Another point against the overrich yammerers and their tax increase

[gratuitous]

Okay, I think most of us grasp that the proposal is that folks who make more than $250,000 a year will see an increase in their federal tax rate from 36% to 39% on the income above $250,000. So, for example, someone making $255,000 will have to pay $150 more in federal taxes. Yeah, $12.50 a month. And they're screaming about that. Can you imagine?

But now let's consider what our pals in the high income tax bracket don't pay. You and me, wage slaves that we are, pay into Social Security. On every dollar we make, we pay 6.2% to Social Security. Now, it's money well invested, and I fully expect to pull far more from Social Security than I ever put in.

Our wealthy pals? Well, they pay 6.2% on their wages, too. Up until, oh, $106,800. After that? They pay zip-a-dee-doo-dah Social Security tax. Do the math on that $255,000 income, and they're not paying $9,188.40 in Social Security tax. In fact, the amount they do pay is less than 2.6% of their income. Nice deal if you can get it, nu?

So, a person making $255,000 a year is not paying $9,188 in Social Security taxes, but bitching about paying an extra $150 (the disparity grows, of course, the higher the income). What is the proper response to such a person? The popular media seem to think they need to be heard from loudly and often so we can all feel their pain.

I have a slightly different response.

[bluestateguy]

1. I would also add that 52% of over $200,000 earners voted for Obama

http://www.cnn.com/ELECTION/2008/results/polls/#val=USP00p1

[Kansas Wyatt]

2. The rich need to go back to Post WW II rates.

It's not about how much they will be taxed... It would end up being how much MORE money they will invest back into the economy and country, rather than writing a check to the government. Instead, they would want to keep 'ownership' of their tax money by investing in real property, improve things around them, and so they could decide where it is spent.

[DURHAM D]

3. SS taxes are regressive on the front end (paying in)

and progressive (paying out) on the back end. My sister (one year older) receives very close to the same amount that I will. However, I have worked for many more years and paid in much much more money than she has.

And her husband (who was under or unemployed for his entire adult life) and contributed a fraction of the amount that I have receives $300 more a month then I will. He was in the navy reserves and actually floated around in the Mediterranean for six months during Vietnam. That so-called military service really paid off for him. In other words, SS has a built in gender bias.