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View Diary: Barney Frank: Save Social Security by making the near rich pay a little more (146 comments)

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  •  Almost Perfect (1+ / 0-)
    Recommended by:

    Frank has got the right idea, but ideally Social Security and Medicare taxes should:

    1. Exempt the first X of income (on a refundable basis), with X equal to about 130% of the federal poverty line;

    2. Apply to all income (earned and unearned) with no cap;

    3. Be set to a tax rate that is revenue neutral on a total cohort basis for those earning $250,000 or less;

    4. Retain the PPACA's Medicare surtax.

    •  Yes, let's capture some tax on "unearned" (0+ / 0-)

      income like net profit from rentals and capital gains from stock/option trading.  Some people make their living via this kind of income and don't earn wages.  Nor are the reported as an individual business which does pay payroll taxes.

      There are a lot of people who pay no payroll taxes when they make their living from those sources.

      Congressional elections have consequences!

      by Cordyc on Tue Jan 08, 2013 at 10:16:43 PM PST

      [ Parent ]

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