27 Nov 2023 2:24 pm
I suppose with a little effort, an adult could explain to a child the "tax on your labor","payroll taxes", is not the scary monster living under your bed.Cannonpointer » 26 Nov 2023, 1:07 pm » wrote: ↑ On days that you do not work, does the employer pay that tax?
If so, it is a tax on him.
If not, it is a tax on your labor.
I cannot make it any simpler to comprehend. I suspect a kid could grasp it. I'm convinced adults will grasp it.
Most adults know that payroll taxes are an investment in a lifetime annuity and healthcare coverage at 65.
Is it really a tax on your labor when you receive all that money back plus a bonus? (If you live long enough)(we could use more taxes like that right?)The Employer gets ZERO benefit, only an added cost of doing business and of course gets passed onto the consumer. Suppose I should correct myself and say the employer portion is a tax on consumers. Sorry little guys, double **** for you.
The wife has a sweet little part time gig with full time benefits and she (or the employer) doesn't pay social security taxes. Is there a reason why her labor isn't taxed? Could it be possible that "tax on labor" is connected to something else? It only takes 3 brain cells to figure it out, luckily I have 4!
Sure, payroll taxes suck for those at the bottom. They should count their lucky stars such a program exists cause the odds of ending up a have not is pretty high. Those higher wage earners complain just as much, if not more, as I've done in the past. What could the wife and I have done with $578k in payroll taxes over the years? Turn it into millions or blow it in the casinos! I'm glad the benefit is there for us and anyone else. I'm enjoying the hell out of my tax on labor! Unfortunately people make bad decisions and have zero luck and FDR had the foresight to attempt a fix. Not perfect by any means.
I'll give you the win if you tweak that statement a bit to "tax on labor with benefits"
