Originally posted by Mobycat:
From the census bureau.
Do you have a link to the Census Bureau data on this stuff?
Why is the Census Bureau any type of authority on earnings? They only know what people tell them. The actual and correct data would have to come from the IRS or the Social Security Administration. They are the only federal agencies that would have correct and factual data on earnings.
Not fair to lower income. If people want a "fair tax," then let's do it across the board.
Some will say income tax is not fair to higher incomes - since they pay a higher percentage. But Social Security is the exact opposite - lower income people pay a higher percentage than high income.
Your "unfair" argument is completely bogus Moby. It's a crock.
What is "across the board" to you? All income being taxable for social security?
Every employed worker pays the exact same percentage into social security taxes. It is curently 12.4%. The employee pays half and the employer pays half (It used to more than that).
The SS payroll tax is only levied on the first $97,500 of taxable income. You claim this is not fair. That is not the truth. It's probably unfair to subject taxable earnings that high for social security.
You completely overlook the fact that when people retire, there is a MAXIMUM amount that anyone can receive on a monthly basis.
If you want to start taxing wages into much higher amounts while still keeping a maximum benefit amount at retirement.... that is completely unfair.
If you want the system to be fair, remove the maximum payout benefit and let the people who paid in more, receive more. Pro-rated to what they paid. That would be the only fair system.
The maximum benefit already makes the system unfair to high wage earners.
Your whole "unfair" argument is completely ridiculous.
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