Breitbart- The proposals by Democratic presidential hopefuls to tax the wealth of billionaires have received a lot of attention.
But it is their plans to hike payroll taxes that would have the biggest impact on voters.
Elizabeth Warren and other leading Democrats have said that they would impose a stiff payroll tax hike on higher-income families. In Warren’s proposal, she would impose a 14.8 percent payroll tax on workers with incomes above $250,000.
Currently, Social Security payroll taxes amount to 12.4 percent for incomes up to $132,900. Incomes above that level are not taxed and do not contribute to a worker’s future Social Security benefits.
Warren’s plan would have the tax kick back in on incomes above $250,000. And the rate would rise to 14.8 percent. Like the current tax, this would be split between the employee and the employer.
If the wealth tax is a “billionaires tax,” this would be a “hundred-thousandaires tax.” It would hit the pocketbooks of around 5 million households. more