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Thread: Democrats are pushing the biggest tax increase

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    Democrats are pushing the biggest tax increase

    Democrats are pushing the biggest tax increase you've never heard of

    This directly hits working americans!!!!! so we need to raise taxs to pay for the democrats illegal immigration costs
    Rep. John Larson, D-Conn., along with more than 200 Democratic cosponsors, recently introduced the Social Security 2100 Act. The legislation would raise the effective payroll tax rate by 2.4 percentage points, split between employer and employee, to 14.8 percent. And this tax increase would apply to all earned income.

    At a Capitol Hill hearing this week, I testified about how this tax increase would hurt workers, entrepreneurship, and small businesses like mine.



    Larson’s plan would increase small businesses’ annual
    payroll tax burden per employee earning $50,000 per year by $600, to $3,700. While the plan calls for a donut hole exemption between the current payroll tax cap of $132,900 and $400,000 of earnings, this ceiling is not indexed to inflation, meaning that within a couple of decades all employees, no matter their income, would be subject to it. Eventually, for an employee earning $200,000 a year, a business like mine would have to pay $2,400 more in payroll tax than we do today.


    Consider the impact on a business employing 50 people at an average annual salary of $50,000. This tax increase would raise the business portion of payroll tax costs by $30,000, to $185,000. That increase amounts to the cost of hiring one new entry-level employee or giving significant wage increases to existing employees.


    Businesses would fund such a tax increases by holding off on hiring or reducing employee wages. It would undo the benefits of the tax cuts that took effect last year and are allowing small businesses like mine to hire, raise wages, and expand.


    This payroll tax increase would also directly tax wage increases. This is a peculiar public policy strategy, given the bipartisan push to increase the wages of ordinary Americans. Every time I consider raising an employee’s wages, I would have to factor in the increased costs of this associated payroll tax hike to see if the potential pay raise still makes financial sense.


    For some small business owners who operate on tiny profit margins, this tax increase will put them out of business. Consider the restaurant industry, where profit margins pivot around 3 percent. Labor makes up about one-third of their total expenses. To raise restaurants' labor costs by 1.2 percentage points is enough to put some of them out of business altogether.

    This proposed tax increase would hurt my employees as much as it would hurt me and other small business owners. For many employees, the payroll tax is the biggest tax burden they face. Raising the payroll tax burden to 7.4 percent will push some workers into poverty. It will prevent other workers from having the funds to make their car or housing payments. It will prevent others from having the funds to take a vacation.


    Particularly negatively affected by this tax increase would be sole proprietors, including Uber and Lyft drivers, realtors, and insurance agents — people who, working independently, make up the vast majority of small businesses in this country. Sole proprietors must pay both the employer and employee sides of the payroll tax. This means that a sole-proprietor earning $100,000 would have to pay nearly $15,000 in payroll tax in addition to their federal and state liabilities under this tax proposal, an increase of $2,400 from the current tax regime.



    https://www.washingtonexaminer.com/o...never-heard-of
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    No such thing as too high of taxes for some I guess.

    If this crap passes I will have to opt out of social security.

    Sent from my evil cell phone.
    "For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places."

    Ephesians 6:12

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    The Socialist Security Ponzi Scheme is going belly-up. And nobody wants to make real fixes.

    The best thing to do, of course, since the program is CPMPLETELY unconstitutional, is to end it by phasing it out over decades. Too many people have been robbed of too much money, unconstitutionally, to just stop it cold turkey. But phasing it out, continuing payments to present retirees and people close to retirement who couldn't effectively change their financial planning, but allowing younger people to do the adult thing and keep their own money to plan for their own retirements. And they will, of course, have to be taxed until we're clear of this socialist boondoggle.

    Intermediate fixes. Cut outlays. Drug addicts are not disabled, they are morons. End all SSPS disability payments to addicts.

    Illegal aliens are criminals, and if they worked under a SSPS number, they are guilty of identity theft. End all SSPS payments to illegal aliens immediately.

    Someone has to say the bad news...when the SSPS was established, the average mortality age was less that the SSPS retirement age. Time to raise the SSPS retirement age to reflect the vast improvements in geriatric medicine. Work longer, $#@!es, and try to realize that if the SSPS hadn't been stealing your money your whole life, maybe you could have saved and invested enough to retire early.

    The Socialist Security Ponzi Scheme has always been a grand way for the liars to buy votes.

    That has always been the principle purpose if the SSPS.

    End it. We can't mend it.

    Do it for the children.
    Last edited by Sergeant Gleed; 03-15-2019 at 01:08 PM.
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    We the People DID NOT vote in a majority Rodent Congress, they stole it via election fraud.

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    It will never pass. Hopefully voters remember this scheme in 2020.
    Molon labe
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    (If a post link does not work, see the archives- it should work there.)

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    Quote Originally Posted by Cthulhu View Post
    No such thing as too high of taxes for some I guess.

    If this crap passes I will have to opt out of social security.

    Sent from my evil cell phone.
    You cant opt out, especially if they get their medicare for all
    Politics is the art of looking for trouble, finding it everywhere, diagnosing it incorrectly and applying the wrong remedies.

    GROUCHO MARX,

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    Every met a Democrat politician that was poor?

    Think about that people. Ever wonder why nothing ever changes even when Democrats are in charge. In fact, ever wonder why you get poorer when democrats are in charge. Think about it.


    Quote Originally Posted by Common View Post
    Democrats are pushing the biggest tax increase you've never heard of

    This directly hits working americans!!!!! so we need to raise taxs to pay for the democrats illegal immigration costs
    Rep. John Larson, D-Conn., along with more than 200 Democratic cosponsors, recently introduced the Social Security 2100 Act. The legislation would raise the effective payroll tax rate by 2.4 percentage points, split between employer and employee, to 14.8 percent. And this tax increase would apply to all earned income.

    At a Capitol Hill hearing this week, I testified about how this tax increase would hurt workers, entrepreneurship, and small businesses like mine.



    Larson’s plan would increase small businesses’ annual
    payroll tax burden per employee earning $50,000 per year by $600, to $3,700. While the plan calls for a donut hole exemption between the current payroll tax cap of $132,900 and $400,000 of earnings, this ceiling is not indexed to inflation, meaning that within a couple of decades all employees, no matter their income, would be subject to it. Eventually, for an employee earning $200,000 a year, a business like mine would have to pay $2,400 more in payroll tax than we do today.


    Consider the impact on a business employing 50 people at an average annual salary of $50,000. This tax increase would raise the business portion of payroll tax costs by $30,000, to $185,000. That increase amounts to the cost of hiring one new entry-level employee or giving significant wage increases to existing employees.


    Businesses would fund such a tax increases by holding off on hiring or reducing employee wages. It would undo the benefits of the tax cuts that took effect last year and are allowing small businesses like mine to hire, raise wages, and expand.


    This payroll tax increase would also directly tax wage increases. This is a peculiar public policy strategy, given the bipartisan push to increase the wages of ordinary Americans. Every time I consider raising an employee’s wages, I would have to factor in the increased costs of this associated payroll tax hike to see if the potential pay raise still makes financial sense.


    For some small business owners who operate on tiny profit margins, this tax increase will put them out of business. Consider the restaurant industry, where profit margins pivot around 3 percent. Labor makes up about one-third of their total expenses. To raise restaurants' labor costs by 1.2 percentage points is enough to put some of them out of business altogether.

    This proposed tax increase would hurt my employees as much as it would hurt me and other small business owners. For many employees, the payroll tax is the biggest tax burden they face. Raising the payroll tax burden to 7.4 percent will push some workers into poverty. It will prevent other workers from having the funds to make their car or housing payments. It will prevent others from having the funds to take a vacation.


    Particularly negatively affected by this tax increase would be sole proprietors, including Uber and Lyft drivers, realtors, and insurance agents — people who, working independently, make up the vast majority of small businesses in this country. Sole proprietors must pay both the employer and employee sides of the payroll tax. This means that a sole-proprietor earning $100,000 would have to pay nearly $15,000 in payroll tax in addition to their federal and state liabilities under this tax proposal, an increase of $2,400 from the current tax regime.



    https://www.washingtonexaminer.com/o...never-heard-of

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    Quote Originally Posted by Common View Post
    You cant opt out, especially if they get their medicare for all
    You actually can, but not having a social security number makes life a never ending headache in a number of ways.

    Sent from my evil cell phone.
    "For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places."

    Ephesians 6:12

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