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The Water Cooler
General Discussion
The Buffett Rule, 6/100ths of one percent.
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<blockquote data-quote="LightningCrash" data-source="post: 1758112" data-attributes="member: 4278"><p>The flaw in your logic is claiming that I equated FICA to income tax. FICA is not our Income Tax, in the sense of the US Individual Income Tax, but FICA is an income tax nonetheless. When someone says "I paid income tax," they obviously refer to the former, but if they say "This is an income tax," they obviously are not referring to the former.</p><p></p><p></p><p></p><p>You appear to have a bit of misunderstanding about the functionality of FICA. FICA taxes collected go direct into general revenue as cash and other balance sheets are loaded with bonds for later redemption. The taxes collected with FICA contribute to the budget bottom-line for that year, and are a huge reason why we had an on-budget surplus in the 90s. It's a tax against the net income of persons, making it meet the definition of an income tax.</p></blockquote><p></p>
[QUOTE="LightningCrash, post: 1758112, member: 4278"] The flaw in your logic is claiming that I equated FICA to income tax. FICA is not our Income Tax, in the sense of the US Individual Income Tax, but FICA is an income tax nonetheless. When someone says "I paid income tax," they obviously refer to the former, but if they say "This is an income tax," they obviously are not referring to the former. You appear to have a bit of misunderstanding about the functionality of FICA. FICA taxes collected go direct into general revenue as cash and other balance sheets are loaded with bonds for later redemption. The taxes collected with FICA contribute to the budget bottom-line for that year, and are a huge reason why we had an on-budget surplus in the 90s. It's a tax against the net income of persons, making it meet the definition of an income tax. [/QUOTE]
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The Buffett Rule, 6/100ths of one percent.
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