The Fastest Fix -- Kill the Cap! Tax Cap Gains!
There is No Respectable Argument Against It* I would hardly miss it! 1. Removing the FICA (Social Security) Cap: Income above $176,100 is currently exempt from Social Security tax Estimated additional revenue: $100-150 billion annually 2. Including Capital Gains: Capital gains are currently not subject to payroll taxes Annual capital gains realizations: ~$800 billion to $1.2 trillion Applying 15.3% total payroll tax to capital gains Estimated additional revenue: $120-180 billion annually Combined Rough Estimate: $220-330 billion in additional annual revenue for Social Security and Medicare combined. THE AMERICAN SYSTEM ALLOWS -- ENCOURAGES! -- WEALTH TO BE ACCRUED. NOTHING SAYS ONLY THE UN-WEALTHY HAVE TO PAY A PERCENTAGE OF THEIR INCOME IN FICA TAXES. FAIR IS FAIR, AND IT'S NECESSARY TO HELP FIX THE... $23 trillion Social Security shortfall and $46 trillion Medicare shortfall projected over 30 years * I'd be happy to debate it. *G...