The FICA holiday isn't a tax cut. It's people not paying into the federal insurance programs from which they're expecting a payout at a later date. Before you tell me that it a) isn't insurance and b) is never going to be paid, stop wasting both of our time. The federal government DEFINES it as a federal insurance program. That's what the letters in FICA stand for. The fact that it's eventually going to be broke is immaterial to the fact that it's one way that the 47% are forced to contribute to America. You aren't going to get the 47% to put up money to fund the country any other way.
I'll tell you why I'm against it, the ROI on these disbursements will be negative for my generation and beyond, that's why. Earlier generations made out like bandits by piling debt, but the tipping point has come and gone already. I won't even get back dollar for dollar, never mind inflation. I don't get any warm and fuzzies knowing everyone else is getting screwed on it too.
The FICA holiday isn't a tax cut. It's people not paying into the federal insurance programs from which they're expecting a payout at a later date.
If I'm paying $10k tax one year and $9k tax next year, that is a cut. There is no other way to define it accurately.
Before you tell me that it a) isn't insurance and b) is never going to be paid, stop wasting both of our time. The federal government DEFINES it as a federal insurance program. That's what the letters in FICA stand for.
and if the Federal government defined the earth as flat, would that make it so? Insurance isn't robbing Peter to pay Paul. Insurance is using premiums to buy income generating assets which are then used to pay claims. SS, Medicare, etc. are welfare systems, they were only called 'insurance' by the government to get over the public's anathema to welfare. You want to accept propaganda as gospel, or deal in reality?
The fact that it's eventually going to be broke is immaterial to the fact that it's one way that the 47% are forced to contribute to America.
No eventually about it, it is already broke by definition, as there are no actual marketable investments held by these 'insurances'. It relies on borrowing to pay current claims, as the taxes no longer cover the programs.
You aren't going to get the 47% to put up money to fund the country any other way.
Lower income has always paid the income tax. It is only recent 'tax reform' (Bush's in particular) that created sufficient deductions to take millions of them off the rolls. The main appeal of Cain was his desire to eliminate the payroll/income tax distinction with a flat tax on income. I'm not a fan of his eventual goal of a federal sales tax, but historically you are incorrect suggesting that income taxes can't be collected from lower income. It was from the word go.