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Social Security funding

Supposn

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Social Security funding:
I'm a proponent of a federal sales tax. That sales tax rate should be set to fund at least half of federal net expenditures due to our Social Security retirement program and the payroll taxes paid equally by employers and employees should be reduced to be no more than the remainder of our federal net expenditures due to that program.
To the extent the sales ax rate exceeds half of that need, the remainder of the sales taxes revenues should contribute to defraying other explicitly designated federal programs that are of proportionally greater net benefit to individuals of lesser incomes and wealth.
Respectfully, Supposn
 

progressive hunter

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Social Security funding:
I'm a proponent of a federal sales tax. That sales tax rate should be set to fund at least half of federal net expenditures due to our Social Security retirement program and the payroll taxes paid equally by employers and employees should be reduced to be no more than the remainder of our federal net expenditures due to that program.
To the extent the sales ax rate exceeds half of that need, the remainder of the sales taxes revenues should contribute to defraying other explicitly designated federal programs that are of proportionally greater net benefit to individuals of lesser incomes and wealth.
Respectfully, Supposn
get rid of the income tax and we can talk,, until then the feds already have to much money to waste,,
 

task0778

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Social Security funding:
I'm a proponent of a federal sales tax. That sales tax rate should be set to fund at least half of federal net expenditures due to our Social Security retirement program and the payroll taxes paid equally by employers and employees should be reduced to be no more than the remainder of our federal net expenditures due to that program.
To the extent the sales ax rate exceeds half of that need, the remainder of the sales taxes revenues should contribute to defraying other explicitly designated federal programs that are of proportionally greater net benefit to individuals of lesser incomes and wealth.
Respectfully, Supposn
I'm okay with a federal sales tax to pay for whatever deficits the SSA program has, including the associated disability program (SSDI). But I'm not sure I want any excess revenue from the sales tax to pay for anything else, if anything I'd rather adjust the following year's tax rate down. Otherwise I can see that sales tax to go up to pay for other programs that it was not created to address. Healthcare for instance, if we want to use the proceeds from the federal sales tax for healthcare or whatever, then it should be designated into law.
 

Polishprince

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Social Security funding:
I'm a proponent of a federal sales tax. That sales tax rate should be set to fund at least half of federal net expenditures due to our Social Security retirement program and the payroll taxes paid equally by employers and employees should be reduced to be no more than the remainder of our federal net expenditures due to that program.
To the extent the sales ax rate exceeds half of that need, the remainder of the sales taxes revenues should contribute to defraying other explicitly designated federal programs that are of proportionally greater net benefit to individuals of lesser incomes and wealth.
Respectfully, Supposn

A federal sales tax to REPLACE the federal income tax is a tremendous idea.

But the latter has to occur first.

Otherwise, libs will just add it on to America's already onerous tax burden.
 

MarathonMike

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The idea of a Federal Sales tax to replace Federal Income tax has been floating around for decades. Even though it makes great sense it will never happen because of the enormous industry that has been built upon our insane 75,000 page US tax code. Everyone connected with tax preparation from $Million a year tax lawyers to tax preparers depends on our tax code being law.
 

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Social Security funding:
I'm a proponent of a federal sales tax. That sales tax rate should be set to fund at least half of federal net expenditures due to our Social Security retirement program and the payroll taxes paid equally by employers and employees should be reduced to be no more than the remainder of our federal net expenditures due to that program.
To the extent the sales ax rate exceeds half of that need, the remainder of the sales taxes revenues should contribute to defraying other explicitly designated federal programs that are of proportionally greater net benefit to individuals of lesser incomes and wealth.
Respectfully, Supposn

A federal sales tax to REPLACE the federal income tax is a tremendous idea.

But the latter has to occur first.

Otherwise, libs will just add it on to America's already onerous tax burden.
No, it's a shit idea.

The feds need no direct taxes whatsoever.....They need to drastically cut then control spending.
 
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Supposn

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Social Security funding: ... To the extent the sales ax rate exceeds half of that need, the remainder of the sales taxes revenues should contribute to defraying other explicitly designated federal programs that are of proportionally greater net benefit to individuals of lesser incomes and wealth.
Respectfully, Supposn
I'm okay with a federal sales tax to pay for whatever deficits the SSA program has, including the associated disability program (SSDI). But I'm not sure I want any excess revenue from the sales tax to pay for anything else, if anything I'd rather adjust the following year's tax rate down. Otherwise I can see that sales tax to go up to pay for other programs that it was not created to address. Healthcare for instance, if we want to use the proceeds from the federal sales tax for healthcare or whatever, then it should be designated into law.
Task0778, we agree the drafted sales tax bill should explitly in prioritized order be designated. I advocate Social Security retirement program should be the first designated priority of programs.

FICA payroll taxes,paid by employees are allocated as 6.2% Social Security, and 1.45% for Medicare; matched by employers' contributions, that's a total tax of 15.30% of USA's payrolls; (which doesn't include the additional 1.8% of shared payments they pay for individual's wages exceeding exceeding $200,000 annually).

If those taxes on payroll taxes are reduced to provide no more than required for funding the remainder of our federal net expenditures due to our Social Security retirement program, how would federal net expenditures for Medicare then be funded?
If the additional tax wouldn't be provided by the sales tax, . Would you pay it from our other tax revenues and have it increase our federal budget deficit? Respectfully, Supposn
 

task0778

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Social Security funding: ... To the extent the sales ax rate exceeds half of that need, the remainder of the sales taxes revenues should contribute to defraying other explicitly designated federal programs that are of proportionally greater net benefit to individuals of lesser incomes and wealth.
Respectfully, Supposn
I'm okay with a federal sales tax to pay for whatever deficits the SSA program has, including the associated disability program (SSDI). But I'm not sure I want any excess revenue from the sales tax to pay for anything else, if anything I'd rather adjust the following year's tax rate down. Otherwise I can see that sales tax to go up to pay for other programs that it was not created to address. Healthcare for instance, if we want to use the proceeds from the federal sales tax for healthcare or whatever, then it should be designated into law.
Task0778, we agree the drafted sales tax bill should explitly in prioritized order be designated. I advocate Social Security retirement program should be the first designated priority of programs.

FICA payroll taxes,paid by employees are allocated as 6.2% Social Security, and 1.45% for Medicare; matched by employers' contributions, that's a total tax of 15.30% of USA's payrolls; (which doesn't include the additional 1.8% of shared payments they pay for individual's wages exceeding exceeding $200,000 annually).

If those taxes on payroll taxes are reduced to provide no more than required for funding the remainder of our federal net expenditures due to our Social Security retirement program, how would federal net expenditures for Medicare then be funded?
If the additional tax wouldn't be provided by the sales tax, . Would you pay it from our other tax revenues and have it increase our federal budget deficit? Respectfully, Supposn

What I'm really saying is that a federal sales tax should be specifically targeted to a specific purpose rather than anything and everything Congress decides it wants to fund. It starts out low, but grows over time to fund whatever the majority party wants to enhance and advance their political agenda. I think if you're going to pass a federal sales tax to fund SSI and SSDI then write and pass legislation to do just that and only that. It can be written to automatically adjust that rate higher or lower every year, say at Oct 1 when the new fiscal year begins.

IF Congress wants to use the federal sales tax for another purpose then it should pass separate legislation for that, and face the voters in the next election for whatever they did or didn't do. Or combine the 2 requirements (SSI and HealthCare) in the original bill. But I don't think we should leave that tax as open-ended and without specifically designed purposes.

Such a sales tax will not be popular with the voters, hence I don't think it'll happen unless we have a dire problem to solve. People don't like paying higher taxes and politicians that advertise themselves as for that will face serious headwinds to get elected. And the opposition party will make serious political points for opposing it IMHO. So, while it may be a good idea, I don't see it as plausible.
 
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Supposn

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Task0778, we agreed and I posted the drafted sales tax bill should explicitly in prioritized order be designated. I additionally added Social Security be the
first priority of the designated programs. Who has advocated otherwise?

Sales taxes are based upon current transactions' dollar amounts. Why would you have the tax rate annually adjusted? Do you anticipate congress annually changing the programs to be funded by the sales tax? Respectfully, Supposn
 
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Supposn

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Oddball, please explain why we don't need federal direct taxes, but federal indirect taxes are needed? Can you provide examples of what you're referring to?
Respectfully, Supposn
 
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Supposn

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A federal sales tax to REPLACE the federal income tax is a tremendous idea.
But the latter has to occur first.
Otherwise, libs will just add it on to America's already onerous tax burden.
Polishprince, there's a limit to what's an acceptable sales tax rate. I don't believe we can entirely replace federal income taxes with a federal sales tax. At some point increases of tax revenues less justify the economic consequences of the increases; those points differ for different tax schemes and their purposes. It's my opinion those points are of comparatively lesser rates for sales taxes rather than taxes on incomes or upon almost any other matters.
Respectfully, Supposn
 

Polishprince

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A federal sales tax to REPLACE the federal income tax is a tremendous idea.
But the latter has to occur first.
Otherwise, libs will just add it on to America's already onerous tax burden.
Polishprince, there's a limit to what's an acceptable sales tax rate. I don't believe we can entirely replace federal income taxes with a federal sales tax. At some point increases of tax revenues less justify the economic consequences of the increases; those points differ for different tax schemes and their purposes. It's my opinion those points are of comparatively lesser rates for sales taxes rather than taxes on incomes or upon almost any other matters.
Respectfully, Supposn

Then I'd be against a federal sales tax.

Let them raise the federal income tax or other existing levies.

Adding it as a further tax would just mean subjecting John Q Taxpayers to new higher levels of Financial Assrapery.
 

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