General Discussion

WCGreen

(45,558 posts)

10. To me the FICA tax makes the idea of Social Security as a persons contribution...

Tue Jan 1, 2013, 02:31 PM

Jan 2013

That it is there for that person that they earned it fair and square.

It's been the same for decades.

Also, as I mentioned above, the Earned Income Tax Credit more than makes up for that 2% taken out of their paychecks.

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The payroll "tax" is not really a tax... [View all] WCGreen Jan 2013 OP

The media and pols do a disservice by not explaining this. They want to make it sound like Obama kelliekat44 Jan 2013 #1

They depend and then prey on the short term memories of the American Public... WCGreen Jan 2013 #3

If you want SS to provide a decent standard of living you need to advocate to increase the tax. dkf Jan 2013 #2

I am glad we are in agreement... WCGreen Jan 2013 #4

I used to advocate for saving on the side but it seems impossible to the majority. dkf Jan 2013 #9

how do you "know" the inability to save more is because earners don't have CTyankee Jan 2013 #24

Because being personally responsible means you have saved 10-15% of your salary dkf Jan 2013 #28

but you don't know that each and every worker in the 1930s were doing this, do you? CTyankee Jan 2013 #29

Back then people didn't expect to retire. dkf Jan 2013 #31

Thank you for doing research...there ya go... CTyankee Jan 2013 #39

It's not a savings plan and was never intended to be one Major Nikon Jan 2013 #33

Small Business Owners and Freelancers have been paying 13% to 15%, and we have to pay more? AZ Progressive Jan 2013 #44

I like this idea in the "Atlantic" enlightenment Jan 2013 #5

That's more than offset by the Earned Income Tax Credit... WCGreen Jan 2013 #8

Well said... TheProgressive Jan 2013 #6

The Bush tax cuts were never meant to be permanent either. W_HAMILTON Jan 2013 #7

To me the FICA tax makes the idea of Social Security as a persons contribution... WCGreen Jan 2013 #10

And that matters little to the Republicans. W_HAMILTON Jan 2013 #13

Believe me, I didn't mean to mislead you and I certainly know my tax WCGreen Jan 2013 #17

The president may mention it... W_HAMILTON Jan 2013 #20

For those who qualify for the EITC ecstatic Jan 2013 #40

But they're not being made permanent. Nothing in politics is permanent. stopbush Jan 2013 #34

Someone should notify Congress. AnotherMcIntosh Jan 2013 #11

It's considered a tax because it is a mandatory collection from the WCGreen Jan 2013 #14

You say, "We can all quibble ..." No. We can't. I'm not quibbling with you. AnotherMcIntosh Jan 2013 #15

It's only looked at as a tax because it is tied to the amount you earn and is a mandatory WCGreen Jan 2013 #18

It's looked at as a tax because it's defined as a tax. Igel Jan 2013 #23

So you would be happy with keeping the 4.2 rate... WCGreen Jan 2013 #25

Not true Sgent Jan 2013 #37

Your payout depends on your contribution to the fund... WCGreen Jan 2013 #38

no - it's determined by how much you earned blcartwright Jan 2013 #41

Which is directly related to how much you and your employer have kicked in. WCGreen Jan 2013 #42

there's a high correlation blcartwright Jan 2013 #43

The irony is that most people did not even notice they got the "tax cut" but.... kentuck Jan 2013 #12

And folks must remember, that cut was covered by the General Fund. RomneyLies Jan 2013 #16

Great Point that I forgot to mention... WCGreen Jan 2013 #19

Payroll taxes, imo, are taxes subject to income taxes if, and when, politicians are willing indepat Jan 2013 #21

Everything you said is true and accurate and I'm surprised there aren't more recs. Poll_Blind Jan 2013 #22

+1 doc03 Jan 2013 #26

If people start paying more into FICA avebury Jan 2013 #27

It really did make a difference for me bhikkhu Jan 2013 #30

You realize FICA tax rate has been raised a few times before right? It hasn't SWTORFanatic Jan 2013 #32

Of course I know that.... WCGreen Jan 2013 #36

I can't take the $50 hit next month. alarimer Jan 2013 #35