On 8/4/2011 1:28 PM, Larry Blanchard wrote:
On Thu, 04 Aug 2011 09:42:50 -0400, Jack Stein wrote:

ie, the bottom 50% of wage
earners pay 2.7% of income taxes, the top 50% pay 97.3%.

That sounds great till you look at the other half of the statistics. The
bottom 50% have 13% of the income, the top 50% have 87%. If you add SS
taxes to that, the bottom half pay a higher percentage than the top half.

That sounds stupid! The bottom 50% has 50% of the wages? The top 50%
has the other 50%? If the bottom 50% had 13% of the income, they
wouldn't be the bottom 50% but the bottom 13%?

As far as mandatory SS pension fund payments (SS Tax/Ponzi scheme) it is
currently a flat fee of 12-13% of income up to $106,000. Income above
106K is not subject to SS tax.

I like flat taxes, and not sure how I'd feel about taxing say AlGore or
Pelosi 100% of their income for SS, but I could be talked into it I
guess. Seems unfair unless the maximum payments are raised, but then,
they already (based on tax rates) pay a lot more for the same benefits
in income taxes. If it were like income tax, they would pay
progressively MORE on earnings above 106k...


--
Jack
You Can't Fix Stupid, but You Can Vote it Out!
http://jbstein.com