If we do nothing, we are handing our children a ticking time bomb that will require they pay ever greater payroll taxes just as they are beginning their careers, starting their own families and staking their claim to the American Dream.
We were giving advice for the single-worst idea to come forward from a group that's been rife with them, it would be this: The idea is this: Let's make the tax code of America better for very rich people; let's give substantial tax relief to the richest people we can find. Forget about the person making $40,000 a year and paying Social Security payroll tax. Forget about all those other people paying income tax; we're here to give tax relief to the richest 2% of America.
I can make a firm pledge, under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.
Congress has changed the Social Security system over time, and over 20 times in the past Congress has raised taxes on Social Security in payroll taxes into the system.
I think that for the next short period of time, our No. 1 priority is Congress needs to do its work and extend the payroll tax cut.
We're paying maybe 25 percent of the income tax, but the payroll tax is over a third of the receipts of the federal government. And they don't take that from me on capital gains. They don't take that from me on dividends.
Did folks know that the tax to fund the program [Social Security] only hits salaries up to $110,000? That means that if you make a million bucks, about 90% of your salary is tax free when it comes to the payroll tax that funds Soc Sec. That ain't right.
The challenge for any government is how do you do two things at the same time. How do you put money forward for things like the payroll tax holiday, for things like getting a jump-start on infrastructure, for building schools, and make the decisions for long-term deficit reduction.
Ive never supported a payroll tax.
The extension and expansion of the payroll tax holidays for workers would be number one on my list and key to avoiding recession.
The marginal tax rate for high income earners is going up. Small businesses are no longer enjoying some of the exemption from payroll tax. Now there will be carbon taxes.
I love to tell how I'm suffering because one percent we're paying 25 percent of the total. We're not paying 25 percent of the total taxes on individuals. We're paying maybe 25 percent of the income tax, but the payroll tax is over a third of the receipts of the federal government. And they don't take that from me on capital gains. They don't take that from me on dividends. They take from the woman who comes in and takes the wastebaskets out.
I believe the United States should join the rest of the world through paid family and medical leave. It would cost us a $1. 61 a week in an increase in payroll tax. I think that`s a great investment.
The capital gains tax is 15 percent now. So I sit there in my office and I make a lot of money by capital gains, and I pay 15 percent, and I pay no payroll tax on it.
If you look at the Forbes 400, they are paying a lower rate, accounting payroll taxes, than their secretary or - whomever around their office.
Republicans want to punish work and reward wealth; hence the high payroll tax and the low dividend tax. Said one Bush economic adviser, if we can't help wealthy investors and screw working people, what's the point in being a Republican?
I've never supported a wage tax and I've never supported a payroll tax.
I have always maintained that if a program is to be successful, it must. . . be voluntary. . . based on need and must not be financed through a payroll tax.
The woman that comes in, takes the wastebasket away, she's paying 15. 3 or whatever it is on payroll tax alone. I mean it is - I never had it so good.
I am not a great fan of the payroll tax holiday because I'm nervous about what it does to the future of Social Security.
