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Job Creators Network Member Warns: Democrats Are Quietly Trying to Pass a Massive Payroll Tax Increase

 
Anonymous Coward
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07/26/2019 02:01 PM
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Job Creators Network Member Warns: Democrats Are Quietly Trying to Pass a Massive Payroll Tax Increase
Job Creators Network member Kelly Brozyna, who’s spent 25 years advocating on behalf of small business owners and their employees, testified at a hearing of the House Ways and Means Committee Thursday and warned that the Democrats’ Social Security 2100 Act would dramatically increase the payroll tax and devastate job creation.

“This proposal would raise the payroll tax over several years by 2.4 percentage points to 14.8 percent of earned income,” Ms. Brozyna testified. “On the surface, this seems like a small tax increase, but it would take a painful bite out of the incomes of entrepreneurs, workers, and small business owners…Small businesses are the backbone of the economy and our society. We need to support creative entrepreneurs and help them make their dreams come true, not burden them with tax increases that will only stunt entrepreneurial growth and creativity and reduce our living standards.”

[link to www.breitbart.com (secure)]
Anonymous Coward
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07/26/2019 02:12 PM
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Re: Job Creators Network Member Warns: Democrats Are Quietly Trying to Pass a Massive Payroll Tax Increase
I'm already paying that idk about you
Anonymous Coward (OP)
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07/26/2019 02:14 PM
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Re: Job Creators Network Member Warns: Democrats Are Quietly Trying to Pass a Massive Payroll Tax Increase
Bill sponsor and Social Security Chairman John Larson (D-CT) suggests, “For the average worker this would mean paying an additional 50 cents per week.” But that’s just the first year. For a worker making about $15 an hour or $30,000 annually, by 2029 her combined Social Security taxes would rise from $3,720 to $4,020. By 2043 her annual Social Security taxes would rise further to $4,440, or $720 more than today. Over the entire 25-year period, she would lose nearly $10,000 in added “contributions” and lower wages.

The payroll tax hikes wouldn’t end there. Some estimates peg Democrats’ proposed new paid leave program as costing the same $30,000 per year worker an extra $870 per year due to a new 2.9% payroll tax for that. And Medicare is in even worse financial shape than Social Security, so shoring up that system — much less paying for “Medicare for All” and its own possible new 7.5% payroll tax — will almost certainly require additional taxes on workers.

Are Americans ready for this brave new world of sky-high payroll taxes? The potential total (14.8% eventually for Social Security, 2.9% for paid leave, and 7.5% for Medicare for All) would sum to an unprecedented 25% federal payroll tax rate on all workers, starting with the first dollar they earn. That’s up from about 15% today, without even counting payroll taxes that fund unemployment benefits. (And that’s also without adding higher gas taxes and new carbon and value added taxes, which some have also proposed and would also disproportionately affect low- and middle-income workers.)

[link to www.aei.org]
Copperhead

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07/26/2019 02:14 PM

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Re: Job Creators Network Member Warns: Democrats Are Quietly Trying to Pass a Massive Payroll Tax Increase
I'M paying 15.4% now.
deplorable scottfree

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07/26/2019 02:46 PM

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Re: Job Creators Network Member Warns: Democrats Are Quietly Trying to Pass a Massive Payroll Tax Increase
Democrats can't even do quiet. What a fail.

That's all I got from the story.
The Clintons did it!

"And if ye be Christ's, then are ye Abraham's seed, and heirs according to the promise." Galatians chap 3, verse 29

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Anonymous Coward
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07/26/2019 04:11 PM
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Re: Job Creators Network Member Warns: Democrats Are Quietly Trying to Pass a Massive Payroll Tax Increase
"The Sun don't shine forever."
Jake

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07/26/2019 04:21 PM

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Re: Job Creators Network Member Warns: Democrats Are Quietly Trying to Pass a Massive Payroll Tax Increase
Just to cover Medicare for all the taxes taken out of your paycheck would have to be quadrupled
chuckles45

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07/26/2019 04:23 PM

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Re: Job Creators Network Member Warns: Democrats Are Quietly Trying to Pass a Massive Payroll Tax Increase
Thank goodness they didn’t get the senate!!
Idealism is a wonderful thing, as long as you have someone rational to put it to good use.
Anonymous Coward
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07/26/2019 04:37 PM
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Re: Job Creators Network Member Warns: Democrats Are Quietly Trying to Pass a Massive Payroll Tax Increase
They need to tax the sheet out of legal American small biz so they can have money to support the illegals.
Anonymous Coward
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07/26/2019 04:49 PM
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Re: Job Creators Network Member Warns: Democrats Are Quietly Trying to Pass a Massive Payroll Tax Increase
I take most of my earnings as dividends using a S-corp as a pass through entity so only 22% of my salary has any social security/medicare taken out. As long as they don't mess with that loop hole I don't really care.. If they get rid of that it would be devastating
Anonymous Coward
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07/26/2019 06:58 PM
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Re: Job Creators Network Member Warns: Democrats Are Quietly Trying to Pass a Massive Payroll Tax Increase
It will crash economy and close the doors of almost all small businesses.
Anonymous Coward
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07/26/2019 07:11 PM
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Re: Job Creators Network Member Warns: Democrats Are Quietly Trying to Pass a Massive Payroll Tax Increase
payroll taxes were causing my biz to struggle, so I had to make everyone 1099 .... this was in earlier 2000’s .... higher payroll taxes will devastate more businesses...so they want to raise minimum wage by penalizing even further the business owners?

what do they not understand? this is like uniparty tactics .... working both sides to destroy the people and make this nation a 3rd shithole
1guynAz

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07/26/2019 07:23 PM

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Re: Job Creators Network Member Warns: Democrats Are Quietly Trying to Pass a Massive Payroll Tax Increase
What a bunch of diaper/cry babies...orange man made us

look bad so American people will suffer....
Everyone wants war but the people that fight them.
Terrebonne

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07/26/2019 08:52 PM

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Re: Job Creators Network Member Warns: Democrats Are Quietly Trying to Pass a Massive Payroll Tax Increase
If the democrats win the White House in 2020, there will be no stopping them, from increasing taxes.

burnit


.

Last Edited by Terrebonne on 07/26/2019 08:54 PM
INFJ; We are the protectors; One Percent of the population.

We put a lot of energy into identifying the best system for getting things done, and constantly define and re-define the priorities.

We know things intuitively, without being able to pinpoint why, and without detailed knowledge of the subject at hand. We are usually right, and we usually know it.

[link to www.personalitypage.com]

.
Anonymous Coward
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07/26/2019 09:12 PM
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Re: Job Creators Network Member Warns: Democrats Are Quietly Trying to Pass a Massive Payroll Tax Increase
What the fuck part of America doesnt want socialism and to give free money to illegals or reparations dont they understand?

These fuckers ARE the threat to America
Shazzaam

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07/26/2019 09:12 PM

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Re: Job Creators Network Member Warns: Democrats Are Quietly Trying to Pass a Massive Payroll Tax Increase
If the democrats win the White House in 2020, there will be no stopping them, from increasing taxes.

burnit


.
 Quoting: Terrebonne


democrats are a national security issue.

They will single handily destroy the country.





GLP