>>At any rate SS premiums are the most regressive tax of all.<<
I think SS would be much less regressive if they raise the maximum for taxing it. Say, something like $1 million, or even the first $500,000.
>>This will really put the screws to some middle class couples at the margin, barely able to afford their house payment.<<
It will also screw high income people -- those who are in the top 15%-20%, those who have benefited so much from Bush tax cut.
>>Of course they probably could not have afforded that house, but rising interest rates, rising oil, rising property taxes, and now rising SS tax payments(if passed) will put the hurt to a lot of people <<
These factors are affecting everyone, whether the poorest or the richest. At least SS tax is less regressive than "flat tax and sale tax pair" some people are advocating now.
>>What they should do is shut off SS benefits for the very wealthy. <<
I quite agree with you on this one. Although I think there are very few people like Gates so to shut off SS benefits for them will not have any major effect.
>>How about a consumption tax above a certain high amt indexed to inflation? <<
This sure is a fair way (progressive) of raising tax, thus could never come true<g>. Mish, be realistic, the rich has the power, and they would not do anything to damage their own interest. |
