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