Word: wages
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Another rhetorical device that gets under my skin—“whopping.” I always know some outrage against the more affluent among us will follow. As in “the top 50% [of all wage earners] pay a whopping 96.09% of all income taxes.” (Later on we learn that this top 50% also happens to earn [a whopping?] 87.01% of all income, so we aren’t quite as ready to hit the barricades...
...don’t the above figures shock Currie for another reason, that is, that a whopping 50% of all American wage earners pay no income tax because they couldn’t possible pay it? That half of all American workers earn so little that the government has figured out it’s pointless trying to shake them down for their “fair share” of all the benefits the government supplies us with: the cost of negotiating and administrating NAFTA, of the CIA toppling foreign governments on behalf of their vital business interests...
...Carnegie, argue that the rich owe a debt to the society that enabled them to create their wealth. I argue the society always continues to benefit them—higher taxes should be seen more like the monthly phone bill than a debt payoff. If you are a low-wage earner with minimal possessions who rents, what do you lose with an invasion? But, if you own the worker’s apartment building, you lose proportionately more, and so on. Therefore, the richer you are, the more you have to lose, the more you always have invested in your...
...Fechtner concluded by saying that any wage reduction led to a bad economic situation, since with less money the people bought fewer commodities, thereby creating a "vicious circle...
Middle-income and lower-income taxpayers are hit hardest by Social Security's double tax for yet another reason. The amount of income subject to tax rises annually with inflation, making it the most regressive of all levies. This year workers pay the 6.2% tax on all wage income up to $87,000. Above that, wages are not subject to the tax. As a result, the true Social Security tax rate declines as income rises. A working family that earns $50,000 pays $3,100 in Social Security taxes--the full 6.2%. A corporate executive or Hollywood entertainer with wage...