By the way, if adjustments are made to the ceiling of income on which the contribution is levied, the increase may not be as high on low wage earners, if any at all.
This is true, but just consider for a moment the original game plan. Tax was paid on the first $1,000 or so of income, and as late as the 70s only on the first $3,750 at a rate of something like 3.3%. Now, we're faced with 15-16%, or perhaps 14% if we removed the wage max altogether. And that is presuming the trustees are right (and they haven't been yet).
So, we need to be giving up nearly 15% of our earnings just for the OAB program. Add to that the Medicare program, which is a total train wreck, and you will see a flat 20% raked off the top of every earned dollar.
Now, combine that with a 30-50% in federal and state income taxes, and the picture becomes very clear -- an attorney who would earn $300,000 is now 90-100k after taxes.
If you can't see how this is a problem, you're blind. We complain about inflation and currency devaluation, but nothing kills us worse than taxes on failed social programs. |
