Did I hear Barry say this bill “will save each middle class family $1,500.00”? How can this be if middle class families don’t pay any tax? Or is he labeling someone making $250,000.00 a year middle class?”””
A little accounting lesson:
INCOME taxes are not paid by every working stiff. For many reasons—large families with lots of dependants have ‘exemptions’. Then there are the deductions that come from mortgage interest-—medical expenses—property taxes-—charitible contributions-—etc. I know that Mormons tithe 10% of their gross earnings, but I seriously doubt a single Mormon would ever try to take a ‘charity deduction’ for used Jockey shorts, like Bill & Shrillary Clinton did on their tax return. I don’t know a single non-Mormon who would take such a deduction, either, after a lifetime of being a bookkeeper.
FICA-—SOCIAL SECURITY deductions==AKA: “Payroll Taxes” are paid by everybody, regardless of people in the household, or other deductions, etc.
The rate of FICA deduction was 6.2% of GROSS payroll earnings BEFORE Jan 1 of this year, 2011. It was matched by the employer at the same rate-—6.2%.
In other words, if you grossed $900.00 on your pre 2011 paycheck, YOUR deduction for FICA was $55.80 and that money was matched by your employer & passed on to the IRS on whatever frequency basis your employer falls into. Some employers must pay all their IRS deductions (Income tax deductions/FICA/Medicare) & matching amounts within 3 days following payroll—large companies like Microsoft, for instance.
This year, Barry the Imposter, lowered the EMPLOYEE’s FICA rate to 4.2%, but didn’t lower the EMPLOYER’S rate. It stayed at 6.2%. I am pretty sure there were some errors in early payroll quarterlies in 2011.
Now, in this ‘jobs bill’, Barry the Imposter , is proposing to lower the FICA rate to half of the old rate-—3.1% for the EMPLOYEE & also for the EMPLOYER.
One MUST remember that for every penny less that you are NOT getting taken out of your paycheck for FICA, the SOCIAL SECURITY fund is getting less money & also YOU are NOT getting as much credit for your input into SS on behalf of yourself & your future benefits.
The proposal of cutting FICA IN HALF-—that’s right-—IN HALF for both halves isn’t being told cleanly to employees. It sounds like a big gift, when in reality, it will only make a bad problem worse.
We already have over 15 million people not working & NOT contributing to SS. This will make it all much worse & put SS into negative position very soon- perhaps within 2 years.
As for the “$1500.00” that EACH WORKING family will save? That isn’t being told cleanly either by Barry The Imposter. Divide the “savings back into your wallet’ of $1500.00 by 3.1 % & you will find that a ‘working person’ must make over $48,000 annually to hit that magical amount of $1500.00.
In reality, this earner would be shorting his account by HIS $1500.00 & also the $1500.00 that his EMPLOYER matches. Such a $3000.00 shortage WILL affect the benefits you get in the future.
Any questions, ask.
Sorry I went on so long, but it can be complidated.
Nothing Barry the Imposter says is complete in the saying.
>Now, in this ‘jobs bill’, Barry the Imposter , is proposing to lower the FICA rate to half of the old rate-—3.1% for the EMPLOYEE & also for the EMPLOYER.
One MUST remember that for every penny less that you are NOT getting taken out of your paycheck for FICA, the SOCIAL SECURITY fund is getting less money & also YOU are NOT getting as much credit for your input into SS on behalf of yourself & your future benefits.
The proposal of cutting FICA IN HALF-—that’s right-—IN HALF for both halves isn’t being told cleanly to employees. It sounds like a big gift, when in reality, it will only make a bad problem worse.
We already have over 15 million people not working & NOT contributing to SS. This will make it all much worse & put SS into negative position very soon- perhaps within 2 years.
As for the “$1500.00” that EACH WORKING family will save? That isn’t being told cleanly either by Barry The Imposter. Divide the “savings back into your wallet’ of $1500.00 by 3.1 % & you will find that a ‘working person’ must make over $48,000 annually to hit that magical amount of $1500.00.
In reality, this earner would be shorting his account by HIS $1500.00 & also the $1500.00 that his EMPLOYER matches. Such a $3000.00 shortage WILL affect the benefits you get in the future.<
Thank you. In my original post, I did actually mean income tax, never thinking that Obama in his worst dreams would think of shortchanging social security. This is beyond diabolical. I just cannot see even Reid or Pelosi, much less the average Dem member of either house signing on to such a thing.
If someone on the Republican side can explain his plan to gut SS to the general public, the democrats are finished.