question
dear intarweb, what is a payroll tax?
the reason i ask is from this article which has a speech from algore:
For the last fourteen years, I have advocated the elimination of all payroll taxes including those for social security and unemployment compensationand the replacement of that revenue in the form of pollution taxes principally on CO2. The overall level of taxation would remain exactly the same. It would be, in other words, a revenue neutral tax swap. But, instead of discouraging businesses from hiring more employees, it would discourage business from producing more pollution.
excluding the fact i have no idea what a payroll tax is, this sounds like a good idea. i'm super-cereal.
I looked online and got it defined as: "Payroll taxes are the state and federal taxes that you, as an employer, are required to withhold and/or to pay on behalf of your employees. You are required to withhold state and federal income taxes as well as social security and Medicare taxes from your employees' wages.
So payroll tax is federal income tax + state income tax + social securty + medicare taxes? If so, what impact does abolishing payroll taxes have on me?
very confused, clarification is much appreciated.
. . .
did you know the senate is quietly voting to let bush off the hook for illegally wiretapping? greeaattttt.
. . .
and a funny south park episode, featuring algore's "manbearpig," the "half-man, half-bear, half-pig" beast that threatens humanity ...
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BrianR (guest)
This type of public support is important for Corporations to pay because it is a hedge against the gambles they take. Especially publicly traded companies. Executives of companies make tough decisions all the time that can have dramatic effects on the lives on lots of people. Owners of companies who profit from such risk can not put the lives of others in the pot when they take risk. Its against the law and should stay that way.
This is one reason I believe we have payroll tax. The 1099 tax form you may have gotten paid with as an independent contractor, very popular in the Tech industry, allows employers to have full time staff WITHOUT paying payroll tax. ALL tax burden with a 1099 is on the individual NOT the company that hires them. Shee bang a big ole' unethical loophole in state tax law!
I think this is what John Kerry was talking about when he cryptically mentioned the loop hole in Corporate taxes. In short 1099s are evil!
I'm not surprised to see that Gore suggested removing corporate payroll tax. It demonstrates the extent that both major political parties are corrupted by corporate money. What about the workers? I love the environment, heck i live in it, but you can't take away the safety nets of working people!