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Payroll Tax, Get Informed!
Submitted by Bayhuntr on 7. September 2010 - 13:21
Technically we pay about 7% of our pay check into Social Security and the employer matches that with 7%. The employers 7% is part of the employees compensation package, employers paid for that tax when Reagan jacked it up by lowering other pay and benefits of the employee. Giving the employer a "Payroll tax Holiday" you are taking money, that 7% of your pay package, from the employee and giving it to the busyness. I reality, the emplyee pays 16%, it's not the employers money.
Giving the employee a payroll holiday and refunding the portion the employer paid directly back to the worker is what needs to be done. Keep the employer out of it.
Comments
I don't think they only meant FICA when they say Payroll Tax Holiday. They may want you to think they're only talking about FICA (Federal Insurance Contributions Act), but they'll want FUI/FUTA, SUI, SDI and maybe even Workers Comp - all of which are commonly classified as Payroll Taxes (because they relate to taxes based on Payroll).
These are all funds paid into for when various circumstances lead to not being able to work. All worked out long ago, and accepted as fair and just the cost of doing business.
My personal thought is that we should be making use of the Windfall Profit Tax. It's still on the books, but nothing has been classified to qualify for it.
I can make myself available to oversee it if need be.
The first "class" I'd assign for the Windfall Profit Tax, would be the group who has so much extra profit - which they have demonstrated by paying large sums to lobbyists and political funds - in an attempt to reduce their fair share of taxes.
Because groups that pay to send doctors on vacation just so there's no one around to treat other people's sick children - deserves to have the full weight of an indignant government all over them.