No wonder Obama has his college records sealed....he probably flunked Math!

[BSB/Hero/Genius/MovieStar]

"Tax Withholding
www.irs.gov/Individuals/Employees/Tax-Withholding - Cached

Aug 2, 2012 ... Income tax is withheld from the pay of most employees."

That's "Income tax is withheld..."

BSB

[Xavier_Onassis]

The under-educated white southerners used to be anti-rich Democrats. Now they're Republicans, supporting the wealthy, and still getting the shaft from them. Goldwater, Nixon, and Reagan pulled the wool right over your eyes.   

==========================================
Like the lyrics to Alabama's "Song of the South"

"Poppa was a veteran, a Southern Democrat.
Gotta be a rich man to vote like that."

After the Civil Rights Act, Poppa was a Republican, and still wasn't rich.

Nor would be ever be.

[BT]

Federal Insurance Contributions Act (FICA) tax  is a United States Federal payroll (or employment) tax[1]

http://en.wikipedia.org/wiki/Federal_Insurance_Contributions_Act_tax

[BT]

[Plane]

It certainly would make funds harder to raid.

Local government does have restrictions for co-mingling Enterprise Funds (Utilities, etc) with General Funds.

I would favor restricting spending just this way.

Taxes spent on things other than the purposes they were gathered for should require special sanction, like a three quarters vote or a referendum.

[BT]

General Funds must balance annually. You can carry a surplus for contingencies, but you can not carry a deficit. Most small cities in GA carry a six month reserve.

[Plane]

General Funds must balance annually. You can carry a surplus for contingencies, but you can not carry a deficit. Most small cities in GA carry a six month reserve.

That doesn't sound bad, but the Federal Policy seems to prefer lots of debt every year since President Van Buren.

[BSB/Hero/Genius/MovieStar]

That's the IRS calling it an income tax. Further, when you pay, or file for a return, what has been withheld goes toward what you owe, or will get back.

Another thing. If you're paying tax, by way of a capital gain tax, on what you make for income, that's your income tax. That's out of wack and needs to be revised. You can't have people like my brother, who made over a million a year, paying his income tax at the low capital gains rate. It's bullshit.

BSB

[BT]

Income tax is taxation of your wages and income progressively tiered based on income. If you don't earn over a certain amount you have no federal income tax obligation.

Payroll tax is deducted from your income, often your paycheck with a matching contribution from your employer and is taxed from the first penny earned up until you reach a certain amount somewhere in the 100k. It is a flat tax at the rate of 15

Capital gains tax is taxed at 15% and is based on the profit derived from selling assets at a higher price than you bought them for, this often applies to stock transactions.

Three different types of taxation often conflated in the minds of voters purposely by politicians driven to driving wedges between the various groups.

So when the claim is made that low income earners pay income tax and then payroll tax is given as proof that is false on the face of it.

And when claims are made that some wealthy guys pay income tax at a lower rate than their clerical staff that is not true either.

[sirs]

Well summized!!

[Xavier_Onassis]

And when claims are made that some wealthy guys pay income tax at a lower rate than their clerical staff that is not true either.

The claims are true.

Buffett's secretary pays at a higher rate than Buffett. 25% vs 15%

[BSB/Hero/Genius/MovieStar]

You can call 'em a banana if you want but they are taxes on incoming money. Most of us know that and don't need to pretend otherwise.  Some, like you BT, need to play games with it.

My brother was hired to run a hedge fund for an extremely wealthy individual. He, my brother, was able to pay his income tax as capital gains. He didn't need to pretend it wasn't income.  He knew better, and readily admitted he was getting away with murder.

BSB

[BT]

And when claims are made that some wealthy guys pay income tax at a lower rate than their clerical staff that is not true either.

The claims are true.

Buffett's secretary pays at a higher rate than Buffett. 25% vs 15%

I guess we will have to see both parties tax returns to get to the bottom of this.

[BSB/Hero/Genius/MovieStar]

Don't you believe Buffett? He's not kidding. He pays at 15%. He's playing the same game my brother played, and Romney plays. Hell, Romney admitted to paying as low as 13%.

Now, would I play the same game? Of course I would. However, it's not right, and needs to be changed. The wealthy need to pay more taxes. Admitting that isn't being an anti-capitalist. It isn't being anti-American. It's just being realistic. The deck is going to get stacked, that's the way people are. And when it does, you have to unstack it and start over again. No big deal.   


BSB   

[BT]

I'd like to see the forms both the secretary and Buffett filed. That might help clear up the matter.
I am sure both parties filed truthfully and within the letter of the law. Just as Romney did.