Mrs.Pelosi, Mme. Speaker, Collect The FICA Tax, End Energy Fraud
Read more articles on Finance and Politics.December 14, 2007
Posted by neillevine
December 14, 2007
Posted by neillevine
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I just checked the Internal Revenue Service, United States Department of the Treasury, government web site for 2007 Federal Tax Rate Schedules.
The FICA tax schedule starts at ten percent on any income above zero ($0, yes ten percent of nothing). When it gets to $782.50 in payments the tax increases to 15% on all income above $7,825.00 up to $31,850. Once a total of $4,386.25 in tax paid is reached, the levy rises to twenty-five percent of the amount over $31,850. And so on. It goes up to 35% with no limit on income.
There is a slightly lower rate for married people. Still the tax starts at ten percent. On everything.
This is the Social Security tax. This is the federal account that may be running out of money. So nonpayment is serious. This is a tax everyone is supposed to pay.
You would think, hey, Social Security. That’s for old and sick people. Of course, you need a Social Security Number to file your tax forms and pay the government what you owe to the correct account. People taking cash, naturally, avoid this little problem altogether.
With an estimated ten to fourteen million illegal aliens, say filing joint returns reducing the number of filings by half to five million earning say four hundred dollars per week that comes to twenty thousand dollars and ten percent amounts to two thousand dollars per couple. Times five million, that equals ten billions dollars, not bad.
A nice way to reduce the deficit. But there has been no mention of this. Not a word. Yet it is money owed the government.
Instead the Democrats are dreaming up all kinds of schemes and coming up with multiple ways to keep the price of energy high by mandating inferior, more excessive technologies.
You see if an energy source were worthwhile people would buy it to save money. But mandating means they have to buy whether it is too expensive or not. This will jack up energy costs over the years.
While the current bill is talking about increasing automobile gas milage and using more alcohol it is hard to win an argument about something that will save drivers a few dollars and help boost agriculture and make it easier to eventually fight forest fires by cleaning up burnable underbrush and reducing fuel for a wildfire.
Yet there is the source of the hydrogen the President famously talked about. Where is the gas?
It will probably take a court ruling obtained by a good lawyer to straighten this one out.
And eight tenths of a percent inflation per month comes to nine point six per annum. No wonder economics is called the dismal science.
Mrs. Pelosi, Madame Speaker, let’s collect the FICA tax and reduce the energy fraud.
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