James365 Wrote:
Jan 15, 2013 11:00 PM
15% is what they take out of your earnings. 7.5% employee /7.5%employer. The total FICA collected by the feds is 959 billion. Unfortunately, they payed out 1.2 trillion in social security benefits and medicare payments to seniors which is 283.7 billion more than they collected. This is the predicament Congress faces. They can't continue and yet people like you (and I) don't want to pay more taxes. The remedy will probably be to raise the age people receive benefits from 62 to maybe 66 which will mean you will work longer before retiring. Not my fault - I'm just saying.