>> 70% tax burden for your lawyer friend is not exaggerated?
It can be shown that in some states a person making over $300K would suffer a 70% incremental tax burden if you remove the FICA/Medicare max and increase the rates as you suggested.
But that was intended as a worst case scenario and honestly, it is sort of beside the point. At any rate, it is easily upwards of 60%.
Unaccounted near term expenses for broken down war equipment is not a liability, but infinite time horizon liability for SS is...
You are totally incorrect about "broken down equipment", but I have not previously addressed it because it is, once again, beside the point. But equipment overhauls are part of the current budget. If you look around, you'll see tanks being taken to facilities, one not far from where I live, to be totally rebuilt from the ground up. When they're done, they are essentially new vehicles. When my son's unit arrived in Iraq, they received ALL new equipment -- from vehicles to uniforms and bulletproof vests. This is obviously paid for out of current allocations. We will, however, have some equipment that is not useful in fighting a more traditional war -- a lot of heavily armored hardware has been acquired particularly to deal with IEDs and EFPs -- this would not be useful in different types of wars.
infinite time horizon liability for SS is...
As has been shown, your figures don't tell the story. Why you cannot grasp this I don't know. |
