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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Dave who wrote (71037)2/23/2001 4:28:13 PM
From: KyrosL  Read Replies (1) of 436258
 
Dave, you don't have your facts straight. The FICA "tax" (half of which is paid by the employer) is not at all a tax but rather a contribution to the SS system. Low and middle income contributors get back considerably more than they put in, after they retire. And the earned income tax credit results in a negative income tax for low income households.

It is interesting that a number of European countries, which have a reputation for much higher taxes than us, have actually cut considerably their highest marginal rates and now are competitive with the US. In addition, most have no capital gains taxes.
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