Lobato1
Mayor
Since they are coughing up payroll taxes.
BTW:
"Payroll tax refers to 2 different kinds of taxes. The 1st kind is the withholding tax & often covers advance payment of income tax & social security contributions. The 2nd kind is a tax that is paid from the employer's own funds & that is directly related to employing a worker, which can consist of a fixed charge or be proportionally linked to an employee's pay. The charges paid by the employer usually cover the employer's funding of the social security system."
Ergo: Basically, wages withheld for taxes are payroll tax. But it's also possible to pay payroll tax without having income tax withheld. In that case, money is withheld from paychecks to help finance the costs of employing the worker, & this can include Social Security & Medicare, but not necessarily income tax.
It's that latter class of people that make up the 28.3% in the chart above & that generally speaking the Mitt Romney’s will ignore from his America.
In addition the Tax Policy Center estimates that 4,000 households with incomes over $1 million ended up with zero federal income tax liability in 2011. Another 14,000 made between $500,000 and $1 million.
But their presence in the No Tax Club underlines the fact that the tax code is chock full of tax breaks & exceptions benefiting people up & down the income scale.
My Reference: http://money.cnn.com/2012/09/18/pf/taxes/romney-income-taxes-millionaires/
Sad.
Best Regards
Lobato1
