It's time to scrap the cap! The cap/wage ceiling is raised periodically and is now set at $650/week or $33,800 per annum. This means that an employee making $200,000 a year is paying 0.66% tax instead of 3.9%!! Not progressive at all. Based on our GDP, we can easily raise an additional $200m for NIB from those who can most afford to pay.
I know, more money to waste on crazy spending and I know, employers will pay more too -- at least the money goes to NIB first and not the infamous consolidated fund!!
SolutionRevolution says...
It's time to scrap the cap! The cap/wage ceiling is raised periodically and is now set at $650/week or $33,800 per annum. This means that an employee making $200,000 a year is paying 0.66% tax instead of 3.9%!! Not progressive at all. Based on our GDP, we can easily raise an additional $200m for NIB from those who can most afford to pay.
I know, more money to waste on crazy spending and I know, employers will pay more too -- at least the money goes to NIB first and not the infamous consolidated fund!!
On NIB’s unfunded pension liability near 50% GDP
Posted 20 October 2016, 10:44 a.m. Suggest removal