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Apr 21, 2012

NASI Wants To Phase Out Reduction In FICA Tax Over 11 Years

     The F.I.C.A. tax that supports the Social Security Trust Funds has been temporarily reduced by 2% because of the recession. The difference is being made up out of general revenues. The 2% reduction is set to end at the end of this calendar year. The National Academy of Social Insurance (NASI) is promoting a plan to phase out the 2% reduction over 11 years.
     Eleven years!!?? I hope the recession that brought about this reduction is over long before then.

3 comments:

Anonymous said...

Per the link, not just phase out the reduction, but also impose an increase.

Anonymous said...

They need to end the reduction now. The extra $16.00 I get per pay check isn't worth the damage it's doing to the SSA system. I wouldn't be opposed to paying even an extra $16.00 either.. I know I'm asking for the impossible here but then I would like the Govt to quit wasting money.

Anonymous said...

@ anon 1:13...agreed. I don't mind paying taxes. However, I do mind when my tax dollars are wasted. I'm tired of seeing SSI recipients with 6 kids roll up to Target in the Escalade and have each kid by an Xbox game.