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I know, you all looked at the title, and said "I am going to go into this thread and tear into this, this guys wrong. We ALL know the rich pay more!"
But thats because the debate is all about cherry picking data. We look at federal taxes-but exclude social security which is a 6.3%+6.3% tax....paid for by the working poor. But ONLY on the first 112K of income. The average .1%er has it as a rounding error. Heck as a % of my income I paid more in social security then Romney paid in federal....but then again my federal rate was ALSO higher then his....
But wait...what about state taxes? Turns out thats paid at a 5.6% rate by the average .1%er....and 11% for the poor folks.
So all this screaming about the federal rate, conveniently ignores the other taxes. Why is that? hmmmmm
edit-To clarify the title, twice as much as a % of their income.
Everybody pays into social security, and businesses pay half of an employee's social security. A self employed person pays the entire amount (It's called "Self Employment Tax). Nobody escapes paying for Social Security.
I think your mixed up on taxes. Overall, the rich are paying more than you are.
Really? you want me to post links on the social security rates? REALLY? You don't believe me?
Look, everybody pays Social Security. When you are self employed, you pay double! That's because you are your employer, so you have to pay the employer half as well as the employee half.
Get a clue. Obviously, you have never been self employed.
Everybody pays into social security, and businesses pay half of an employee's social security. A self employed person pays the entire amount (It's called "Self Employment Tax). Nobody escapes paying for Social Security.
I think your mixed up on taxes. Overall, the rich are paying more than you are.
No....a business owner claiming no profit does not have to pay. (sole proprietor)
Look, everybody pays Social Security. When you are self employed, you pay double! That's because you are your employer, so you have to pay the employer half as well as the employee half.
Get a clue. Obviously, you have never been self employed.
I don't think you meant to quote me...as thats been my point I have been making over and over. If youre employed the costs associated with it are paid by your employer-income that you could otherwise reasonably expect to receive as your total compensation....if you are self employed you pay it all.
I have done software engineering as a consultant for a couple years, and owned a small business as well. so yes I am familiar with it.
Look, everybody pays Social Security. When you are self employed, you pay double! That's because you are your employer, so you have to pay the employer half as well as the employee half.
Get a clue. Obviously, you have never been self employed.
I don't think you meant to quote me...as thats been my point I have been making over and over. If youre employed the costs associated with it are paid by your employer-income that you could otherwise reasonably expect to receive as your total compensation....if you are self employed you pay it all.
I have done software engineering as a consultant for a couple years, and owned a small business as well. so yes I am familiar with it.
Why would you expect to be paid the 'employer' part of the ss tax? This is not money that ever shows up on your check. It's paid by the employer, it is not the same as what is taken out of your check. The employer has to pay this tax on you for having you as an employee along with the portion that comes out of your paycheck.
Originally Posted by greywar View Post
I don't think you meant to quote me...as thats been my point I have been making over and over. If youre employed the costs associated with it are paid by your employer-income that you could otherwise reasonably expect to receive as your total compensation....if you are self employed you pay it all.
I have done software engineering as a consultant for a couple years, and owned a small business as well. so yes I am familiar with it.
From reading your posts obviously you were not very successful. You don't know the half of what successful people have to pay.
As your income goes up deductions are phased up. On top of high income now paying 39% on the upper portion of their taxes, this is the first year that personal exemptions are phased out too.
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