Posted by Had E. Nuff on July 15, 2005 at 13:36:17 (PST):
In Reply to: Re: The Fair Tax posted by Steve on July 15, 2005 at 05:12:12 (PST):
: The richest people in the country, (the top 20%) already pay 80% of income taxes. How much more do you want them to pay? With a flat tax you would just be getting the middle class to pay taxes and I'm sure the poor would be exempt.
that may be the case, but they STILL aren't paying as high of a percentage to taxes and practically nothing into Social Security.
A little over 1/3 of my paycheck goes to taxes.
Do you think the CEO of GM pays that much (percentage)? I highly doubt it. They don't pay as high of a percentage and they get way more deductions. They only pay into Social Security on the first $90k.
I think we should just decide a fair percentage to tax each individual and that should be that. For Social Security, the same thing. Make everyone pay into it the same. Then when it comes time to collect, be it retirement or disabilty or whatever, that person collects an amount based on how much he paid in, without the limit they have now.
This would DEFINATELY solve the Social Security problem. Maybe I'm wrong, maybe this type of income tax wouldn't work, but this would definately work for Social Security.