I thought everyone had to pay social security and medicare,....All my life the Democrats said SS, Medicare was NOT a tax, it was a contribution. Now, when they want to destroy both, they ask for a cut in the payroll tax. Why am I confused?
Life is confusing, and then, when you start to get it figured out a bit, you die.
Everyone pays social security and medicare if they are ordinary working stiffs. But those who manage to make an income from rents, royalties, dividends, interest, capital gains (and ?) are exempted from this obligation, getting an instant 15.3% tax cut as compared to the ordinary riff-raff. Also, if you have a really good job and make over $110,100 in 2012, you won’t owe payroll taxes over that amount. Once again, it pays not to be a regular working guy. What a shock...