- Posted June 2, 2012 by
Our tax structure gives tax loopholes to the wealthy so that many pay taxes at less than 20% of their total income, such as Warren Buffet who has stated that his tax rate relative to his total income in only 17%. People on Social Security who have income from a pension and their 401K savings have a marginal tax rate of 52%. For every dollar of income over $34,000 and additional $.85 of social security gets taxed. In the 28 % tax bracket that extra dollar of income results in 28% of $1.85 which equals $.518. All the while politicians whose campaigns they support and continue to get elected want to reduce the deficit by increasing the age to 70 before full social security benefits are paid , and by reducing medicare. WE NOW LIVE IN A PLUTOCRACY NOT A DEMOCRACY. This reminds me of the middle ages when serfs worked in the fields to provide food to the royalty while they enjoyed a life of leisure in their castles.