Gloria Allred responds to Cain's denials

soundoff (One Response)

1. Aly
   

   What you're not understanding, Vertigo, is that if we animileted the Social Security tax cap, we would be able to actually lower the Social Security tax rate for 95% of the people paying in. I'm not talking piddly, here, either. The top 5% of Americans make 60% of the income. That means that 60% of American income is paying less than 0.5% when it comes to Social Security taxes. Let's say we double that amount, and the effective tax rate goes to 1% collectively for that richest 5%. We would have enough money from that increased taxation to cut the Social Security tax in half for the rest of the people who pay in! That means that if we would have a flat tax in Social Security, we would all be paying less than 2% of our wages instead of the poor people who can ill afford it paying 7.5% with the rich paying less than 1%.I abhor regressive taxation, whether we be talking about sales tax or Social Security tax. I also don't believe that there is a more important burden on society to fulfill than in taking care of our children and our elderly. For the life of me, I can't understand why the burden of taxation to care for the elderly falls on the lower class. If you think that regressive taxation to fund Social Security is the right thing to do, why not just tax everyone regressively and let the funds trickle down? And you were bashing ME for allegedly supporting supply side economics!ps: I never claimed to be a liberal, nor have I claimed to be a conservative. I'm a strict moderate. Liberals call me conservative and conservatives call me liberal. I guess it comes with the territory.

   March 23, 2012 at 9:52 pm |