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Old October 15th, 2017, 08:16 PM   #1
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Join Date: Oct 2009
Location: Cliffside Park, NJ
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FICA and SECA are our most regressive taxes.

FICA and SECA are our most regressive federal taxes.

The huge plurality of USA's poorest income earners are wage earners.
We all pay the taxes embedded within the prices we pay; but wage earners are the only individual persons upon which the FICA tax based upon payrolls is levied. Additionally individual's annual FICA taxes are capped; higher wage earners are taxed upon a lesser portion of their gross wages. FICA is in effect the most regressive of our federal taxes.

[FICA taxes are 15.3% of payrolls, equally paid by enterprises and their employees; 12.4% of payroll is earmarked for Social Security retirement, the remainder contributes to Medicare funding].

I'm a proponent of reducing the total FICA tax to effectively 6.2% and enacting a federal general sales tax of effectively 4.55%.

Due to sales transactions being a greater than payroll tax base, this would net increase tax revenues for funding Social Security and Medicare, and purchasing power of wages spent by employees and their dependents. The 4.55% reduction of taxes levied only upon wages and payrolls would enable USA products more (than would a similar effective reduction of corporate taxes) be price competitive to foreign products both within and beyond USA borders.

Social Security and Medicare are net reducers of poverty; they're net beneficial to our economy. All individuals rather than only employees should more fully contribute to funding those programs.

Respectfully, Supposn
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