General Discussion
In reply to the discussion: I got slimed by rush today on his show...need help [View all]creeksneakers2
(8,017 posts)The tax cut applies to the employee side of self employment taxes, which is another name for social security taxes paid by the self employed that include both the employee and employer SS taxes plus Medicare taxes.
Here's proof Rush lied about that:
"2. The extension also applies to self-employed individuals. The rate cut is not limited to employees. It applies as well to the employee portion of the Social Security tax that is part of self-employment tax, which is paid by self-employed individuals. The tax rate for the employer portion of the self-employment tax remains unchanged."
http://money.usnews.com/money/blogs/my-money/2012/01/10/5-things-to-know-about-the-payroll-tax--cut-extension
Rush also lied and said self employed people don't pay SS taxes. Here's the IRS page about that:
http://www.irs.gov/businesses/small/article/0,,id=98846,00.html
Rush also lied about the money from the tax cut being taken out of the social security trust fund. Every dollar will be made up from a transfer from the general fund to the SS fund.
http://money.cnn.com/2011/12/08/news/economy/Social_Security_payroll_tax_cut/index.htm
Why does Rush lie about this?
Rush is an unprincipled class warrior for the rich. He wants every dollar of any tax cut to go to the rich and doesn't want any to go to the poor working class or the middle class. Rush lies to benefit the rich constantly. Rush's excuse for wanting this money to go to the rich is that they'd invest the money, thereby creating jobs and improving the economy. So if the average tax benefit from the SS tax cut was $1,500, that $1,500 would go to rich people instead of us.
To see how dumb somebody would have to fall for this, turn it around and offer the same deal to any rich person. Ask them to give you $1,500. Tell them you'll invest the money and you'll keep the principle and the earnings. Tell the rich person he will receive in return the benefit of the improvement that $1,500 brings to the economy. Do you think there would be a single rich person in America who would give you the $1,500? Why should you give it to them, when they offer a worse deal to you? They don't even promise to invest the money. Most of them will just keep the $1,500 you could have had.
Of course, Rush fans are so brainwashed that they can't accept Rush lied to them even when the proof is in front of them, like it is with the links I provided. Rush and his rich friends know this, so he lies all the time knowing he won't pay a price for it.
But the rest of us working people have to end up paying the price for this class war on the gullible.