Saturday, April 19, 2008

Fixing the Internets

Larry Kudlow:

Uncapping the payroll tax reveals still another cultural misstep by Sen. Obama. He apparently has a difficult time understanding that nowadays, a veteran fireman or a veteran cop, married to a veteran schoolteacher, will make well over $100,000. In fact, they can make close to $200,000. Yet Obama still wants to go ahead and tax both the first and last payroll dollar of this group at a very high marginal tax rate by uncapping the Social Security (FICA) tax.

The FICA cap is an individual cap, unaffected by income earned/payroll taxes paid by your spouse.

(ht reader js)