If we really want to solve some our country's more pressing fiscal problems, might I suggest we raise (or eliminate) the cap on FICA taxes? The payroll tax is currently capped at $97,500 in annual income, an absurdly low level in this gilded age of wealth and income disparity.
The FICA tax is the most regressive tax on the books, with those earning less than $97,500 paying on 100% of their earned income (less standard deductions), while those earning more pay progressively less as an overall percentage of income.
For example, an individual earning $25,000 pays FICA taxes on 100% of their total income, ($1913 based on the 7.65% tax rate), while someone making $195,000 pays on only 50% of total income ($7459, an effective rate of 3.83%). Taking it one step further, an individual making $292,500 (three times the cap) still pays only $7459 (an effective rate of 2.5%), rather than the $22,376 that a 7.65% tax would yield.
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