Page 9 - Social Security - Day 1 - To Today
P. 9
TAX GOBBLING PACMAN’S HORNS GROW LONGER
As the Social Security reform legislation of 1983 billions matured, the tax
gobbling PacMan was taking an every increasing bite out of the paychecks
of millions of working Americans. Excess Social Security retirement dollar
contributions were exceeding what was needed to fund social Security
retiree benefit obligations by billons of dollars annually; $181 billion
dollars in one year alone.
As more working Americans became eligible for retirement the Social
Security tax FICA was increasing, both in percentage terms, but also the
amount of annual wages subject to the FICA tax
1980 FICA was 10.16% of the first $25,900 - maximum $2.631 annually
1990 FICA tax - 12.40% of the first $51,300 - maximum $6,361 annually
2000 FICA tax - 12.40% of the first $76,200 - maximum $9,448 annually
2010 FICA was 12.40% of the first $106,800 - maximum $13,243 annually
2019 FICA was 12.40% of the first $132,800 - maximum $16,467 annually
OUR CHILDREN & GRANDCHILDREN DESERVE BETTER
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