Change the FICA Tax for Individuals


P

Paul Berg

Change the FICA Tax for Individuals

For individuals, "taxable income" (2003 Form 1040, Line 40)
would become the starting basis for the FICA tax, instead of
just earnings and self-employment income.

The FICA tax that employers pay on employees' earnings would
remain unchanged.

I would like to keep, as much as possible, the amount
collected from self-employed individuals fair. Therefore, I
would keep the self-employment tax unchanged, but cut the
rates in half.

Also, as of now, the self-employed individual gets as an
"adjustment to income" (2003 Form 1040, Line 28) an amount
equal to one-half of their self-employment tax. I would
change this to a refundable tax credit, The amount of the
credit would be one-half of the self-employment tax times
their maximum individual income tax rate.

These tax changes would reduce the social security tax
burden on working class families.

Also, it would spread more fairly the cost of social
security system burden to the class of wealthier individuals
in our nation. Who have pay little or nothing, when compare
to amount of the burden bourne by the working class
families.
 
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L

Lynn Guini

Paul Berg said:
Change the FICA Tax for Individuals

For individuals, "taxable income" (2003 Form 1040, Line 40)
would become the starting basis for the FICA tax, instead of
just earnings and self-employment income.

The FICA tax that employers pay on employees' earnings would
remain unchanged.

I would like to keep, as much as possible, the amount
collected from self-employed individuals fair. Therefore, I
would keep the self-employment tax unchanged, but cut the
rates in half.

Also, as of now, the self-employed individual gets as an
"adjustment to income" (2003 Form 1040, Line 28) an amount
equal to one-half of their self-employment tax. I would
change this to a refundable tax credit, The amount of the
credit would be one-half of the self-employment tax times
their maximum individual income tax rate.

These tax changes would reduce the social security tax
burden on working class families.

Also, it would spread more fairly the cost of social
security system burden to the class of wealthier individuals
in our nation. Who have pay little or nothing, when compare
to amount of the burden bourne by the working class
families.
what you call "fair" I call "theft".
 
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H

Harlan Lunsford

what you call "fair" I call "theft".
Naw.... "theft" is too harsh a term. What about...
redistribution of income?

Darn; gotta stop watching the news from Boston.

ChEAr$,
Harlan Lunsford, EA n LA
 

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