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  •  I didnt know that, do I have this straight? (0+ / 0-)

    We remove the cap, and about 1% of GDP goes into the SSTF.

    About 150 billion. And 39.6% income tax rate is not applied to that 150 billion, so the gov looses about 59.4 billion in tax revenues in the first year?

    ...... Social Security blogathon March 25th thru March 29th. #HandsOffmySS FDR 9-23-33, "If we cannot do this one way, we will do it another way. But do it we will.

    by Roger Fox on Thu Mar 28, 2013 at 06:22:01 PM PDT

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    •  FICA is not deductible for income tax (1+ / 0-)
      Recommended by:
      Roger Fox

      You could argue that the Standard Deduction represents it in part for low to moderate income folk, but that would not apply to FICA collected over the cap. All that income would still be taxable at applicable marginal rates.

      So it would be 39.6 plus 12.4. Unless the legislation stated otherwise. I am pretty sure the Medicare Part A surcharge is treated that way (i.e. not deductible).

      That said I am not a tax guy.

      socialsecuritydefender.blogspot.com - SocSec.Defender at gmail.com - founder DK Social Security Defenders group - (hmm is there a theme emerging here?)

      by Bruce Webb on Thu Mar 28, 2013 at 06:50:55 PM PDT

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      •  Right thanks, U got email- good news 4 Friday (0+ / 0-)

        ...... Social Security blogathon March 25th thru March 29th. #HandsOffmySS FDR 9-23-33, "If we cannot do this one way, we will do it another way. But do it we will.

        by Roger Fox on Thu Mar 28, 2013 at 07:01:30 PM PDT

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        •  Someone offered me a job? (0+ / 0-)

          Because I really could use just one of those 20 million needed ones. Trust me I would be happy to be paying FICA again. (Much as I want the blogathon to be a success, rent is a priorty).

          socialsecuritydefender.blogspot.com - SocSec.Defender at gmail.com - founder DK Social Security Defenders group - (hmm is there a theme emerging here?)

          by Bruce Webb on Thu Mar 28, 2013 at 07:10:48 PM PDT

          [ Parent ]

      •  It is partially deductible by self-employed (1+ / 0-)
        Recommended by:
        Bruce Webb

        since they are paying the employer portion in addition to the employee portion.

        My Karma just ran over your Dogma

        by FoundingFatherDAR on Thu Mar 28, 2013 at 07:43:27 PM PDT

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