Comments on: How Will FICA Affect Your Paycheck? http://www.taxresolution.com/blog/how-will-fica-affect-your-paycheck/ Your Complete IRS Tax Resolution Resource Fri, 13 Jan 2012 21:15:47 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Chad Bordeaux http://www.taxresolution.com/blog/how-will-fica-affect-your-paycheck/comment-page-1/#comment-1570 Chad Bordeaux Fri, 23 Jan 2009 00:40:29 +0000 http://www.taxresolution.com/blog/?p=433#comment-1570 This is just one of the many angles that taxpayers will be hit with Obama tax increases. This is one of several that will without a doubt hit below the $250,000 threshold that Obama "promised" since it hits people with incomes over $102,000. The thing that bugs me is that they assume that everyone with a high income is "rich" which is seldom the case. Most of these people also have very high liabilities and do not have an extra $30,000 to $50,000 of cash flow to put towards taxes. They are putting this money toward debts - both business and personal - and using it for other means to create the income in the first place. This is just one of the many angles that taxpayers will be hit with Obama tax increases. This is one of several that will without a doubt hit below the $250,000 threshold that Obama “promised” since it hits people with incomes over $102,000.

The thing that bugs me is that they assume that everyone with a high income is “rich” which is seldom the case. Most of these people also have very high liabilities and do not have an extra $30,000 to $50,000 of cash flow to put towards taxes. They are putting this money toward debts – both business and personal – and using it for other means to create the income in the first place.

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