Quote:
Originally Posted by TMI Guy
The FICA rate had previously been 6.2%; the reduction to 4.2% was a temporary measure. Anyone who was informed about the matter knew that it was scheduled to revert to the 6.2% rate at the beginning of this year.
Whether or not future SS benefits are "phantom" or not is a matter of debate, but I can tell you one thing for sure: the less money that is paid into SS (i.e. the FICA tax that employees and employers pay), the less chance there is that you'll get the benefits that you think you're entitled to. Wanting to pay less money and get the same benefits is not a sustainable financial strategy, folks.
Edited to add: this article from Forbes does a really good job of explaining it.
http://www.forbes.com/sites/anthonyn...-tax-increase/ |
Sounds like a cheerleader for higher taxes.....just a reminder,SS is not a benefit that we "think" we're entitled to.It is OUR money....contributed over a lifetime of working........this is why we don't have a political thread on the forum.