The 'do not pay any taxes' refers to income tax, not payroll tax.I don't see where this notion that the lowest bracket does not pay any taxes comes from. Everyone pays payroll taxes up to the 1st $105,000 of there paycheck (at least for SS, its all of your income for medicare).
Incorrect.This makes up the largest portion of income for the federal government.
Federal Income,. FY 2008
Social insurance taxes (FICA deduction + employer contributions)
Income tax revenue exceeds social insurance tax revenue every FY since 1969 (and likely before).
Socialist Security is unconstitutional, so that has to go.
Medicaid...hmmmm, that's not in the Constitution either. Bye bye...
Defense is Constitutional, but the goals and budget should be defense, not social engineering or tinkering or any kind of World Cop bull****. Germany, France, Japan should expect to see US troops leaving, except for Okinawa, which was paid for with the blood of thousands of Marines. That does not have cash value.
There, I've cut 60% from the budget.
Ten Myths About the Bush Tax Cuts
In 2007, according to CBO and Joint Committee on Taxation data, the increased child tax credit, mar*riage penalty relief, 10 percent bracket, and AMT fix will have a combined budgetary effect of $114 bil*lion. (See Table 2.) These policies do not have strong supply-side effects to minimize that effect.
By comparison, the more maligned capital gains, dividends, and estate tax cuts are projected to reduce 2007 revenues by just $36 billion even before the large and positive supply-side effects are incorporated. Thus, repealing these tax cuts would raise very little revenue and could possibly even reduce federal tax revenue. Such tax increases would certainly reduce the savings and investment vital to economic growth.
The individual income tax rate reductions come to $59 billion in 2007 and are not really a tax cut for the rich. All families with taxable incomes over $62,000 (and single filers over $31,000) benefit. Repealing this tax cut would reduce work incentives and raise taxes on millions of families and small businesses, thereby harming the economy and min*imizing any new revenues.
We are talking about income taxes here. If people pay for only Medicare and SS, then those are the only things they have a stake in.I don't see where this notion that the lowest bracket does not pay any taxes comes from. Everyone pays payroll taxes up to the 1st $105,000 of there paycheck (at least for SS, its all of your income for medicare). This makes up the largest portion of income for the federal government.
It's pissed away.
And the reality is that Socialist Security can't be removed with a chainsaw, it will need Death by Pruning, one cut at a time, over years.
First Step: Tell the people under thirty they're not eligible for Socialist Security and allow them to keep their visible half of the FICA tax they pay. Establish a system so this money can be invested tax-deferred in some kind of IRA, that'll make the smarter ones very happy indeed.
Next Step: Tell people under fifty and over thirty that they're going to be means-tested for Socialist Security eligibility.
Then figure out a way to keep it solvent (this means taxes, people, lots and lots of taxes) until the people on the system finally die.
And hopefully that will be a lesson to all the god damned idiots who think "Progressivism" is superior to freedom.
we can watch our government do absolutely nothing, the system implodes and takes the entire economy down with it.
Last edited by Scarecrow Akhbar; 02-11-10 at 06:20 PM.