In a nation that prides itself on fair play and equal opportunity, it seems incongruous that people with wealth-based income — interest, dividends, capital gains, rent — are excused from paying Social Security (traditionally 12.4 percent) and Medicare taxes (2.9 percent) on that income. Equally odd, they do not pay Social Security tax on wages above $110,100. Shouldn’t these taxes be paid on all income? Taxing the “earned” and not the “unearned” seems rather un-American, doesn’t it?Now wait for the sharp reaction from the paid shills who are the most ardent posters on this blog.
Jun 6, 2012
The Wealthy Get A Free Ride
From a letter to the editor published in Sunday's New York Times: