Posted on 03/18/2019 11:48:42 AM PDT by SeekAndFind
Under the proposed law, the cap is set to $132,900 not $118,000. And more importantly, the 14.8% rate applies to earned income below $132,900 and also above $400,000 with no upper limit.
For small businesses designed to generate taxable income for their owners, it is possible to have years where you have a high income, even if that is not typical. For those businesses taking an extra 14.8% hit on all income above $400,000 on top of the already high income tax on that level of income is a problem. Small business owners will need to design their business strategies to avoid that circumstance.
Increasing tax rates on earned income just makes rental, interest, dividend, royalty, and capital gains income the preferred way to generate income. Every category listed, except earned income, favors people who already have capital.
Why would someone invest in a business, hire people, and face higher tax rates when they could just invest in rental property, or the stock market and keep more of the resulting income?
If you want to help Americans have jobs, and be able to earn their way to a better future it is essential to have the lowest employment taxes possible.
It hasn’t helped SS one iota that we are now beginning to feel the effects of the SECOND aborted generation.
Those aborted immediately after Roe v. Wade could have become a tax paying part of the workforce in 1991.
If THEY had started to have children shortly afterward, those children would have started entering the workforce around 2009.
It isn’t just the loss of 2 million children per year “thanks” to Roe v. Wade; we are now into the geometric progression of the loss of those children’s children.
And a nice 25% import tariffs and to get rid of work visas.
Most small businesses do not have employees make above the cap.
Form it’s creation in 1935 the law stated that any surplus funds would be put into the general fund and the social security trust fund would be given special interest bearing bonds. Nobody ever stole or borrowed it, it’s the way the system was set up from the beginning.
Agree. However at least someone is offering a solution to fix it right now. I don’t want to leave this debt to my children and Grandchildren. The majority of the American people have said they want social security to continue. Fine. Let’s pay for it then. I would actually support a politician that ran on this plan.
You really think if social security was done away with tomorrow that employers would just raise everyone’s wages by what they saved. I know some of these guys that run medium and large size businesses in my area, they would pocket that in a heartbeat.
I agree that abortion has had a tremendous impact. However, woman who dont abort are having far fewer children then they were a few generations ago and that isn’t helping either.
Not true. Since it’s inception in 1935 the law stated that all excess social security taxes collected were to be put in the general fund and special bonds given it the social security trust fund. Look it up.
I find these threads really disheartening. I find freepers to generally be more knowledgeable than other forums I post on, but when it come to the federal budget, the deficit, the debt, and such there are a lot of them that I don’t think have ever researched it. I see the same old myths about stolen funds or if you just kick all the illegals off it would be fine. The money was never stolen and illegals can’t draw social security.
As I said before I like your plan but I don’t think there is a snowballs chance in hell of it happening. At least this plan might work and I’m at the point now where I don’t want my children and future grandchildren paying this massive debt we’ve created. I would probably hold my nose and vote for the politician that promised to support this.
Tomorrow? No.
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