Americans do not pay into Social Security beyond yearly earnings of $127,500
Gary tax Asia to pay for black Welfare Cohn and Steve put the goyim to work Mnuchin
The Hill, 27 April 2017:
“Trump officials stage full-court press for tax plan”
The Trump administration on Thursday began a full-court press aimed at generating momentum for President Trump’s tax reform plan.
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The Trump administration also made efforts to rally support from influential conservatives. Mnuchin and White House economic adviser Gary Cohn on Thursday met with groups such as Americans for Prosperity (AFP), a group backed by the Republican mega-donors Charles and David Koch.
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The White House’s plan came in the form of one-page overview, and set down some significant markers, including lowering the top individual rate from 39.6 percent to 35 percent and the corporate tax rate from 35 percent to 15 percent.
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Businesses have been excited about the prospects for tax reform since Trump was elected, and groups overall were pleased to see a plan that proposed lower rates for businesses and a move to a “territorial” system that doesn’t tax U.S. companies foreign earnings.
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We can be sure these tax proposals are going to run contrary to Jewish interests and their complicit, predatory right wing interests (of course not).
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In fact, Gary Cohn’s tax program is going to tax Asia in order to pay for American blacks ..and even to pay for all America’s SSD and SSI, which America’s wealthy should be paying their fair share for (either that, or have Americans come to terms with who they don’t want to live with and be bothered by).
Kumiko, “A view of Brexit from Asia: Britain as a Pacific trading power in the 21st century”, 6 Mar 2017:
I mean let’s be
real, the Americans just somehow non-ironically elected a guy who
came out with a speech 120 hours ago where he advocated what?
This
hilarious list:
a. 54 billion
more drunkenly spent on defence spending targeted at nothing,
b. 1 trillion
more for infrastructure spending for inner city no-go zones which
will have pitiable return on investment,
c. More o’
dem social programmes for the poor baby Trayvons in Detroit
who lost their jobs – despite them never having had a job – to
the allegedly ‘bad
bad’ people in Manila or ‘bad
bad’ people in Ho Chi Minh City who are apparently ‘ripping’
you, because why? Because of course. Apparently
according to
Hunter Wallace, African-Americans
are now more valuable to the Alt-Right than trade with Asian
states is, so what the hell.
d. Free
cash-money for Israel. Because Trump just loves Israel.
Because
his
family is married into it. All of them will continue to
studiously
ignore that tendency.
So there I was,
watching that mortifying
clown-car of
super-horrible policies unpacking itself into the international arena
and I was asking – while I was drinking white rum directly from the
bottle – a
single question. Only one question.
“But
Bernie—I mean, Trump, how
are you
planning to actually pay for any of this stuff, fam?”
The answer arrived
shortly thereafter! The ‘answer’ is apparently:
a.
Doubling-down on protectionist tariffs and incoherent ‘buy American’
sloganeering to socially reinforce it, a move which depends on the absurd
and not-ever-happening idea that Asian economies
will passively allow the United States to subject them to a
tariff regime designed by Gary Cohn since
certain commodities stocks have spiked up since 09 November
2016, and maybe if
the
markets reorder themselves around that, those positions can continue
to grow. People can make instruments which tap into that
expansion, and then people and the state itself can borrow
against those
instruments using some very fancy mathematical formulas to predict
their performance. Detroit and other Rust Belt disaster zones will
somehow
magically be rebuilt, and the African-Americans will somehow crank
out billions of widgets while somehow not being at all
socially-dysfunctional, so that all of the big spending will totally
somehow pay for itself. The formulas may or may not have
documentation associated with them. The formulas may or may not even
be based in any kind of rational thought. Your children can then
repay the money to Goldman Sachs about 35 years from now. And all of
that is to be done so that the allegedly
heroic America can finally defeat the allegedly
undead East Asia.
Wow,
right? Really very much wow. I mean the whole Trump-style
plan has literally
never
failed before except for like every single time ever.
I guess you could
say that I disagree with the Israel-backed Trumpist
manchild plan, because my geopolitical stances are all anti-Semitic in
one way or another. You could say that I disagree with the
Israel-backed Trumpist
manchild plan because I am of course an Asian woman, which is another
factor that makes me very scary and perhaps ‘evil’.
Financial Samurai, “Maximum Taxable Income Amount For Social Security (FICA)”
Uncle Sam The Tax ManFICA stands for Federal Insurance Contributions Act and consists of a Social Security tax and a Medicare tax. This tax is very important for everyone to understand because so often we only think about federal tax rates and state income tax rates. The FICA tax is a big percentage of your total tax bill, especially for those making under six figures a year.
When I was making big bucks in finance, the tax bill was equally big bucks. The only saving grace was seeing my after tax paycheck increase after the maximum taxable income threshold for Social Security was breached each year. The tax amounts were jolting based on how inefficient the government was and still is with regards to spending our money.
For 2017, the maximum amount of taxable earnings for Social Security and Medicare is $127,500. In other words, an employee must pay 6.2% of any income up to $127,500 for 2017 = $7,905. But any dollar you make above $127,500 is free of the Social Security tax. Hence, a good goal for everyone is to make as much as they can over $127,500 as possible, right?
Not so fast. Given we have a progressive tax system in America with Alternative Minimum Tax (AMT) and deduction phaseouts, I’ve calculated that the optimal Adjusted Gross Income is roughly $250,000, +/- $50,000. At $250,000, $131,500 of the earnings is free from the 6.2% Social Security tax. Meanwhile, you still get most of your mortgage interest deduction, and only have to pay a slight amount of AMT, depending on the person. A $250,000 income is also high enough to live relatively comfortably in any part of the world.
Some might argue that the Social Security tax is regressive because it caps out at $127,500 in 2016. Why shouldn’t rich people pay more? Here’s the thing people might not understand. Social Security benefits cap out based on the maximum amount of Social Security tax contribution as well. It’s not like someone who is making $500,000, and not having to pay the 6.2% Social Security tax on $381,500 of his earnings is getting extra benefits based off his $500,000 income. He’s just getting the maximum Social Security payout amount when it comes time for him to collect based on the maximum taxable income amount he contributes.
The $500,000 income earner is already paying the highest marginal federal tax rate of 39.6% plus state taxes, if applicable.
Posted by Trump plan: below 75k more tax, above, less on Wed, 29 Nov 2017 16:11 | #