I believe there should be no income limit for payroll deductions. S.S. and Medicare are the most regressive taxes we have. If someone earns $1-million per year, he should have 7.65% deducted from his entire $1-million. It would be much easier for someone earning $1-million to pay 7.65% of their total income than someone who earns $50,000.
I believe there should be no income limit for payroll deductions. S.S. and Medicare are the most regressive taxes we have. If someone earns $1-million per year, he should have 7.65% deducted from his entire $1-million. It would be much easier for someone earning $1-million to pay 7.65% of their total income than someone who earns $50,000.