Why dont we hear about FICA in the Social Security debate

[pk_du]

...because the "I" stands for "Insurance"...a word that gives the whole game away!....its an Insurance program - by definition , not meant to put at risk in the "market".

What's FICA again?



Under the Federal Insurance Contributions Act (FICA), 12.4 percent of your earned income up to an annual limit must be paid into Social Security, and an additional 2.9 percent must be paid into Medicare.

There are no earned income limits on Medicare taxes -- so even if your salary is well above the cap for Social Security tax, you will still owe Medicare tax on your total earned income.

If you're a wage or salaried employee, you pay only half the FICA bill (6.2 percent for Social Security + 1.45 percent for Medicare), and the tax is automatically withheld.

Your employer contributes the other half.

For most people that means 7.65 percent of their paycheck is withheld and their company pays another 7.65 percent on their behalf.

If you're self-employed, however, you're expected to cough up both the employee and the employer share of FICA. You are, however, permitted to deduct half of this self-employment tax as a business expense.


http://money.cnn.com/pf/101/lessons/18/page3.html

[Vincardog]

1. Why doesn't any one know that aWoL has been looting FICA as long

as he has been on the thrown? Social Security is the only thing about the Federal Government that Bu$hco has not managed to destroy YET. WE have to stop this Piritization.

[whistle]

2. Correct, but the fat-cat rich DO NOT want to pay their share....

...which is half the total deduction. That means they will pocket that money. The balance, our share they want to hold in various funds and accounts which they would raid from time to time, calling it market downturns. Once again, the rich look for the free ride and in this case trillions of free dollars.

[olacan]

3. Did

Clinton at one time want to invest SS funds in the Stock Market? Maybe it is just my mind failing.

[Inland]

4. I think that was an idea thrown around once but not proposed

by Clinton.

I think there was some question about investing the government money ses after the debt was lowered by Clinton's amazing surpluses.