Back in 1982, Republicans and the Reagan administration determined that they needed to raise taxes on average working people to pay for part of the massive tax break they were giving billionaires (they dropped the top income tax bracket from 74% to 28%). Reagan imposed income taxes on elderly people...

This is worth a read if you’re unfamiliar with how Trump’s “no taxes on tips” proposal has been used by organized crime, corporations and the wealthy in the past to skirt massive amounts of taxes.

  • orcrist@lemm.ee
    11·
    2 months ago

    It sounds like you’re arguing that the formula needs to be recalculated, which may or may not be true, but that’s not what I understood when I read the article.

    What I understood is there was an overall amount of money problem, and this latter problem can easily be solved by changing the payment threshold. But if I totally misinterpreted the article, then I appreciate your correction. :-)

    • just_another_person@lemmy.worldOP
      1·
      2 months ago

      …nope. Not misunderstanding the article at all. It’s written quite plainly and is easy to read:

      One possible concern with either plan is the impact on Social Security retirement income if workers who earn most or even much of their income from tips no longer pay payroll taxes. Those both fund Social Security and determine, over the top earning years of a person’s lifetime, how much they get every month after they turn 67 years old (Reagan raised the retirement age from 65 to 67), so cutting the tax could also cut retirement benefits.

      So either your not from the US and don’t understand what this means, or you’re just a less informed troll. Which is it?