Financial Transfer Tax Is A Win For Wall Street – Adopt The BEST Social Security Mod Plan

Financial Transfer Tax Is A Win For Wall Street – Adopt The BEST Social Security Mod Plan

Transfer tax: http://www.commondreams.org/view/2014/02/19-9

Adopting a Wall Street “transfer tax” would amount to a big win for Wall Street. Why? A better “fix” to the problem would be to adopt The BEST Social Security Modernization Plan. The BEST Plan opts to treat all income that is “earned” equally and to require these earnings such as short term capital gains and rental income to pay the compulsory Social Security payroll tax or self employment tax like other forms of earned income are required to pay. Once these “earnings” are subject to paying the Social Security tax, they will also be additionally taxed, for purposes of federal income taxes, at the same rate that currently defined wages and self employment earnings are taxed, not some currently artificial 10 or 15% total amount. 

Why should earning money as a result of “working” as a result of financial investment as opposed to physical labor or using one’s mental capabilities or using a combination of physical and mental abilities be taxed any differently?

These financial mode earnings are currently excluded from paying Social Security taxes and the wage rate federal income taxes as a result of a glitch in the Social Security Act which gives them preferential treatment. Repealing Section 211 (a) 1, 2, and 3 of the Social Security Act will remove the glitch.

This is not even a new tax. It would result in requiring all Americans to pay taxes at the same progressive rates.

Compared to implementing The BEST Social Security Modernization Plan, installing a new, artificial transaction tax on Wall Street transactions would prevent having Social Security and Federal Income Taxes that treat all Americans fairly and equally.

To learn more details about The BEST Social Security Modernization Plan read all the posts starting in late November 2013 here: www.bestsocialsecuritymodplan.blogspot.com

The 1 Percent “Work” Harder? – Support For The BEST Social Security Mod Plan!

The 1 Percent “Work” Harder? – Support For The BEST Social Security Mod Plan!

 As recently reported by the Huffington Post, http://www.huffingtonpost.com/2014/02/05/sam-zell-1-percent_n_4733196.html Sam Zell defended recent comments by Tom Perkins and was quoted as saying, "The 1 percent work harder. The 1 percent are much bigger factors in all forms of our society."

In addition to proposing a three tier Social Security payroll tax rate, one of the basic tenets of the BEST Social Security Modernization Plan is eliminating the loophole found in Section 211 (a) 1, 2, & 3 of the Social Security Act which excepts rental income, dividends and capital gains from paying the otherwise compulsory Social Security payroll and self employment taxes.

So what did Mr. Zell say? He said the 1 percent “work,” and they “work harder.”

Certainly one can also make the case that many if not most of the 99 percent work very, equally hard, but I certainly agree that the 1 percent “work.”

Some workers work using their physical skills. Others work using their mental abilities. Others work using a combination of physical and mental skills. However, the 1 percent’s preferred mode of work is using their wealth to work and this work should be subject to paying the 6.2%/12.4% Social Security payroll/self-employment taxes and that once, this form of “Zell defined work” is defined as work, as wages, as self-employment income, this income should be subject to paying federal income taxes at the same tax rates that every working man pays their income taxes.

Thank you, Mr. Zell for justifying and buying into the BEST Social Security Modernization Plan.

Now, if we can only get Congress and President Obama to see the light and support the BEST Mod Plan.

It’s a no brainer! Or is that is the etiology of the problematic resistance?