Word: fica
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Dates: during 1990-1999
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...send to Social Security, might speculate on, say, cattle futures (without the helpful insider advice that Hillary Clinton got) or engage in similar recklessness. The we-know-better crowd are also worried that any partial privatization of Social Security might give the average Jill the heretical idea that those fica deductions from her paycheck belong to her and that she should control how all that money gets invested. This would, they said, undermine support for Social Security's lesser-known role as a safety net for the working poor and disabled. Senator Daniel Patrick Moynihan, the New York Democrat, predicted...
...forceful advocate of the idea that finally won: a 15% across-the-board cut in income tax rates over six years. The idea was so simple that a button touting it could say simply 15%--whereas, Abraham scoffed, a button for the other plan would have to read AGI-FICA, and even that would need detailed explication...
...plan would cut at least 2% from the FICA payroll taxes, which take 15.3% (employers pay half) of all earnings up to $53,400 a year. The tax is highly regressive, and its surpluses are used to pay for everything from food stamps to nuclear missiles...
Welcome to 1990: millions of American workers have by now ripped open their first pay envelope and discovered an unpleasant surprise: their take-home is less than it was in December. Reason: that line on the check stub labeled FICA, better known as Social Security, is taking a bigger bite than ever. A wage earner making $51,300 or more this year will pay the maximum $3,924 in Social Security taxes -- $320, or nearly 9%, more than...
...taxes (including their employers' matching contributions, which indirectly come out of workers' pay). Since a 1983 "reform" of Social Security, both the tax rate and the maximum income subject to tax have risen rapidly, ostensibly to set aside a fund for future retirees. For most wage earners, these rising FICA deductions have gobbled up more money than was saved by Ronald Reagan's popular cuts in income taxes. Since 1980, total federal tax collections remain virtually unchanged at 19% of national income...