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You are correct Richard. This was probably due to a congress that could
not control its appetite for spending (same song today). It seems to me
this increase was to fund a trust fund to ensure ample $$$ in the SOCIAL
Security program. I bet we all feel secure now!
The tax cuts were for the "marginal tax rates" and the capital gains.
Your "marginal tax rate" probably declined only to be offset by these
innocuous tax increases.
Others have responded saying the same things you've just said. I am
grateful for the correct information.
Richard Mateosian writes:
+ >"Taxes were cut under the Reagan administration."
+ This may have been true for you, but those of us who work for a living got
BEWARE OF SUBLIMINAL MESSAGES, BEWARE OF SUBLIMINAL MESSAGES ...
+ hit with a whopping increase in social security taxes. As a self-employed
+ consultant, I paid nearly twice as much in self-employment taxes (form 1040,
+ line 47) as I did in income tax (line 46).
+ If you're an employee, you pay a little less, since your employer pays some
+ of that. You may not notice how big your part is, because you pay it
+ "painlessly" through withholding. ...RM
Joe Fockler "Success is when those who know you best
Interphase Corporation love you the most."
Dallas, Texas 75234
jfockler -at- iphase -dot- com
"Great works are performed not by strength
but by perseverance."
-- Samuel Johnson
"Success is going from failure to failure
without loss of enthusiasm."