My crazy tax idea idea -- which could work

[LuckyTheDog]

Instead of a gas tax "holiday" for a few months, why not a payroll tax holiday for a year?

I think we should do that and follow it with a change in the tax. We should stop collecting at $90,000 as we do now. But after $175,000 or $200,000, we should collect it on all income up to, say $5 million or $7 million -- but at a lower rate.

Somebody would have to crunch the numbers to fugure out the particulars. But I bet that could work. In the meantime, everyone would have a year to re-direct those taxes toward and IRA and/or paying down debt.

[MercutioATC]

1. Why not completely remove the cap but exempt the first $35k?

...or whatever number would leave SS solvent...

[Poll_Blind]

3. Exempting the first 35K would be such a BIG help to single parents. n/t

PB

[LuckyTheDog]

4. That could work, too (nt)

[ProdigalJunkMail]

2. why not remove withholding altogether

and let people just stroke a check at the end of the year for their whole tax bill? that would start a tax revolt tomorrow!

sorry...not a tax revolt kind of thread...

sP