Can you fill us in on the details of the payroll taxes associated with RR retirement?
As far as Steelworkers go, many are surprised to find out that there is a $68,400 dollar cap on contributions into SS. Those Steelworkers who know there is a $68,400 cap mostly think it should be raised, and, the wealthy should pay their share. Sure your are always going to a have a few radicals who would complain about raising the cap---like Liberace crying all the way to the bank---if you know what I mean.
Your email pal,
Tom L.
Steve Bruns wrote:
> Thank you for the response to my question. Perhaps I should have been more specific. I
> did indeed mean "taxable income" where I used "income". Also, reference directing
> economic activity, I meant the entire tax structure not simply the federal income tax
> code. Roger the "not very efficient and fraught with unforeseen consequences" though
> the manipulative aspects of taxing policy have probably moved to other venues.
>
> Confiscatory, regressive SS/RR Retirement payroll taxes certainly have an effect on the
> direction of the economic activity in my neighborhood.
>
> Steve Bruns
>
> "Henry C.K. Liu" wrote:
>
> > The reason for the complexity in determining the taxable income is in claiming the
> > deductions, not in determining gross income. The use of the income tax to direct
> > economic activities has been largely reduced by the limitation on deductabilities and
> > the drop in the maximum rate (from 90% to 33%). This is why many tax-driven
> > investments and philanthropies are out of business.
> > It is generally acknowledged that the use of the tax code to direct economic policy
> > is not very efficient and fraught with unforeseen consequences.
> >
> > Henry C.K. Liu
> >
> >