually approximate to a 1.5% increase of prices including the sales tax.
If USAs payrolls are 1/2 of total sales that would be subject to a federal sales tax, the 4.55% reduction of employers FICA contributions of our reduces their costs by approximately 2.22% of sales and we could revenue neutrally replace that 9.1% of reduction of FICA tax revenue with a 4.55% sales tax that actually approximate to a 2.23% increase of prices including the sales tax.
Respectfully Supposn
I advocated half of FICAs contributions currently directed to funding the social security retirement system should be replaced by a federal sales tax:
Rates of portions of three specific taxes directed to fund the social security retirement system, (i.e.):
(1) FICA levied upon employees and based upon their employment earnings;
(2) FICA levied upon employers and based upon their payrolls;
(3) A proposed federal general sales tax based upon general sales transactions total prices.
All of these three taxes rates should be equal to each other.
I did not write of any changes to social security retirement benefits because any reduction of those benefits would be net detrimental to our nations economy and financially detrimental to retired employees and their families.
Respectfully, Supposn
/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
Poverty is directly detrimental to those families lacking minimal incomes but additionally it is detrimental to our federal, state and local economies. FICA is the most regressive of all federal taxes. It is proportionally greatest harm upon our working poor.
Medicare is available to all Americans reaching the age of 65. Except for work related injury) theres no logical relationship between prior employment and medical need. I advocate that FICA's portion of revenue earmarked for Medicare be entirely shifted to a general sales tax.
Social security retirement is available to almost all of USAs elderly (with very few exceptions), who were employed in the USA. No one can foretell their financial future condition with certainty. Its not unusual for even wealthy persons have found themselves in need of Social Security and Medicare in their old age.
Employees generally cannot themselves entirely fund their own lifetime annuity program and employers FICA contributions based upon their payrolls are punishing employers for providing payrolls. Im opposed to entirely disconnecting the relationship between payroll taxes and social security retirement benefits and Im opposed to increasing the retirement age. Although people are living longer, most people are physically unable to sustain the production rates they achieved in their prime working years. Some compromise is called for.
I advocate that Social security retirement funding should be equally shared by FICA and a general sales tax.
These programs were, are now and should in the future be there for all of us. The elimination or reduction of these programs would be significantly detrimental to our entire economy.
Prior to what I believe will be a temporary cut of FICA taxes, FICAs 15.3% tax of payrolls were allocated as 2.9% for Medicare and 12.4% for social security retirement. Individual employee incomes subject to social securitys 12.4% tax are capped. The taxes were equally paid by employees and their employers. This shift would reduce each employer and each of their employees FICA by 4.55% of payroll and total FICA tax revenues by 9.1% of payroll.
Employers FICA contributions of equal rates paid by all enterprises and are thus integral to their products prices.
If USAs payrolls are 1/3 of total sales that would be subject to a federal sales tax, the 4.55% reduction of employers FICA contributions of our reduces their costs by approximately 1.5% of sales and we could revenue neutrally replace that 9.1% of reduction of FICA tax revenue with a 3.03% sales tax that actually approximate to a 1.5% increase of prices including the sales tax.
If USAs payrolls are 1/2 of total sales that would be subject to a federal sales tax, the 4.55% reduction of employers FICA contributions of our reduces their costs by approximately 2.22% of sales and we could revenue neutrally replace that 9.1% of reduction of FICA tax revenue with a 4.55% sales tax that actually approximate to a 2.23% increase of prices including the sales tax.
Respectfully Supposn
