Zeev: "Big Hog Wash"...LOL, do you think Bill Gates will ever see any SS money? I am sure he pays in the max each year. I paid in the max for years before I stopped working years ago. I'll never see a penny of the SS money I paid in. My wife still chooses to work and she pays in the max each year as well, but she'll never see a penny of the SS money she pays in either.
By they way you are pretty liberal with your assumptions designating Mr Blow Joe as "self-employed". You also failed to take into account the second half of the 15.5% is tax deductible. The vast majority of folks are not self-employed. When doing your reversionary math, don't forget the tax dollars some folks get back from the government when taking into account how much they actually pay. Many low income folks actually get more from the government than they pay in, if they pay in...
The highest tax rate is on those that have a taxable income from earnings and just around the social security ceiling, these people pay a tax rate fo close to 50%
Well you finally said something I can at least partially agree with...gg
PS: All income taxes should be abolished; income tax, social security, medicare, capital gains, etc. We should just have a national sales tax, period. (Excluding food, lodging and health care.)
PSS: I will not respond further as I have no desire to engage in political discussions online. It is just an effort in futility.
"He pays 20% on his sale of stocks in his MSFT, but only 10% on all his investments in companies that has assets under $50 MM (super capital gains)"
What rule is that? The super low rate is 18% but only for shares held more than 5 years. There is a rate of 10% (and even 5% for more than 5 years) but only for those in the 15% tax bracket.
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