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
No comments:
Post a Comment