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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth
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To: geode00 who wrote (43814)4/30/2005 2:25:38 PM
From: jttmab  Read Replies (1) of 173976
 
Social Security taxes shouldn't have a cap. Since the income numbers are so skewed (CEOs can make 500-600 times what their base level worker makes), maybe the rate itself can be reduced across the board.

I suspect that if there wasn't a cap at all, the CEO's would call the accountants in; have a meeting of the board of directors and the compensation package would be "redefined" in a way to diminish the impact. You may recall that when Iococca took over Chrysler his compensation package included a salary of $1/year. I guess he paid 7.5 cents in SS taxes. He did well with the other parts of his compensation package.

Why aren't Dems fighting for this?

A combination of factors no doubt. It affects members of Congress. It affects contributions that they get from wealthy people. And perhaps the killer, Bush would be up in front of a camera in 2 nanoseconds spilling his guts about how Democrats want to raise your taxes. It would be repeated a million times by Republicans and the conservative media and eventually the people would believe it. It worked for estate taxes, why wouldn't it work for SS taxes. How many times did we hear about the poor family farmers selling off their farms to pay estate taxes. The American Farm Association can't find a single example of a farm that was sold to pay estate taxes, but we're saving the family farms.

jttmab
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