Quote:
Originally posted by Bill Verburg
If true, who cares?
again who cares?
Lets talk only fed payroll tax no deductions or dependents, just to keep it simple
$70k earner will have ~$24k in taxes taken form his pay ~34.3%
$300k earner will have ~$83k taken from his pay ~31.6%
These are the effective rates 34.3% vs 31.6%. Now consider that the first $20k is necessary just to put food on the table and a home to put the table in, Doesn't leave much for fun stuff or heaven forbid savings and investments does it.
A huge part of the reason many have no savings is explained by the tax rate inequity.
There is class warfare in this country and it is being successfully waged by the haves against the wanna haves.
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I agree Bill. We can clear all this up by canning Social Security. Thanks for the idea!
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A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world's greatest civilizations has been 200 years.
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