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Are there alternatives to a government shutdown and the tidal wave of “budget cuts” proposed by Republican Rep. Paul Ryan and by President Obama’s Budget Committee of last year?
Yes! Here are some revenue raising and budget cutting options:
•To better fund Social Security, Congress should remove the salary cap on FICA deductions that appear on payroll slips. FICA pays for Social Security.
For some insane reason, no employee who earns more than $106,800 a year has to pay FICA on any income above this amount. Millionaires and billionaires should pay FICA on all income received from any source, without a “cap”.
•Those corporations that now pay no income tax, such as General Electric and Bank of America, should pay a Corporate Alternative Minimum Tax, similar to the AMT now applied to people. Corporations should pay either 10 percent of profits, or one percent of their gross annual revenues (whichever is greatest) as their annual tax share.
Such a Corporate AMT should also be applied by every state to any business operating in their state.
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