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Old 11-26-2011, 10:08 AM
stephanie stephanie is offline
Join Date: Dec 2007
Posts: 3,921
Default Re: Values Added: The Whirligig of Time (Glenn Loury & Walter Russell Mead)

Originally Posted by T.G.G.P View Post
I agree with Mead on "shifting" taxes but I found it odd he said "payroll tax", so does that not include the income tax?
Why odd?

The payroll tax=FICA. Specifically, the tax that pays for SocSec and Medicare. It's a flat 7.5% paid by employees on the first $107,000 of income (I think -- I'd have to confirm the current cap), plus an identical amount paid by employers. When people talk about the federal income tax (as in the claims that 47% of Americans don't pay it), payroll taxes are generally excluded. When they are included, our tax system looks a lot less progressive.
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