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we still have the SS surplus funds to draw on, so SS is still funding itself.
true there are no more SS surpluses to use on what income taxes should be paying...as bush/clinton/bush/reagan had to use on the budget....
we will draw on the (ss surplus) treasuries for the SS retirements....SS will be fine for a couple of more decades....when the SS treasuries are all cashed out, then SS will STILL NOT BE BANKRUPT, it will pull in enough funds to pay 75% of the bill....
Lemme get this straight, you think there was a "lock box"?
A simple solution is to remove the income cap so that everyone pays into the system.
My question for you is what percentage of your income can I take before you decide it's not worthwhile to work anymore?
If I take 80% of your money, will you still go to work so you can keep paying me and hope you don't starve on the remainder?
Right now, (or at the end of they year) the top earners will pay 60% of their income in to federal, state, local and payroll taxes (assuming they are not also self-employed. If they are it would be more like 67%).
How much more do you want to take from them? And how do you propose to keep them in the game?
we still have the SS surplus funds to draw on, so SS is still funding itself.
true there are no more SS surpluses to use on what income taxes should be paying...as bush/clinton/bush/reagan had to use on the budget....
we will draw on the (ss surplus) treasuries for the SS retirements....SS will be fine for a couple of more decades....when the SS treasuries are all cashed out, then SS will STILL NOT BE BANKRUPT, it will pull in enough funds to pay 75% of the bill....
Lemme get this straight, you think there was a "lock box"?
those SS surplus funds are in us treasuries, this is SS's money...they WILL get this money.
how we will pay for the rest of the budget spending, with having to pay our debts, will be a problem, but SS has it's money....as good as a lock box, with the treasuries.
A simple solution is to remove the income cap so that everyone pays into the system.
My question for you is what percentage of your income can I take before you decide it's not worthwhile to work anymore?
If I take 80% of your money, will you still go to work so you can keep paying me and hope you don't starve on the remainder?
Right now, (or at the end of they year) the top earners will pay 60% of their income in to federal, state, local and payroll taxes (assuming they are not also self-employed. If they are it would be more like 67%).
How much more do you want to take from them? And how do you propose to keep them in the game?
Lemme get this straight, you think there was a "lock box"?
those SS surplus funds are in us treasuries, this is SS's money...they WILL get this money.
how we will pay for the rest of the budget spending, with having to pay our debts, will be a problem, but SS has it's money....as good as a lock box, with the treasuries.
...as bad as one executive order.
Will Obama plug the hole in the Social Security budget the same way he's plugged the BP Leak?
As soon as he figures out whose ass to kick, he'll let us know.
Allowing the illegals that want to become tax paying citizens to do just that would easily fix this problem.
those SS surplus funds are in us treasuries, this is SS's money...they WILL get this money.
how we will pay for the rest of the budget spending, with having to pay our debts, will be a problem, but SS has it's money....as good as a lock box, with the treasuries.
...as bad as one executive order.
??? i don't understand?
no executive order can take SS surplus money, US Treasuries away??
...as bad as one executive order.
??? i don't understand?
no executive order can take SS surplus money, US Treasuries away??
You sure about that? The Treasury Secretary is under direct control of the executive branch.
??? i don't understand?
no executive order can take SS surplus money, US Treasuries away??
You sure about that? The Treasury Secretary is under direct control of the executive branch.
POSITIVE! It can NOT be done and would never be done....defaulting on the us treasuries would destabilize the entire world.
A simple solution is to remove the income cap so that everyone pays into the system.
My question for you is what percentage of your income can I take before you decide it's not worthwhile to work anymore?
If I take 80% of your money, will you still go to work so you can keep paying me and hope you don't starve on the remainder?
Right now, (or at the end of they year) the top earners will pay 60% of their income in to federal, state, local and payroll taxes (assuming they are not also self-employed. If they are it would be more like 67%).
How much more do you want to take from them? And how do you propose to keep them in the game?
got a link to those figures?
what does the average middle class income earner get taxed overall compared to the wealthy, is one thing i was wondering...?
My question for you is what percentage of your income can I take before you decide it's not worthwhile to work anymore?
If I take 80% of your money, will you still go to work so you can keep paying me and hope you don't starve on the remainder?
Right now, (or at the end of they year) the top earners will pay 60% of their income in to federal, state, local and payroll taxes (assuming they are not also self-employed. If they are it would be more like 67%).
How much more do you want to take from them? And how do you propose to keep them in the game?
got a link to those figures?
what does the average middle class income earner get taxed overall compared to the wealthy, is one thing i was wondering...?
Nothing too wacked out. Common knowledge and a little math.
Top federal tax bracket after the "Bush tax cuts" expire this year: 39.4% (Let's call it 40% for ease of use.
State income taxes. Most states have them, a few don't. They vary from roughly 5% to 13% for places like DC. But let's stipulate that most are 5%-10%. Take a nice average like 8% for our purposes. Now were' at 48% or there abouts.
Next is payroll taxes. You'll pay 7.5% of your income to Social Security for the first $100+k (this year). Then you'll pay an additional 5 percent for Medicare without a cap. That would be about 60%. Although I will give you that if you earn a lot more than $100 in salary, then the net percentage of SS would be less than 7.5%.
Add to the mix that if you are self-employed, you have to pay the employers and employee's portion of social security which is another 7.5% up to the top taxable amount.
That's where the numbers come from:
39.4
8
7.5
5
______
59.9%
And, that doesn't count your property taxes and the poor saps that have local income taxes!!!
Your math is fucked. Firstly, no one pays 39.4% ... it's a progressive system. Secondly, you can deduct your state tax from your federal tax.
Someone that knows math please tell us the truth.
Your math is fucked. Firstly, no one pays 39.4% ... it's a progressive system. Secondly, you can deduct your state tax from your federal tax.
Someone that knows math please tell us the truth.
Obama says that's what's fair.
The Top rate will be 39.4 in January. Do you dispute that?
This is the soak the rich and make them pay their fair share that you were screaming about 2 years ago! This is what the rich paid under Clinton. Remember?
No one pays 39.4%. You are being disingenuous.Your math is fucked. Firstly, no one pays 39.4% ... it's a progressive system. Secondly, you can deduct your state tax from your federal tax.
Someone that knows math please tell us the truth.
Obama says that's what's fair.
The Top rate will be 39.4 in January. Do you dispute that?
This is the soak the rich and make them pay their fair share that you were screaming about 2 years ago! This is what the rich paid under Clinton. Remember?
got a link to those figures?
what does the average middle class income earner get taxed overall compared to the wealthy, is one thing i was wondering...?
Nothing too wacked out. Common knowledge and a little math.
Top federal tax bracket after the "Bush tax cuts" expire this year: 39.4% (Let's call it 40% for ease of use.
State income taxes. Most states have them, a few don't. They vary from roughly 5% to 13% for places like DC. But let's stipulate that most are 5%-10%. Take a nice average like 8% for our purposes. Now were' at 48% or there abouts.
Next is payroll taxes. You'll pay 7.5% of your income to Social Security for the first $100+k (this year). Then you'll pay an additional 5 percent for Medicare without a cap. That would be about 60%. Although I will give you that if you earn a lot more than $100 in salary, then the net percentage of SS would be less than 7.5%.
Add to the mix that if you are self-employed, you have to pay the employers and employee's portion of social security which is another 7.5% up to the top taxable amount.
That's where the numbers come from:
39.4
8
7.5
5
______
59.9%
And, that doesn't count your property taxes and the poor saps that have local income taxes!!!
So the poor guy who makes $1,000,000 a year has to fork over $600,000 leaving him and his family with a lousy $400,000.
How will they ever get by on that?
Nothing too wacked out. Common knowledge and a little math.
Top federal tax bracket after the "Bush tax cuts" expire this year: 39.4% (Let's call it 40% for ease of use.
State income taxes. Most states have them, a few don't. They vary from roughly 5% to 13% for places like DC. But let's stipulate that most are 5%-10%. Take a nice average like 8% for our purposes. Now were' at 48% or there abouts.
Next is payroll taxes. You'll pay 7.5% of your income to Social Security for the first $100+k (this year). Then you'll pay an additional 5 percent for Medicare without a cap. That would be about 60%. Although I will give you that if you earn a lot more than $100 in salary, then the net percentage of SS would be less than 7.5%.
Add to the mix that if you are self-employed, you have to pay the employers and employee's portion of social security which is another 7.5% up to the top taxable amount.
That's where the numbers come from:
39.4
8
7.5
5
______
59.9%
And, that doesn't count your property taxes and the poor saps that have local income taxes!!!
So the poor guy who makes $1,000,000 a year has to fork over $600,000 leaving him and his family with a lousy $400,000.
How will they ever get by on that?
As if this only impact people that make a million dollars a year.
The "rich" start at $250,000. There are a lot more families living between $250,000 and $500,000 that will get hit with this than $1,000,000 so talk about the real impact not the, who-cares oddball impact.
You're going to expect families to live on less than $100,000 after having made over $250,000. Why should they bust their ass to do it? Risk having nothing, just to give it all over to the government? A question more and more people will be asking next year.
No one pays 39.4%. You are being disingenuous.Your math is fucked. Firstly, no one pays 39.4% ... it's a progressive system. Secondly, you can deduct your state tax from your federal tax.
Someone that knows math please tell us the truth.
Obama says that's what's fair.
The Top rate will be 39.4 in January. Do you dispute that?
This is the soak the rich and make them pay their fair share that you were screaming about 2 years ago! This is what the rich paid under Clinton. Remember?
If you are upset about the sunset clause you can address it with the man that put it in the tax code.
