Subject: TRUTH IN TAXATION - Eliminate Hidden Social Security Taxes Comment: The FICA taxes, which are based upon each individual's earnings, are split evenly between the individual and his/her employer, i.e., the actual amount paid by or on behalf of each individual is actually DOUBLE that shown on the individual's W-2. Perhaps most citizens would feel differently about Social Security taxes and/or the Social Security program if they realized that their contributions to Social Security were actually TWICE that shown on their W-2's. Why not simply require employers to increase each individual's Gross Pay by an amount equal to the FICA taxes currently paid by the employer and then deduct the FULL amount of the FICA taxes (the individual's AND the employer's current taxes combined) on their W-2's, resulting in the identical After-tax Income or Net Pay to that shown before the change? This would only require employers to make a simple bookkeeping entry, but would constitute a truthful presentation to each taxpayer of the true cost of their total annual Social Security contribution. There should be no income tax consequence to employers for this change. |