The Social Security tax, like the Medicare tax,
is withheld from an employee's paycheck under the
Federal Insurance contributions Act (FICA). It
is combined with the mandated employer contribution
and paid directly to the U.S. government. The
tax is assessed at a fixed rate on all income up to
an upper limit.
The Social Security tax is a presumed payment to
fund the retirement of an employee. Since
Congress has long since spent the money in the Social
Security fund, present workers paying the tax are
directly funding the retirement payments of current
retirees. In the near future the number of
retirees drawing Social Security payments will far
outnumber employees supporting them and unless
Congress starts making provisions to solve this
problem soon the program will collapse. There is
not much time to act as the deficit in the Social
Security system will be in the trillions of dollars.
President Bush attempted to begin solving the
problems facing Social Security by opening up some of
the mandated payment to personal investment accounts.
Unfortunately, the Democrat controlled Congress would
have none of it and the looming system deficit is
still fast approaching with no solution in sight.
It is already beyond the ability of the Social
Security tax to save the system regardless of the
amount of the tax.
For example, the English historians rage at the suggestion that the histo...
J.K. Lasser's Your Winning Retirement Plan by Henry K. Hebeler Amazon Price: $22.45
Customer Review: I was fortunate to meet Mr Hebeler in 1995 at an economic summit during which he explained the difficulties of retiring.
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• Many Americans Tap Into Social Security Too Early Science Daily
Many older Americans may be shortchanging their golden years by tapping into Social Security too soon, according to an expert who has studied the federal retirement program for nearly two decades.
• New Guide Explores Making The Most Of Social Security EurekAlert
University of Illinois at Urbana Champaign Many older Americans may be shortchanging their golden years by tapping into Social Security too soon, according to a University of Illinois expert who has studied the federal retirement program for nearly two decades.
• New Guide Explores Making The Most Of Social Security PhysOrg
Many older Americans may be shortchanging their golden years by tapping into Social Security too soon, according to a University of Illinois expert who has studied the federal retirement program for nearly two decades.
• More Social Security Pages Heritage Foundation
Regardless of whose numbers you use, Social Security needs to be fixed. This makesSen. John McCains RAZ promise to deal with the programs coming deficits early in his administration, as well as Sen. Barack Obamas DIL understanding of the programs fiscal situation, welcome news.
• Security Matters: How To Create The Perfect Fake Identity Wired News
Let me start off by saying that Im making this whole thing up. Imagine youre in charge of infiltrating sleeper agents into the United States. The year is 1983, and the proliferation of identity databases is making it increasingly difficult to create fake credentials. Ten years ago, someone could have just shown up in the country and gotten a drivers license, Social Security card and bank
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