Every penny & Do all Americans pay their fair share?
From John Curry, June 14, 2008
Subject: Every penny & Do all Americans pay their fair share?
Even though I am a benefits recipient of a state retirement system I also (now being back to work for a private concern) pay into and have paid into Social Security. Every penny of what I currently earn is taxed by Social Security...that's not to say the same applies to ALL Americans who derive income from non-governmental jobs who ALSO pay into Social Security. THEY DON'T pay tax on every penny they make...were you aware of that?
Many Americans stop paying into Social Security after their annual wages exceed $102,000. For some millionaires and even billionaires that means they don't pay into Social Security beginning the second week in January of each year! This practice is now being seriously discussed as a way to shore-up a safety net that has been relied upon by Americans for decades and is not in danger of collapse...despite the fear-mongering and disinformation that is distributed by some who wish to derail Social Security...many of them are those whose annual income far exceeds $102 K!
The American public is finally wising up.... but only after having to suffer financial pains at the hands of those in this country whose penchant for greed overpowers any desire they might have had for their fellow countrymen. Why does it always seem to take a great amount of collective misery before the majority finally realize that they've been hoodwinked? I think that threshold has finally been reached! Some folks still don't want to admit that the current ceiling on SS deductions is grossly unfair....that's why I included the article below. John
SOCIAL SECURITY
P.S. Can you imagine the uproar that would arise should state retirement systems also consider placing a ceiling on retirement deductions for those whose annual income once exceeded $102,000? Those who would suggest something as silly as this would be tarred, feathered, and run out of town riding on a rail!
12:00 AM CDT on Saturday, June 14, 2008
The Associated Press
The Associated Press
COLUMBUS, Ohio – Democrat Barack Obama called Friday for higher payroll taxes on wage-earners making more than $250,000 annually, a step that would affect the wealthiest 3 percent of Americans.
He told senior citizens in Ohio that it's unfair for middle-class earners to pay the Social Security tax "on every dime they make," while millionaires and billionaires pay it on only "a very small percentage of their income."
The 6.2 percent payroll tax is now applied to all wages up to $102,000 a year, which covers the entire amount for most Americans. Under Mr. Obama's plan, the tax would not apply to wages between that amount and $250,000. But all annual salaries above that would be taxed.
Mr. Obama said John McCain has indicated in the past he was willing to consider higher payroll taxes.
But McCain economic policy adviser Douglas Holz-Eakin said that as president, Mr. McCain would not consider an increase "under any imaginable circumstance."
Mr. Obama said his plan "allows us to extend the life of Social Security" without raising the retirement age or cutting benefits. He also criticized Mr. McCain for being open to letting taxpayers invest part of their Social Security payments in private investment accounts.
Mr. McCain, campaigning Friday in New Jersey, defended his plan, saying it's a good opportunity for younger workers.
posted by Kathie Bracy at 9:09 PM
