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Sunday, August 21, 2011

Incredibly- Republicrats Want To Raise Taxes on Lower to Middle-Income Earners

Actually- according to this ASSOCIATED PRESS story via MyWay News- the Republicrats want to let the Social Security or FICA (SS/FICA) payroll reductions you're enjoying now expire on January 1.

That equates to a tax increase folks.

Would the Republicrats approve raising the income-rate that the wealthy enjoy regarding Social Security?

You see- the maximum income taxed SS/FICA is $106800- if you made (yeah right) say $1-million- you would only pay SS taxes on $106.8k of that $1-mil.

If you make $10-million a year- you'd STILL only pay SS/FICA based on $106.8k of your income.

Social Security is going broke ONLY because the Federal government has used ("borrowed") the excess SS taxes for everything else- including foreign aid and the bloated defense budget.

If the Fed paid Social Security BACK all that it has borrowed- the SS fund would be fine- but the pollys in DC don't want to do that.

Or raise SS/FICA or ANY tax rates on the wealthy- like even billionaire Warren Buffet has suggested.

America can't continue to spend- spend- spend- but the government can't continue to turn to the Social Security fund to borrow- borrow- borrow.

Failure to give the lower and middle-income earners some sort of REAL relief in this Recession/Depression WILL result in really dark times ahead for many Americans (and hopefully- the pro-corporate/wealthy Republicrat Party).

1 comment:

Anonymous said...

Dammit time for a major house cleaning in Washington