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Democrats likely to get rid of FICA tax cap as part of 2022 budget bill
Posted on 1/9/21 at 4:59 pm
Posted on 1/9/21 at 4:59 pm
Says Bloomberg news. This has been whispered about for years in lefty think tank circles. It may become reality
They want to turn social security into welfare essentially
They want to turn social security into welfare essentially
15
Posted on 1/9/21 at 5:01 pm to HailHailtoMichigan!
quote:
They want to turn social security into welfare essentially
It already is, ever heard of SSI
Posted on 1/9/21 at 5:03 pm to HailHailtoMichigan!
quote:
Democrats likely to get rid of FICA tax cap as part of 2022 budget bill
This may sound good to fools, but it would be incredibly simple to work around for tax purposes.
Posted on 1/9/21 at 5:03 pm to HailHailtoMichigan!
They do these things just for spite.
There is no end to their spending and printing money so why do the taxes even matter? Because those that support them want to screw those they think of as rich or white.
There is no end to their spending and printing money so why do the taxes even matter? Because those that support them want to screw those they think of as rich or white.
Posted on 1/9/21 at 5:04 pm to HailHailtoMichigan!
Can you post the link?
Posted on 1/9/21 at 5:05 pm to JDGTiger
So self employed would get a double hit north of cap (12 percent). Lol. That sounds delightful
Posted on 1/9/21 at 5:07 pm to HailHailtoMichigan!
Well, I'm going to start working less since I'm self employed (if that happens). Looks like one of many changes to come to frick small businesses even more
This post was edited on 1/9/21 at 5:08 pm
Posted on 1/9/21 at 5:11 pm to imjustafatkid
quote:
This may sound good to fools, but it would be incredibly simple to work around for tax purposes.
Hypothetically, how?
Posted on 1/9/21 at 5:16 pm to HailHailtoMichigan!
and watch the methods surface to dodge paying FICA!!!!
I started out with maxing out on FICA over 20 years ago. In 2021, the max amount has gone up so much that I won't...
I started out with maxing out on FICA over 20 years ago. In 2021, the max amount has gone up so much that I won't...
Posted on 1/9/21 at 5:20 pm to HailHailtoMichigan!
This is coming regardless of party.
Posted on 1/9/21 at 5:23 pm to cave canem
quote:
This is coming regardless of party.
the old "they were going to do it anyway ploy"
Posted on 1/9/21 at 5:24 pm to ABearsFanNMS
quote:I'm with you. How? If you're a W-2 worker, there's no way to 'work around' this.
Hypothetically, how?
Posted on 1/9/21 at 5:24 pm to HailHailtoMichigan!
Coming from the Marxist Democrats, it has never made sense to cap SS taxation.
Every time they’ve squealed “tax break for the wealthy”, I’ve thought about this break for the wealthy that they built into their slush fund retirement scam.
Posted on 1/9/21 at 5:50 pm to RoyalWe
quote:
Hypothetically, how?
I'm with you. How? If you're a W-2 worker, there's no way to 'work around' this.
CPAs and tax attorney are about to make bank. Will cost taxpayers more $$$ and probably bring in less revenue to the government. Just another way the government will always screw the taxpayers with a barbwire dildo.
Posted on 1/9/21 at 6:48 pm to gthog61
quote:
the old "they were going to do it anyway ploy"
SS is going broke and this is the path of least resistance to cover shortfalls.
Both parties put us here but if it makes you feel better somehow to blame one and let the other off the hook do carry on.
Posted on 1/9/21 at 6:52 pm to imjustafatkid
quote:
This may sound good to fools, but it would be incredibly simple to work around for tax purposes.
Do tell.
Posted on 1/9/21 at 6:53 pm to HailHailtoMichigan!
I’m ok with it if they also raise the maximum benefit accordingly, which they won’t. This is a huge tax burden on small business and upper middle class.
Posted on 1/9/21 at 6:54 pm to WeeWee
quote:This doesn't answer the question. I'm going to go ahead and say there is no way to get around not paying FICA.
CPAs and tax attorney are about to make bank. Will cost taxpayers more $$$ and probably bring in less revenue to the government. Just another way the government will always screw the taxpayers with a barbwire dildo.
Posted on 1/9/21 at 6:57 pm to RoyalWe
quote:
I'm going to go ahead and say there is no way to get around not paying FICA.
Do you pay FICA on dividends?
Posted on 1/9/21 at 7:22 pm to HailHailtoMichigan!
It would be a 6.2 percent increase on everything over $142800 in taxable income, right?
This has been coming for years.
I’m guessing they will just raise the cap to 250 or so. No cap is just an opening offer.
This has been coming for years.
I’m guessing they will just raise the cap to 250 or so. No cap is just an opening offer.
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