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Political Discussion
Reply to "What Would You Be Willing to Do to Save SS?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Number two is a no-brainer. Yes, I like the bump up in my paycheck at the end of the year, but if I'm making that much already, I won't miss it that much either if I keep paying my FICA. [/quote] Yes, no limit on FICA tax. This never made any sense to me. [/quote] Well, let's try. FICA is capped at $118,500 So if you pay the max, you get the max benefit Proposals where the cap is removed and the max benefit is not raised convert SS into a welfare program If you make, say $418,0000 per year, you are looking at paying SS tax on $300K (an extra $18K per year) - with no added benefit. $1500 a month contributed to a welfare program, every month for the rest of your working life. [/quote]
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