Employees contribution to the FICA payroll tax is without a doubt the most regressive federal tax. Theres the employees direct contribution, and the employers contribution to the payroll tax which hinders job creation and is thus of some detriment to the nations median wage.
In addition to discouraging hiring, employers contribution, (a tax upon business enterprises) is passed onto customers and thus behaves similar to a sales tax. (A message regarding hidden FICA from prior links within commercial transaction chains will follow).
There is absolutely no logical relationship between income and medical need. No portion of FICA payroll tax should used to fund any portion of Medicare. A broader based tax such as a general sales tax would be the more appropriate choice.
It is logical but unfeasible for wage earners in general to entirely fund their own social security retirement annuities. It is politically unfeasible to grant employees less FICA payroll tax reduction than that granted to employers.
Historically lacking a federal retirement program, (despite historically shorter life spans) were severe hardships. If Social Security, (SS) is terminated, the additional extent of USAs population segments driven into poverty would be economically and socially disastrous. Many SS retirees had physically demanding jobs and/or are unable to earn a living. State and county public assistance programs couldnt replace SS. Those who contend that Social Security is detrimental to our economy do not appreciate the alternative economic devastation if it were terminated.
I advocate that 1/2 of FICAs portion now earmarked for Social Security Retirement. (6.2% of payroll) should rather be funded by a federal sales tax. The entire portion of FICAs earmarked for Medicare, (2.9% of payroll) should also be funded by a federal sales tax. A general sales tax has a larger tax base than a payroll tax.
All wage earners and commercial enterprises would benefit from any portion of FICA that was revenue neutrally transferred to a general sales tax but lower income earners and smaller commercial enterprises would most benefit (from such a transfer). Cash flows a particularly critical problem for small businesses.
Refer to the following message, FICA imbedded within purchases of U.S. goods and services.
Respectfully, Supposn
In addition to discouraging hiring, employers contribution, (a tax upon business enterprises) is passed onto customers and thus behaves similar to a sales tax. (A message regarding hidden FICA from prior links within commercial transaction chains will follow).
There is absolutely no logical relationship between income and medical need. No portion of FICA payroll tax should used to fund any portion of Medicare. A broader based tax such as a general sales tax would be the more appropriate choice.
It is logical but unfeasible for wage earners in general to entirely fund their own social security retirement annuities. It is politically unfeasible to grant employees less FICA payroll tax reduction than that granted to employers.
Historically lacking a federal retirement program, (despite historically shorter life spans) were severe hardships. If Social Security, (SS) is terminated, the additional extent of USAs population segments driven into poverty would be economically and socially disastrous. Many SS retirees had physically demanding jobs and/or are unable to earn a living. State and county public assistance programs couldnt replace SS. Those who contend that Social Security is detrimental to our economy do not appreciate the alternative economic devastation if it were terminated.
I advocate that 1/2 of FICAs portion now earmarked for Social Security Retirement. (6.2% of payroll) should rather be funded by a federal sales tax. The entire portion of FICAs earmarked for Medicare, (2.9% of payroll) should also be funded by a federal sales tax. A general sales tax has a larger tax base than a payroll tax.
All wage earners and commercial enterprises would benefit from any portion of FICA that was revenue neutrally transferred to a general sales tax but lower income earners and smaller commercial enterprises would most benefit (from such a transfer). Cash flows a particularly critical problem for small businesses.
Refer to the following message, FICA imbedded within purchases of U.S. goods and services.
Respectfully, Supposn