Passing unnoticed at midnight, December 31, was another tax hike on the middle class. Given the silence from the Administration and Democrat-controlled congress, it is safe to say this is a bipartisan screwing.
From the Wall Street Journal:
The maximum amount of earnings subject the the Social Security tax rose to $102,000 from $97,500 last year. Of the estimated 164 million workers who will pay Social Security taxes in 2008, nearly 12 million will pay more because of this increase, the Social Security Administration says.
Bear in mind that this tax hike affects workers only – the employed and self-employed. Those who depend on interest, capital gains, dividends, rents and royalties are unaffected. Hence, the silence.
To be fair, the level of understanding in the media of our tax code, outside business publications like the Journal, is low. They don’t see it becuase they don’t get it.
Piece of Mindful 
Maybe it’s time to get rid of the Social Security tax all together…
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Lets say your an average middle class worker approaching retirement, and even though you have a pension, you harbored a mistrust of the government, banks, brokers, etc. So throughout your adult lifetime you purchased gold and silver coins. Do you think that the government has the right to take SS taxes from the appreciated value of said possessions?
I’m sure your seeing through my line of questioning. I’m wondering just how much confisation of personal wealth you’d support. I’ve been open with my philosophies of liminted government and lower taxes, I think its time you did the same.
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Your reference to taxation as “confiscation of personal wealth” is revealing. It shows a typical me-only-me-me-me bias that permeates conservative thought. I think that the Social Security tax should not be applied to wages only – it amounts to a double tax on workers. It punishes individual incentive. I think our collective retirement security ought to be a burden shared by all of us through the general system of income, estate, and corporate tax systems. When the burden is shared, the effect on workers will be much less punitive.
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I’d prefer the “me-only-me-me-me bias” to the “you-only-you-you-you bias.” You’re philosophy is also selfish Mark, but the difference is while you are not interested in paying more yourself you’re also very willing to throw someone else under the bus.
Liberals are always happy to spend someone else’s money to assuage their own perceived obligations.
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That’s nonsense. The reason I highlight this tax is that it is one of two substantial taxes that workers have to pay, whereas people who live off capital gains and dividends pay one small tax. It’s a reflection of who has power in Washington, who doesn’t. Right now, working people are toast.
Do you think we are exempt from taxes? We pay them, just like you. We simply come from a more nurturing background, and have a higher sense of community.
No matter your philosophy, selfishness is no virtue.
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