Formerly About Advanced Micro Devices Message Board

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Politics : Formerly About Advanced Micro Devices

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To: chic_hearne who wrote (104107)	4/11/2000 11:55:00 PM
From: ptanner	Read Replies (2) of 1570759

OT: chic -- I recently saw stats that the upper 50% of the population pays 96% of federal taxes while the bottom 50% pays only 4% of federal taxes. Income taxes or counting FICA? The flat rate for FICA with cap at $68k (or whatever, I don't prepare my taxes anymore so try to ignore the painful elements) means FICA contributions (employee and employer) exceed income taxes for something like 50% of Americans. Self-employed individuals (like my wife and I) are very aware of the FICA cost but most people I ask don't know how much they contribute: it comes out each pay check and with no annual return is unnoticed. (While the SS system is regressive taxwise, it does have a progressive distribution formula and offers some "insurance" benefits as well.) Imagine the uproar if the $68k ceiling was eliminated rather than simply increasing it about 6% annually (supposedly at the rate of average wage increase). PT ps: Sorry for OT post -- my first today and will keep tomorrow reserved for AMD. I am looking forward to a very interesting CC!

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