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Flat Tax Now! (For Social Security)

 

English: Scanned image of author's US Social S...

The Institute for Policy Studies has a great idea of how to handle the projected Social Security deficit — a flat tax on ALL wages:

In 2012, American workers will pay Social Security taxes on their first $110,100 of wages. For most Americans, that’s all of their wages. Only a lucky 10 percent of Americans make more.

Let that lucky 10 percent pay Social Security taxes on all of their wages, just like the rest of us do. Make Social Security a flat tax on all wages instead of a regressive tax on low and medium wages.

The author claims that a flat tax would raise $100 billion annually, and would not only close the deficit gap, but allow for a small increase in benefits to help keep up with the soaring cost of living.

-Chris

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November 30, 2011 - Posted by | Uncategorized | , , , , , , ,

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