Tax With holdings OOPS

[beeker]

http://news.yahoo.com/blogs/lookout/anderson-cooper-misstates-key-fact-taxes-during-gop-170555442.html

Cooper made an error on his question, but the less expected statement in the article is this:

Payroll taxes are supposed to fund Social Security and Medicare, but for years the government has taken in more Social Security taxes than is needed to pay benefits, and has spent the money on other government programs.

 

[redcap]

beeker, the link doesn't seem to work down south.

[beeker]

The link errors out when it is posted, it may be retsricted from linking, sorry.  Cooper asked Bachman, during the GOP debate, about those people who don't pay taxes and the article brings up that many people still pay payroll taxes, for SS and Medicare, while getting most, all or even more then what was withheld, as a refund.  I like the statement about excess SS funds being used for other then SS.

[redcap]

I understand. The program would be very solvent if it had never beed raided.

[yoyo]

It is funny that Zach Ross decides to call out Cooper in this piece, when Bachmann has also been "misstating" these same key facts for a long time now:

“Part of the problem is today, only 53% pay any federal income tax at all; 47% pay nothing,”

"The top 1 percent of income-earners pay about 40 percent of all taxes into the federal government."

[redcap]

25% or 40% I find it ludicrous to say they should pay their fair share.

[pbal]

It is funny that Zach Ross decides to call out Cooper in this piece, when Bachmann has also been "misstating" these same key facts for a long time now:

That's because 47% of people actually believe what Cooper tells them.

[beeker]

25% or 40% I find it ludicrous to say they should pay their fair share.

It's just buzz words for emotional effect.  Kind of like not passing the Jobs Bill will result in firing Cops and Teachers, yet other parts of government will hire 10 people to do a 5 man job.