This cost however is a one-time cost, and could be paid off in the first few decades of the system. The funds could pay interest because they would be very similar to government bonds. This form of collecting gross pay from workers could collect interest to be shared by the government and the workers to help cover the cost of privatizing Social Security. This cumulative interest gained by the government could be put towards paying off the initial debt of Social Security privatizing costs and eventually start to chip away and the national debt. This interest paying account would most likely provide a better interest rate than most standard bank savings accounts making Social Security an investment tool and asset to the American work
Ashley Trosin American Government 4/21/12 Social Security Reform By the mid-2020s, in addition to the 12.4% Social Security payroll tax, taxpaying workers would need to finance another $200 billion a year (in 2010) in Trust Fund bond redemptions just to keep full benefits flowing. (FDCH Congressional Testimonial) Many people are worried that by the time they need to retire, the social security system will be depleted. Such a beneficial system cannot be allowed to fail. All wages should be taxed for social security so that the shortfall in social security will be covered, the percentage of wages taken from wealthy and poor workers would be fair, and people will be able to continue using social security. The amount of beneficiaries needing support from social security is only rising.
13 in 1978. This was an initiative that reduced property tax by 57%. However, the public doesn’t always agree to raise taxes. For instance, in 2009, the public said no to five proposals that would cap spending and temporarily increase sales tax by .25 percent, income tax by 1 percent and motor vehicle fees by .50
The money raised from these taxes primarily goes to the Social Security program for those who have reached retirement age or are otherwise currently eligible. TANF provides temporary welfare for those in need for a maximum of 60 months while aiming to get people off the assistance, primarily through employment. Each of these programs does well at providing for those in need, that’s not the problem. The problem is how the programs are funded. According to nationalpriorities.org, the federal government raises trillions of dollars in tax revenue each year so the government is able to support specific government welfare programs.
Payroll tax imposed on employees and employers enacted by the Federal Insurance Contributions Act and Self Employment Contributions Act of 1954 which set a maximum amount of compensation of which Medicare tax could be imposed each year. Beginning in 1994, maximum limit was removed and a self-employed citizen has to pay the entire 2.9% tax on self-employed net earnings. The Patient Protection and Affordable Care Act of 2010, commonly known as Obama Care, is set up to decrease the number of uninsured United States citizens and reduce the cost of health care. Many believe that with the PPAC, it will reduce premiums, prevent bankruptcy, illness, reduce out of pocket expenses, help pay for early retirees and reduce hidden tax on insured United States citizens. It is estimated that the PPAC will reduce the deficit by $100 billion and trillion dollars in the next decade.
President Barack Obama Tax Cut Proposal President Obama proposed a new minimum tax rate for individuals making more than $1 million a year to ensure that they pay at least the same percentage of their earnings as middle income taxpayers. He called his proposal the “Buffett Rule,” in reference to Warren E. Buffett, the billionaire investor who has complained repeatedly that the richest American generally pay a smaller share of their income in federal taxes than middle-income workers, because investment gains are taxed at a lower rate than wages. President Obama’s proposal is causing the opposition from Republicans, who have opposed raising taxes on the affluent Americans because they said, it would discourage investment. According to IRS reports, there were about 237,000 millionaires, or about 0.1 percent of all filers, that filed income tax returns in 2009. There were about 8,000 filers who reported gross incomes of more than $10 million.
Should welfare recipients be drug tested? We have many different opinions about this subject. The problem is that so many people are receiving money from the government and using it for things that they are not supposed to. Things like illegal drugs and so on and so forth. Should we be working so hard to earn money to take care of our families and have to give a part of that hard earned money to people whom are doing this?
Approximately twenty-five percent of Americans pay no or less of a fair share of taxes today. The present system of a progressive tax is based on the more you make the more you should pay. The tax system should use a flat tax graduated based on income. All Americans should pay income tax. The present system allows for the rich and the wealthy to avoid their fair share of taxes.
“Small businesses with under the equivalent of 50 full-time equivalent employees and who make less than $250,000 will reap the benefits of ObamaCare getting better access to more affordable quality insurance. Those with over 50 full-time equivalent employees or those who make over $250,000 may face the "employer mandate" come 2015 and a Medicare Part A increase. Small businesses under 25 full-time employees who choose to insure employees can receive tax breaks of up to 35% for 2013 and 50% for 2014 through the SHOP. (note: the online portion of the SHOP won't open until November 2014, but small businesses can still use an agent to help them claim tax credits)” (ObamaCare Small Business
Many states grant a similar credit for taxes paid to other states. These credits are generally limited to the amount of tax on income from foreign (or other state) sources. Filing status Main article: Filing Status (federal income tax) Federal and state income tax is calculated, and returns filed, for each taxpayer. Two married individuals may calculate tax and file returns jointly or separately. In addition, unmarried individuals supporting children or certain other relatives may file a return as a head of household.