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White House admits Trump will benefit from tax bill

White House admits Trump will benefit from tax bill

(8:43) Donald Trump insisted for months that he would not benefit from the tax bill, but press secretary Sarah Huckabee-Sanders finally admitted that he will.

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Guest: (206 days ago)

The guy that said this will cause us to not have money for social security in the future doesn't know how the system works. Federal income tax has nothing to do with social security. When an American gets paid, they take money out of their paycheck for federal taxes (explained in this video), state income taxes, county income taxes, social security taxes, and medicare taxes.

In the case of social security, the employee pays 6.2% of their income and the employer contributes an additional 6.2% of the employees income for a total of 12.4%. This is above and beyond any federal income tax that is paid. This tax break cannot take money away from social security as that is taxed separately.

Medicare is taken out at 1.45% and the company contributes another 1.45% for a total of 2.9%.

I wish these liberals would know a little about the system before they act like they are experts. This is very basic information that every worker knows.

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The guy that said this will cause us to not have money for social security in the future doesn't know how the system works. Federal income tax has nothing to do with social security. When an American gets paid, they take money out of their paycheck for federal taxes (explained in this video), state income taxes, county income taxes, social security taxes, and medicare taxes.

In the case of social security, the employee pays 6.2% of their income and the employer contributes an additional 6.2% of the employees income for a total of 12.4%. This is above and beyond any federal income tax that is paid. This tax break cannot take money away from social security as that is taxed separately.

Medicare is taken out at 1.45% and the company contributes another 1.45% for a total of 2.9%.

I wish these liberals would know a little about the system before they act like they are experts. This is very basic information that every worker knows.

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Guest: (204 days ago)
Latest comment:

"liberals" lol like the Republicans understand tax

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Latest comment:

"liberals" lol like the Republicans understand tax

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Guest: Submitted as a guest (206 days ago)

"Drain the swamp" - he is such a *******************

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"Drain the swamp" - he is such a *******************

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Guest: politics==corruption (205 days ago)

Does this mean that each type of the income tax collected in ring-fenced so it can only be spent on specific things related to that type of income tax collected?

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Does this mean that each type of the income tax collected in ring-fenced so it can only be spent on specific things related to that type of income tax collected?

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Guest: (205 days ago)

State income tax is used by the individual state. County income tax is used by that specific county. Social Security tax is used to fund Social Security. Medicare tax is used to fund Medicare.

Social Security does get robbed by congress all the time though. Since Social Security has been so successful, congress has borrowed money from it to pay for other things. But that was always a loan and it must be paid back just like the other 17 trillion in debt.

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State income tax is used by the individual state. County income tax is used by that specific county. Social Security tax is used to fund Social Security. Medicare tax is used to fund Medicare.

Social Security does get robbed by congress all the time though. Since Social Security has been so successful, congress has borrowed money from it to pay for other things. But that was always a loan and it must be paid back just like the other 17 trillion in debt.

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