Everyone except the pinheads at AFFT know that...That's why the repeal of the payroll tax can't lower prices. They'll have to give it directly to the employee, then report that to SS...(Were you saying something about compliance costs?)
Tack on 15.3%
I think you meant subtract 15.3% the CBO rightfully includes the employer's 7.65% contribution as your income just as it is part of self-employment income.
They'll have to give it directly to the employee, then report that to SS...(Were you saying something about compliance costs?)
Hmmmm, you can certainly ask for a raise if you want. Course the employer will do what best increases his bottom line in sales as the compitition lowers their prices.
HELVERING v. DAVIS, 301 U.S. 619 (1937)
- Title VIII(Social Security Act), as we have said, lays two different types of tax, an 'income tax on employees,' and 'an excise tax on employers.' The income tax on employees is measured by wages paid during the calendar year. Section 801 [26 USC 3101]. The excise tax on the employer [26 USC 3111] is to be paid 'with respect to having individuals in his employ,' and, like the tax on employees, is measured by wages.
- . The proceeds of both taxes are to be paid into the Treasury like internal revenue taxes generally, and are not ear-marked in any way. Section 807(a)[26 USC 3501]. There are penalties for nonpayment. Section 807(c), [26 USC 7203].
CRS Report for Congress (98-422 EPW)
"Taking the Social Security trust funds "off budget" has not changed how Social Security funds are handled. They are treated the same way today as they were in 1937 when Social Security taxes were first levied
There's more to price reduction than Payroll taxes:
CASCADED Corporate Taxes
Tax compliance
If you're willing to go on the record, right here, and say that you think payroll taxes will go back to the employee, theat's fantastic. Why?
Because that's EXACTLY what AFFT and Dr. Jorgensen say! They REPEATEDLY state CORPORATE TAXES and COMPLIANCE COSTS are responsible for the current inflated price of goods. Here's a snippet from "Thumbnail Sketch of the FairTax" from FairTax.org:
"All Americans take home their whole paychecks. Not only do more Americans have jobs, but they also take home 100 percent of their paychecks (except where state income taxes apply). No federal income taxes or payroll taxes are withheld from paychecks, pensions, or Social Security checks.
Retail prices no longer hide corporate taxes or their compliance costs, which drive up costs for those who can least afford to pay. Did you know that hidden income taxes and the cost of complying with them currently make up 20 to 30 percent of all retail prices? It's true. According to Dr. Dale Jorgenson of Harvard University, hidden income taxes are passed on to the consumer in the form of higher prices - from 20 to 30 percent higher than they would otherwise be - for everything you buy. If competition does not allow prices to rise, corporations lower labor costs, again hurting those who can least afford to lose their jobs. Finally, if prices are as high as competition allows and labor costs are as low as practical, profits/dividends to shareholders are driven down, thereby hurting retirement savings for moms-and-pops and pension funds invested in Corporate America. With the FairTax, the sham of corporate taxation ends, competition drives prices down, more people in America have jobs, and retirement/pension funds see improved performance."
If you take home $1,000 a month, here's what your check would look like if you included the Employer's share:
Pre-tax: $1,000
"That's why the repeal of the payroll tax can't lower prices. They'll have to give it directly to the employee, then report that to SS...(Were you saying something about compliance costs?)"
Can you explain this to me? I seem to be getting the same SS deductions confiscated from me, yet the statements I receive have told me my benefit has been maxed out. Is the pay out supposed to be based on the amount we earn in our lifetime, instead of maxing out after about 15 years of stealing from us?