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Politics : Formerly About Advanced Micro Devices

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To: Alighieri who wrote (607781)	4/14/2011 3:00:50 PM
From: Tenchusatsu	1 Recommendation Read Replies (1) of 1583679

Al, do you realize that FICA taxes (for Social Security and Medicare) are regressive, yet that accounts for *half* of all federal tax revenue collected by the IRS? And everyone (who works) pays FICA taxes, including the families that live on bare necessities. My point about raising taxes on everyone stands. If you just target the "richest 5%," they'll just move their money-making assets into tax shelters. Or move out of the country. Kind of like what Michael Bloomberg observed in Manhattan, where taxes on the "rich" rose, but that triggered an exodus of millionaires and the result was no net gain. Maybe it's time to move to a flat tax. No deductions. No separate regressive FICA taxes. Just a flat percentage of all income above a certain threshold. Tenchusatsu

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