Formerly About Advanced Micro Devices Message Board

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Politics : Formerly About Advanced Micro Devices

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To: michael97123 who wrote (390906)	6/14/2008 1:05:12 AM
From: i-node	Read Replies (1) of 1574610

What do you think the rate would be if they made fica applicable to all income but only sought to raise the same amount of dollars thru the tax as now? I would be for such a system that exempted the first XXX dollars of income or provided tax credits across the board for the first XXXX of income. The people who get killed are the self-employed, who pay both shares (employee/employer) at a rate of 15.3% (including Medicare). It applies to the first $1,000 of net income. When I was in public practice, the misery this tax caused the self employed was evident. I hated it -- every year, I'd see tons of self employed persons who made little or no money but got hit with 15% flat, plus whatever income taxes they owed. After the '86 act, when lots of deductions were eliminated, you'd have people -- middle class -- paying 15% SE tax plus 33% income tax -- that's 48% to the feds, before they even considered state or local. Insane. There is no making it better, though -- privatizing was the last, best hope and there is clearly no chance of that happening.

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