From Pew
I keep telling my friends on the right: you really want to raise the cap on SS contributions.
You are talking about the moving to a system where the dominant source of revenue for the Federal Government is a flat, deductions and exemptions free tax on labor.
No other course of action makes holding down capital gains taxes more likely. No other course of action a millionaires tax bracket less likely. No other course of action has less tax avoidance and evasion associated with it.
Medicare will not be killed. This is your shot. Take it.
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Wednesday ~ June 8th, 2011 at 10:36 pm
JazzBumpa
FICA is already within about 50 cents of being the largest source of federal tax receipts, only slightly behind individual income taxes.
http://jazzbumpa.blogspot.com/2011/02/federal-government-tax-reciepts.html
Each one of them is between 4.5 and 5 x the amount from Corp taxes. Raising taxes on upper income individuals and corporations also get very high approval ratings on the chart you posted.
Coincidentally, that’s where all the money is.
http://jazzbumpa.blogspot.com/2011/06/bush-tax-cuts.html
http://jazzbumpa.blogspot.com/2011/06/where-has-all-money-gone-part-1.html
Cheers!
JzB