The Buffett Rule, 6/100ths of one percent.

[jfssms]

FICA taxes. Now on to those finer points.

Nice try, FICA and Medicare are payroll taxes.

 

[LightningCrash]

Nice try, FICA and Medicare are payroll taxes.

Income tax withholding is a payroll tax. Now on to those finer points.

 

[soonerwings]

Income tax withholding is a payroll tax. Now on to those finer points.

That's not quite true. Income taxes are withheld from payroll but are prepayments for actual end of the year computed tax. If they were the same as payroll taxes, no one would get any of them back at the end of the year. Because they are withheld from payroll does not make them payroll taxes. Also, income taxes are progressive while payroll taxes are regressive.

 

[jfssms]

Income tax withholding is a payroll tax. Now on to those finer points.

Are you sure?

 

[LightningCrash]

That's not quite true. Income taxes are withheld from payroll but are prepayments for actual end of the year computed tax. If they were the same as payroll taxes, no one would get any of them back at the end of the year. Because they are withheld from payroll does not make them payroll taxes. Also, income taxes are progressive while payroll taxes are regressive.

Perfectly true. Income tax withholding is a PAYG payroll tax. FICA is plain old payroll tax.

 

[jfssms]

Wow, so any tax deducted from my check are now payroll taxes? Is this like new math?

 

[RickN]

i think we should not have to work or pay taxes. If rich people have so much money why dont they pay all the taxes? They have enough money to pay us too.

Someone figured it up a while back and if they taxed everyone that made over $1 million at a tax rate of 100%, it would pay for around 40% of the federal budget. What this basically means is, bend over and pray for lube because you are going to get screwed too.

 

[LightningCrash]

Wow, so any tax deducted from my check are now payroll taxes? Is this like new math?

Wow, is that what I said? I believe it wasn't.

 

[been]

Someone figured it up a while back and if they taxed everyone that made over $1 million at a tax rate of 100%, it would pay for around 40% of the federal budget. What this basically means is, bend over and pray for lube because you are going to get screwed too.

i know this. I was trying to sound ignint.

 

[Mos Eisley]

Seems like jobs (and making people work them) would go a long way to correcting the issue. That more than anything Clinton did in the 90's led to the surplus. Seems like we're in a negative feedback loop with all the entitlements.