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View Diary: Bartlett:  Teabaggers Totally Ignorant About Taxes (276 comments)

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  •  one quibble (0+ / 0-)

    The FICA tax is not paid by anyone earning over $90,000

    Small correction on FICA.  There is no limit on the Meicare portion of FICA which is a flat rate of 2.9%. Social Security is a rate of 6.2% and capped at $6200, as of 2009.

    For those who are self employed the rate for Social Security doubles to 12.4% until you hit the cap at $12400.

    In other words, Social Security taxes are extremely regressive and an actual tax on employement.

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