Government

Raise those income taxes🤑

A Gallup survey measuring the last fifteen years clearly shows Democrats favor higher taxes (on some Americans) compared with Republicans. 


Generally speaking, higher income means households with incomes above $250,000. But wait, don’t they already pay the great bulk of income taxes and Medicare taxes as well?


Even when it comes to Social Security taxes, the benefits accrue mostly to lower income Americans. While the amount of income subject to taxes is limited and therefore higher income Americans pay a lower percentage of total income, their benefit is based only on taxed earnings. In addition, the benefit formula generates a higher proportional benefit for lower income workers. 

There is also this question. What will government do with more tax revenue? Will it be used to lower the deficit and national debt or will be used as an excuse to create new or expand social programs with no spending limits, but instead with unlimited and growing liabilities. We can’t even come to grips and sustain the major programs we have now. 

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8 replies »

  1. “Even when it comes to Social Security taxes, the benefits accrue mostly to lower income Americans”

    This is very true, but even if your income is high the last 10 years of employment, do not expect your SS benefit to grow much, unless you are paying the maximum tax.

    SSA has some great benefit calculators. When I retired from the USAF in 1995, I was thinking of taking a job in the Atlanta, GA area. Pay started at $50,000 per year, more than I had made in my first 24 years of employment.
    The SSA calculator showed that my SS benefit at FRA after paying $62,000 (employer / employee total) in additional tax over 10 years, my benefit would increase only $100 per month.

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  2. According to Congresswoman Rose DeLauro, D-CT, to save Social Security we simply lift the income cap. Presto chango, problem solved according to Ms. Congresswoman, who by the way is among the 50th richest members of Congress.

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  3. B. H. Obama said adding $4 trillion to the national debt, was “unpatriotic” and also “irresponsible” to saddle future generations with such a large national debt, when a Senator. Then when President, he and Congress added over 8 Trillion to the debt. Politicians will say anything to get elected and then do the exact opposite. I just wonder when the U.S. Government will have to file BANKRUPTCY! I am 61, I may just live long enough to see it, there will be weeping and gnashing of teeth.

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  4. Both parties have no interest in paying down the debt. Between rising taxes and not paying down the debt it only leaves one likely outcome. When do I get my paid federal vacation voucher to Disney World because I can’t afford going there anymore either.

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