edthecynic
Censored for Cynicism
- Oct 20, 2008
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Again more bullshit. You pay the same rate up to the threshold, so those who earn more than the threshold pay a lower rate. and cap gains pay no FICA tax, so not only do they pay a lower tax rate on their income they pay nothing at all in FICA taxes.The taxes for Medicare and FICA go into the same general fund budget as standard income taxes. They are a tax on one set of individuals and a transfer payment to another - just like most government spending.Your article Rails about Ignoring FICA and MC, which the 47% does pay. Why would you count Fica and MC? They are to fund specific Programs. It is Federal Income Tax withholding that funds the US budget, and it is Federal Income tax that the right is talking about when they say 47% pay 0 and the top 2 % pay 50%.
Why wouldn't you count it?
Because we all pay FICA and MC at the same rate, Rich or Poor. The only place you end up with 47% not paying anything at all, is with the Progressive Federal Income Tax. It's not a matter of Counting FICA and MC or not, because everyone pays those taxes. Fact's are Fact's 47% of Tax Payers paid no Federal Income Tax last year.
Besides FICA and MC are not SUPPOSE to be used to fund the General Budget.