Washington State recently adopted two new taxes that directl.pdf

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Washington State recently adopted two new taxes that directly affected Washington residents and workers: The Capital Gains Tax: 7% additional tax on capital gains of more than $250,000 a year. This state tax is in addition to the Federal capital gains tax. The Long-Term Care Tax: 0.58% additional payroll tax on wages to support long-term care expenses that are typically for the elderly. This is in addition to the Federal payroll taxes (aka FICA taxes) and as a payroll tax, there are no deductions or credits to reduce it. There is a loophole individuals can avoid paying this tax if they had already purchased long-term care before the law started in Oct of 2021. Answer the following: 1. What type of tax system is: the Capital Gains Tax (flat, progressive, or regressive), and why? the Long-Term Care Tax (flat, progressive, or regressive), and why? 2. Briefly describe two tax systems (flat, progressive, or regressive) and give two reasons why each is more ethical (or fair) than the others (4 reasons in total)..

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If the Social Security retirement system was a private retirement system, it would be declared bankrupt. Discuss why this is so and why the Social Security system can continue to pay benefits despite the fact that it can be considered bankrupt. Discuss why the Social Security tax rate has increased so much in recent years. What measures could be taken to reduce the Social Security payroll tax rate? Solution Social Security System Definition- A system of federally funded services and payments to help support the needy ,the aged and the temporarily unemployed as well as providing support for needy, dependent, disabled ,or neglected children, rehabilitation for the disabled ,and a host of other social services. The system was established as part of the new Deal and is funded by payroll taxes paid by workers and employers. Social Security is funded through payroll taxes called Federal insurance contributions Act Tax(FICA) or self employed contributions Act(SECA).Tax deposits are collected by the internal revenue service(IRS) and are formally entrusted to the Federal Old –Age and survivors insurance Trust Fund,the Federal Disability insurance Trust Fund,the Federal Hospital insurance trust Fund,or the fedral supplementary medical insurance trustFund which make up the social Security Trust Funds.with a few exceptions ,all salaried income ,up to an amount specifically determined by law has a FICA or SECA tax collected on it .All income over said amount is not taxed ,for 2015 the maximum amount of taxable earning is $118,500 Social Security\'s financial situation hasn\'t changed much since last year, according to the annual Trustee\'s Report released last week. · There is enough money in the Social Security trust fund to pay full retirement benefits through 2033. After that, payroll taxes at current levels will bring in about 75 percent of the money required to pay Social Security\'s obligations. What measures could be taken to reduce the Social Security payroll tax rate? America\'s Social Security system is in serious trouble. Payroll tax rates have been increased 17 times in the past 40 years, yet promised benefits exceed projected revenues by trillions of dollars. Moreover, Social Security has become an increasingly bad deal for American workers who must pay record high taxes to a system that provides only meager levels of income for their retirement years. Even worse, there is no way to fix the current system to remedy these problems. Additional payroll taxes or benefit reductions would address the massive long-term deficit, but only by making the system an even poorer investment for working Americans; and raising benefits or cutting taxes, both of which could improve the rate of return for workers, would catapult Social Security into bankruptcy even sooner. The only answer to these seemingly intractable problems is to privatize the Social Security system. Countries around the world, including Chile, Australia, Mexico, Singapore, and Great Britai.

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