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FICA hits just about everyone who works for a living. True, you may get it back, but if you are at the bottom of the barrel you may die before you get a nickel.
This is a complete nonevent since virtually all of them are retirees on pension. Republican no nothings claim there are hordes of negros and Mexicans who are not pay taxes when the reality is the reason the number of filers not paying taxes is going up is because America is aging. You get more pensioners on Social Security and you end up with fewer people paying net taxes. Either kill your grandfather or stop making up lies.
I have had to pay income taxes on 85% of the Social Security I collect ever since I started taking it out. The reason is that I was self-employed at the time and my wife works, therefore I "get" to pay income taxes on my SS. How about that?
FICA hits just about everyone who works for a living. True, you may get it back, but if you are at the bottom of the barrel you may die before you get a nickel.
That is one reason I choose not to pay in.
That only works for me because I am self employed.
I have had to pay income taxes on 85% of the Social Security I collect ever since I started taking it out. The reason is that I was self-employed at the time and my wife works, therefore I "get" to pay income taxes on my SS. How about that?
FICA hits just about everyone who works for a living.
By their choice.
Quote:
... True, you may get it back, but if you are at the bottom of the barrel you may die before you get a nickel.
At one time folks paying into a SS insurance policy were projected to get out every dollar they put in. However with each progressing decade how much you are going to get back lessens.
I have seen projections showing that folks born in the 50's will get on average 50cents for every dollar they put into SSA.
If born in the 60's you would get 45cents ...
70's ... 40cents ...
It has been years since I last read those projections, so my numbers may be a bit off. But you get the idea.
I also prepare income taxes and see a lot of the non tax paying public.
I see single mothers claiming their EIC. They know exactly how much to make to get the max.
They file single even if they are married. They live with their boyfriends who also file single and
don't pay taxes. The self employed also claim just enough income to be tax free. Workers in
a cash industry like restaurants only claim what they have to. Most good bartenders make more that the owners. They give away his/her beer and drinks for tips.
A "living wage" is a fraud.
It is a buzz word to hide inequitable trade.
Equitable trade is when you can take the wages from your labor and trade for the same amount of labor.
Thanks to the ever rising burdens imposed by socialist taxation, regulatory overhead, and usury, inequitable trade is the rule.
In America's case, it is common for an employer to sell his employee's labor for 4x to 8x the cost in wages, in order to cover all the hidden overhead expenses. That means any increase to what some demagogue claims is a "living wage" will migrate to the retail price, inflating it. Which will fuel demand for even higher wages.
The solution is not to raise wages, but to cut the overhead costs that interfere with equitable trade.
For if one earned "only" $0.10 per day, but could hire a worker for $0.10 per day, he'd be far ahead of the "cash flushed" American trapped in an inequitable trade.
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