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In reply to the discussion: The payroll "tax" is not really a tax... [View all]AnotherMcIntosh
(11,064 posts)11. Someone should notify Congress.
The heading for 26 USC § 3101 provides the words:
"Rate of tax"
The text for 26 USC § 3101 provides:
" a) Old-age, survivors, and disability insurance
In addition to other taxes, there is hereby imposed on the income of every individual a tax equal to the following percentages of the wages (as defined in section 3121 (a)) received by him with respect to employment (as defined in section 3121 (b))
"In cases of wages received during: The rate shall be:
1984, 1985, 1986, or 1987 5.7 percent
1988 or 1989 6.06 percent
1990 or thereafter 6.2 percent.
" b) Hospital insurance
In addition to the tax imposed by the preceding subsection, there is hereby imposed on the income of every individual a tax equal to the following percentages of the wages (as defined in section 3121 (a)) received by him with respect to employment (as defined in section 3121 (b))
(1) with respect to wages received during the calendar years 1974 through 1977, the rate shall be 0.90 percent;
(2) with respect to wages received during the calendar year 1978, the rate shall be 1.00 percent;
(3) with respect to wages received during the calendar years 1979 and 1980, the rate shall be 1.05 percent;
(4) with respect to wages received during the calendar years 1981 through 1984, the rate shall be 1.30 percent;
(5) with respect to wages received during the calendar year 1985, the rate shall be 1.35 percent; and
(6) with respect to wages received after December 31, 1985, the rate shall be 1.45 percent.
" c) Relief from taxes in cases covered by certain international agreements
During any period in which there is in effect an agreement entered into pursuant to section 233 of the Social Security Act with any foreign country, wages received by or paid to an individual shall be exempt from the taxes imposed by this section to the extent that such wages are subject under such agreement exclusively to the laws applicable to the social security system of such foreign country. "
http://www.law.cornell.edu/uscode/text/26/3101
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The media and pols do a disservice by not explaining this. They want to make it sound like Obama
kelliekat44
Jan 2013
#1
If you want SS to provide a decent standard of living you need to advocate to increase the tax.
dkf
Jan 2013
#2
but you don't know that each and every worker in the 1930s were doing this, do you?
CTyankee
Jan 2013
#29
Small Business Owners and Freelancers have been paying 13% to 15%, and we have to pay more?
AZ Progressive
Jan 2013
#44
To me the FICA tax makes the idea of Social Security as a persons contribution...
WCGreen
Jan 2013
#10
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
The irony is that most people did not even notice they got the "tax cut" but....
kentuck
Jan 2013
#12
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
You realize FICA tax rate has been raised a few times before right? It hasn't
SWTORFanatic
Jan 2013
#32