Saturday, February 26, 2011

Dean Baker is wrong on the Social Security wage tax

Dean Baker claims Fact Check is wrong for treating Social Secutity taxes like any other tax on income.

Dean baker is of the Great Exogeneous, so he looks into the bible and finds the words "designated" ragarding the Social Secutiry deducton from wages. Unfortunately FICA tax law is written by Congress, who also write the bible for income taxes. It is that same wage channel they tax to cover debt service. The Supremes have already ruled that Congress will treat SS taxes like any other income tax.

 Here, from the 2010 tax relief:

§ Reduces the employee Social Security tax rate for wages paid in 2011 from 6.2% to 4.2%; the employer rate remains at 6.2% How did Congress do that if the tax was designated?

Tell that idiot to go read the bill. And tell that idiot we have the internet, the era in which he can spout bullshit and get away with it is gone. We know these economists are not scientists, we now fact check their claims

Remember, this is the same person who missed the great oil shortage.

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