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

I'm already paying that idk about you

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]

I'M paying 15.4% now.

Democrats can't even do quiet. What a fail.

That's all I got from the story.

"The Sun don't shine forever."

Just to cover Medicare for all the taxes taken out of your paycheck would have to be quadrupled

Thank goodness they didn’t get the senate!!

They need to tax the sheet out of legal American small biz so they can have money to support the illegals.

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

It will crash economy and close the doors of almost all small businesses.

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

What a bunch of diaper/cry babies...orange man made us

look bad so American people will suffer....

If the democrats win the White House in 2020, there will be no stopping them, from increasing taxes.




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Last Edited by Terrebonne on 07/26/2019 08:54 PM

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

democrats are a national security issue.

They will single handily destroy the country.