Politics and Money

[lesgetrich]

The chart showing they pay a higher percentage of their income in these "taxes" is because there is a limit on income taxed by payroll taxes. Why? Because those who surpass that limit will never get back what they pay in. Is this too difficult for the liberal mind?

I guess it escapes your puny teabagger mind that these are insurance programs. When was the last time you collected on your home insurance? We never know whether we'll end up sick or healthy, rich or poor. Even olympic athletes get sick, even rich people sometimes go bankrupt and some poor people die young and some rich folks grow very old.

Since we're trying to guarantee that we'll all have some basic level of existence and none of us knows where we'll end up, logic would dictate that we should try to maximize this basic level by not having any income limit and making the social security tax and benefits as high as we can with as little pain as possible for those paying it. This would logically point toward higher SS taxes for the rich (i.e. we should eliminate the income cap on SS taxes and maximize benefits).