[quote]Of course Warren Buffett will not complain about an increased payroll tax, since he only draws a paultry salary; he makes his money off long-term capital gains (not this year….).
Same with Bill Gates, Larry Ellison, etc. The payroll tax only effects persons who are in the processing of earning the income directly and have no choice but to take it as income instead of capiatal gains (a real racket is hedge funds and vc funds, who also manage to make all theeir money through capital gains to avoid income taxes).
The medicare portion of the payroll tax (2.9% for self-employed) already has no limits. But only “payroll” people pay it.
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Isn’t this one reason why some ceo’s take the $0 salaries. So they don’t need to pay for SSS taxes?
