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$7500 free money for expensive new cars.
AMT reform.
401K/ROTH tax advantages that "working Americans" sometimes can't afford to participate in.
Waaaa Waaa give us back our SALT deductions.
The same predominantly BLUE Demographic is very Trumpy when it comes to these things. But ....why doesn't President Biden make FICA taxes fair? For years we've heard the usual 'Warren Buffet secretary pays a higher rate than he does" argument.
So in 2024, the FICA tax is capped at $168,000 or so and doesn't come back until 400k or so.
So.....some professional walking around at Whole Foods, all happy with himself for writing "15 an hour" on line.......and "fairness!" ..... if he's earning $200,000 per year, about 16% of his income is shielded from FICA tax.
While someone making far less has 100% of their income taxed for FICA.
How about President Biden insist, that there be *NO* donut, *NO* cap on income levels where it comes to FICA?