- Joined
- Dec 22, 2011
- Messages
- 49,112
Salt is limited to 10k deduction and if you are in San Fran you pay city tax as well. I can assure you there are taxpayers paying close to 46 percent that live in San Fran with bad comp structures that don't include preferentially taxed income. This includes fica but to ignore fica is an asinine argument.
You are also forgetting about 3.8 percent nii tax aka Obama care tax.
Are you kidding?
First, I didn't say to "ignore FICA", but to point out that it is not an income tax. When executives have FICA taken out, they don't act like it's an income tax. Unfortunately, the way that SE tax is presented on a 1040 confuses people and makes them think they are paying a higher income tax rate.
Second, I had to laugh at the NII tax. As if that applies to NIL cash. But nice try.