This is an excellent article. I have been retired for several years and just could not figure out what the 15.3% included. I thought Cain was talking Fed Tax. The more we check into Cain the more we find out he has a problem with the truth. He may not be a career politician but he sure is acting like one.
“I have been retired for several years and just could not figure out what the 15.3% included. I thought Cain was talking Fed Tax. The more we check into Cain the more we find out he has a problem with the truth. “
Unless you are an idiot, Cain is telling the truth. Money the employer pays ‘on your behalf’ in taxes is money that would go to YOU if it wasn’t for the tax. The only reason SS taxes are split is so the idiot employee - you, in this case - won’t realize that the tax is actually costing him over 15%.
How does it feel to be stupid?
Cain is telling the truth. The social security tax is 15.3%. The employee pays half, and the employer pays the other half, which is money that he may otherwise be able to pay to said employee in salary.
Ergo, it is a 15% tax.
Self-employed people pay the entire 15.3%.