I'll play.
by Barney68 (2024-02-17 09:28:27)

In reply to: PBR Poll on Possible Federal Revenue Enhancements....  posted by Raoul

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A general thought: getting this kind of money can only come from one place: the Middle Class and especially the Upper Middle Class. Working Class folks don't have enough money to really help, there aren't enough rich people to tax. Yes, we must go after the highest earners, but to really fix this, the 45% of the population that is doing well but not yet rich is going to have to lift more than their share of the burden.

Answers:

M. Increase the IRS budget for enforcement and hire a large compliment of auditors to collect the tax money that extremely high earners hide despite it being taxable. Enforce the tax code aggressively with a few poster children getting draconian sentences early.

C. The current funding is less than the current outflow. And raise the retirement ages as well, slowly, to better align the demographics of a healthier, longer lived population with the system.

I. Properly applied, this could address electric vehicles using highways without using gas or diesel.

K. Tax hidden income, e.g., carried interest and (maybe) unrealized capital gains above some specific amount. This is really separate from your D, although you mention it there. This is not the same as M.

F. I used to be against the "death tax," but I now see it as a proper way to address familial wealth, especially wealth that has avoided being taxed through various tax avoidance strategies.

A. While I want Bill Gates to be able to give his fortune away, some of that money should go to support the government of laws that allowed him to acquire it.

L. Close loopholes and tax avoidance opportunities for high earners. This can only be effective if done along with M. Could it be included in your E?



Another way to fund social security
by vermin05  (2024-02-17 10:52:19)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Cannot reply

Increase intake not by taxing more per individuals but by increasing the amount of workers paying into the system. How? Increase immigration, particularly highly skilled immigrants. Everyone wants to move here, allow more in.
Undocumented immigrants are already paying in…
by mkovac  (2024-02-17 12:16:24)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Cannot reply

with no hope or expectation of getting anything back.

They get FICA taxes withheld from their paychecks and employers match the employee’s “contribution “ and pays the 943 taxes immediately.

That’s what I did when I ran the finances on our family ag operation.

mk
Most undocumented workers
by vermin05  (2024-02-18 05:50:37)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Cannot reply

Are minimum wage. Legal immigrants would make more and thus pay more.
I agree with this, but not exactly.
by Barney68  (2024-02-17 11:21:08)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Cannot reply

Start with my basic position on immigration: we need more people, loosen the system up. A lot.

And emphasize young people who will pay into the system for a long time.

But the need to adjust retirement ages is real and getting worse. Immigration won't fix that.

And automation is also an issue. Tax the robots!
We should want more automation
by AquinasDomer  (2024-02-17 12:26:36)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Cannot reply

If productivity per worker increases there'll be more money to go around.
Agreed, but you will need to clarify for the NDN crowd.
by Tex Francisco  (2024-02-17 09:43:20)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Cannot reply

Statistically, upper middle class probably starts around $100k/year.

That's the general number I had in mind. It varies ...
by Barney68  (2024-02-17 10:45:35)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Cannot reply

with locale. NYC costs a lot more than KC.

And, yes, all this means I pay more. "Ask not what your country can do for you, ..." and all that.