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The Water Cooler
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The Buffett Rule, 6/100ths of one percent.
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<blockquote data-quote="SoonerBolt" data-source="post: 1757609" data-attributes="member: 2959"><p>The flaw in LightningCrash's logic is he's equating FICA to income tax. FICA is absolutely not an income tax just because it's a withholding from the paycheck.</p><p>FICA = Federal Insurance Contributions Act collections which goes straight to Social Security and Medicare. </p><p>This money goes directly to insurance programs that the worker should have the right to later...assuming they survive in some form. Most likely our tax dollars will have to bail out those programs at some point.</p><p></p><p>Income tax goes to the general budget is would have an impact on the balanced budget we're all hoping to see. 47% of the people who file tax returns pay nothing into that budget...Which was the point of this thread and the post LightningCrash replied to originally. Just over 20% actually make money from filing their tax returns over and above what they paid into the tax collection system. Of course a lot of people avoid the system completely and don't even file returns. They aren't included in that 47% that pay no income taxes.</p><p></p><p>Now, that said. If LightningCrash wanted to change up his argument he could have a point. All those people do indirectly pay income taxes. Any tax a corporation pay they build that tax into their product to make sure the sales cover all costs and provide an acceptable profit margin. So the 47% do pay income taxes indirectly when they buy food, clothes, iphones, whatever. Corporations don't pay taxes. In reality they collect taxes from their customers.</p><p></p><p>FICA is just not an income tax. It's a mandatory contribution to a retirement plan (lol) and old-age health insurance.</p></blockquote><p></p>
[QUOTE="SoonerBolt, post: 1757609, member: 2959"] The flaw in LightningCrash's logic is he's equating FICA to income tax. FICA is absolutely not an income tax just because it's a withholding from the paycheck. FICA = Federal Insurance Contributions Act collections which goes straight to Social Security and Medicare. This money goes directly to insurance programs that the worker should have the right to later...assuming they survive in some form. Most likely our tax dollars will have to bail out those programs at some point. Income tax goes to the general budget is would have an impact on the balanced budget we're all hoping to see. 47% of the people who file tax returns pay nothing into that budget...Which was the point of this thread and the post LightningCrash replied to originally. Just over 20% actually make money from filing their tax returns over and above what they paid into the tax collection system. Of course a lot of people avoid the system completely and don't even file returns. They aren't included in that 47% that pay no income taxes. Now, that said. If LightningCrash wanted to change up his argument he could have a point. All those people do indirectly pay income taxes. Any tax a corporation pay they build that tax into their product to make sure the sales cover all costs and provide an acceptable profit margin. So the 47% do pay income taxes indirectly when they buy food, clothes, iphones, whatever. Corporations don't pay taxes. In reality they collect taxes from their customers. FICA is just not an income tax. It's a mandatory contribution to a retirement plan (lol) and old-age health insurance. [/QUOTE]
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