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Politics : PRESIDENT GEORGE W. BUSH
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To: Karen Lawrence who wrote (755317)11/29/2006 6:42:05 PM
From: Sedohr Nod  Read Replies (1) of 769670
 
With write-offs, a person making one million can get away paying only FICA tax of 12 point something on the first 94k. But you wouldn’t know that, would you.

First off, the self employment tax is 15.3% of net income and if anyone paid the se tax on the first 94k or less of NET income, then they also incurred an income tax liability. I legally write off business related equipment and deduct proper business expenses and have done so for 30 years. If the idea that plowing money back into my business and getting a tax break bothers you, then it is clear you know little about the way our economy works.

I can also tell you that in a lean year, coming up with that 15.3% of net can be a real s.o.b.
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