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garyc's comments:
on Closer to Cuts
An income tax at the 6.2% social security rate on income that wasn't subject to social security withholding could raise $2 billion. Even if this tax wasn't applied to investment income under $100,000, it would raise considerably more than the $500 million the extra 2% on incomes over $250,000 would raise.
It would also be harder for the wealthy to argue against this tax since it would only require the wealthy to pay the same tax rates as middle income Oregonians.
Gary
posted 3 years ago
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on Closer to Cuts
I'm proposing this surtax as a state of Oregon surtax. It would not go to the federal government for social security. It would be spent by the state on state of Oregon needs including educating, incarcerating, medical care for the poor, infrastucture, etc.
posted 3 years ago
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on Closer to Cuts
Charging a surtax on income over the social security cap could raise over $500 million per year. The social security tax is only collected on the first $106,800/year of earned income.
It would be hard to argue that taxing all earned income above the cap (and large investment income) at the 6.2% social security rate as overtaxing the rich since this would only result in upper income households paying the same tax rate as middle income Oregonians.
posted 3 years ago
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