Re: On Government Trust Funds
- From: "tonyp" <tonyp@xxxxxxxxxxxxx>
- Date: Tue, 23 Aug 2005 21:44:05 -0400
"William F Hummel" <wfhummel@xxxxxxxxxxx> wrote
> However an IOU of the Treasury to a government trust fund is simply a
> bookkeeping entry unrelated to the financial wealth of the private
> sector. The private sector cannot sell or cash out trust fund assets
> because they are actually owned by the government.
I can accept this definition as long as we agree that FICA is a tax, pure
and simple. But you might have an argument with those Republicans whose
propaganda in the class war is that the top X% of income earners pay Y% of
all income taxes. They invariably do _not_ count FICA as an "income tax".
-- TP
.
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