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Old 11-13-2007, 06:27 PM
riverdance riverdance is offline
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Join Date: Jan 2005
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Default Re: Warren Buffet\'s Stance on Taxes

fica taxes are 7.65% (6.2% soc security + 1.45% medicare) on all wages up to approx 95k. wages above 95k are only taxed at 1.45% (the medicare portion)

therefore, somone earning 50k pays a higher percentage of his total income in FICA taxes than someone earning 250k.

but one could argue that this discrepancy is more than made up by the fact that INCOME taxes are far less as a percentage of ttoal income for the 50k person vs the 250k person
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