Chances are, if you were to pull out your latest pay stub, you would see two important lines among the list of taxes taken out of your wages: FICA and MEDFICA. If you were to do the math, these two lines, standing for...
Scott Hodge on the Debt Ceiling, Deficit Spending and Federal Taxes
Tax Foundation President Scott Hodge discusses the current negotiations between Congress and the White House over the debt ceiling and the federal budget process. He also answers caller questions on the burden of the federal income tax and whether U.S. corporations and high-income households are paying their "fair share" of taxes.
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