What no one discusses on the payroll side is that the social security tax remains. Many of us (not me) only pay social security and medicare tax. So they get hit with an extra near 9%. Plus the student loan deduction goes away.
This will hit the younger population.
I’m one of the younger generation. We nned JOBS! We need a plan that makes it easier for businesses to creat JOBS!
What we don’t need is uncle sugar’s loans that trap us in debt slavery! No thanks!
Wrong! FICA, Medicare, Unemployment Insurance and Federal Withholding all are replaced with the flat 9% tax.
BOTTOM LINE is EVERYONE who recieves a paycheck will have a HIGHER TAKE HOME PAY! EVERYONE!
The difference will be that there will be no Refunds at the end of the year, which if people had a brain would be ZERO anyway because they would adjust their withholding to match their taxes.
PLus the only thing that the people "PAYING NO TAXES", which in itself is a flat out blatant lie as EVERYONE has FICA, Medicare etc withheld, will lose is the "FREE MONEY" Uncle Sam bribes them with at the end of the year. EVERYONE who recieves a paycheck pays FICA, medicare, etc.)