Word: waging
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Dates: during 2000-2009
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...family has $60,000 in wage income. Of that, $3,720 is deducted from its paychecks for Social Security taxes, and an additional $870 is taken out for the Medicare tax. That's $4,590 that the family never sees. Nevertheless that money is taxed as personal income, as if the family received it. What it amounts to is a tax upon...
...contrast, TIME estimates that 100 million wage earners would profit from elimination of the double tax on Social Security and Medicare. And some 90% of those people take home less than $100,000 a year. People like Michael Kasprzak and Betty Williams of Seattle...
...past 25 years, Social Security and Medicare taxes paid by a median-income family have spiraled 333%, from $937 to $4,055. That pace was 1 1/2 times as fast as the growth in median family income and three times as fast as the increase in the minimum wage...
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...
...lobbying against a proposal from the International Accounting Standards Board that would count stock options as expenses. As corporate scandals mounted last year, the idea got high-profile support from investors like Warren Buffett. But Berkeley's attack - he also slams accountants, "the shareholder's rights crowd" and media "wage slaves" for supporting the change - is part of a renewed push to keep the U.S. from adopting the IASB's stricter standards. "I'm very bemused by a guy who's running a stock exchange lashing out like this at his own customers," says IASB director of technical activities Kevin...