Reply #13: FICA

[FBI_Un_Sub]

LBJ diverted the FICA tax proceeds from the Social Security Trust fund to the General Fund. This was to "pay for" the Viet Nam war. Only supposed to be "temporary."

I would extend FICA to all Section 61 income (like all income)

§ 61. Gross income defined
(a) General definition
Except as otherwise provided in this subtitle, gross income means all income from whatever source derived, including (but not limited to) the following items:
(1) Compensation for services, including fees, commissions, fringe benefits, and similar items;
(2) Gross income derived from business;
(3) Gains derived from dealings in property;
(4) Interest;
(5) Rents;
(6) Royalties;
(7) Dividends;
(8) Alimony and separate maintenance payments;
(9) Annuities;
(10) Income from life insurance and endowment contracts;
(11) Pensions;
(12) Income from discharge of indebtedness;
(13) Distributive share of partnership gross income;
(14) Income in respect of a decedent; and
(15) Income from an interest in an estate or trust.



http://www.law.cornell.edu/uscode/uscode26/usc_sec_26_00000061----000-.html