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This is called a regressive tax. The Republican party should embrace the word regression. Their followers are too stupid to understand its meaning anyway.

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explodicle@sh.itjust.works ⁨11⁩ ⁨hours⁩ ago
In America there’s a contest to see how out-of-date one’s economics can be. If you quote Adam Smith, they’ll call you a pinko.

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SparroHawc@piefed.world ⁨10⁩ ⁨hours⁩ ago
Social Security is supposed to be like a forced retirement account - what you pay in is what you get out of it later. It was essentially an emergency measure put into place when a lot of Americans were struggling. Since it doesn’t make sense to have a payout above a certain amount, as it would be above the average cost of living, there’s a cap of how much is collected per person per year.

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- VAK@lemmy.world ⁨58⁩ ⁨minutes⁩ ago
  Probably made sense at the time with reasonable minimum wage and super progressive income tax
  
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- ZMoney@lemmy.world ⁨7⁩ ⁨hours⁩ ago
  But that’s never been the way it works. Your payment finances the government budget, one of whose functions is to pay out social security money to current retirees. If you set up the income tax in such a regressive way, there will not be enough money to pay social security, which is of course what Republicans want so that they can have another excuse to cut the program entirely.
  
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  - SparroHawc@piefed.world ⁨5⁩ ⁨hours⁩ ago
    Ostensibly you can only draw from SS what you’ve paid into it; of course, that’s only how it’s supposed to work, and not how it actually works. In reality, current SS payments go to pay benefits for current retirees, making it more of a Ponzi scheme that will leave today’s workers hung out to dry with nothing to show for all the money they’ve poured into it when it gets inevitably murdered.
    
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DarkFuture@lemmy.world ⁨8⁩ ⁨hours⁩ ago

The Republican party should embrace the word regression.

Never happen. It’s up to all of us to simply start refering to them as regressives so it becomes their name.

I’ve started to say “conservative/regressive” every time I mention them. I’m going to keep doing it and hope others join in until there’s enough of us globally to drop the conservative part since it truly doesn’t apply to them.

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