Quote:
Originally Posted by Cork
One major issue I have is why rich people are not taxed on all of their income when it comes to social security. Why am I taxed on 100% of my income but not those who make over a set amount (I think it is around $125K or somewhere slightly above).
Why do the oil companies get major tax breaks at a time when they are pulling in record profits?
Why are most of the tax loop holes ones that favor the rich?
I would like a system that makes everyone pay their "fair share". if you make $500K, then pay $500K to social security. remove tax loopholes that allow the rich to write off things that the rest of us can't and make them pay what they really should in taxes.
All I want is for everyone to pay what they honestly should pay. No more, no less.
-Cork
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Just be careful when using the word "record profits" for oil companies. They are only making about 10% profit margins. This doesn't change with the pricing of oil goes up or down.
I'm not too up on all the rules and guidelines of social security (I like to see it privatize and allow people to keep all their money and invest/spend it as they choose, but that's another thread). Do you not collect that year's income in pre-SS earning years if you earn a certain income? Do they pay on what they earn under that set amount)? Don't you have income limits on what you can earn and what you can receive back per month once you can start to collect it?