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Wisdom of Liberals (Activists for Change)
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HumanRights Site Admin
Joined: 19 Oct 2006 Posts: 48
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Posted: Fri Oct 27, 2006 3:00 pm Post subject: Social Security is NOT a tax! |
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Social Security "Contributions" are like a Reverse Graduated Income Tax. Income below approximately $100,000 a year has contributions of 15%. Income above approximately $100,000 a year has contributions of 0%.
This is the reverse of the Income tax. Income taxes are taxed at 15% below $30,000 a year, at 30% between $30,000 a year and $80,000 a year and at 35% above $80,000 a year. Taxes go up with income. Social Security "contributions" go down with income.
Social Security is borrowed from at 0%. Is this any different than a tax? Is putting Social Security revenue into the same place as Tax revenue correct? What is the difference between Social Security Revenue and Tax Revenue? The government, the US Treasury I believe, disburses checks for both Social Security Recipients and Government Contractors. The difference between Social Security disbursements and other disbursements is only in the way the books are handled.
I estimated some numbers. If you can help by providing the exact numbers, please do. |
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