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View Diary: Chicago teachers make 100k a year. (104 comments)

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  •  And correct me if I'm wrong, (2+ / 0-)
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    catleigh, ebohlman

    but during the debate, were they not talking about Social Security tax withholdings when the $100,000/yr figure was bandied about?

    And that is significant here, as FICA tax rate is not based on household income but on one individual worker's income.

    •  The cap on FICA taxes should be removed (1+ / 0-)
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      completely, IMO.  And we should add a FICA tax on investment income when an individual's investment income for the year reaches the median U.S. yearly salary.  Then let's see what Social Security's financial outlook is.

      "Going to church does not make us Christians any more than stepping into our garage makes us a car." --Rev R. Neville

      by catleigh on Sun Apr 20, 2008 at 08:43:15 AM PDT

      [ Parent ]

      •  It should either be removed completely, (1+ / 0-)
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        or at the very least set to go up automatically to adjust for inflationary effect.

        •  It is set up to rise (1+ / 0-)
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          evry year to account for inflation already.

          •  Unfortunately that increase (0+ / 0-)

            doesn't reflect the reality on the ground. People continue to get crap for pay increases while inflation (and the FICA tax cap) soar -- thus, more and more people who are mid-income are paying more of the FICA ocsts and the ultra-high income earners are seeing less of their income taxed for FICA.

            I've thought it should be the other way around: most of the FICA should be paid by higher-income earners while those in the middle class pay less as a percent.

            Chaos. It's not just a theory.

            by PBnJ on Sun Apr 20, 2008 at 09:32:16 AM PDT

            [ Parent ]

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