Word: fica
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That honor goes to the regressive, unfair system of payroll taxes that pays for those benefits. All wage-earners in America are required to kick in 7.51 percent of their earnings (the FICA tax) to the Social Security system. Even those workers who are so poor that they are exempt from the federal income tax have to pay the full FICA tax--no exemptions or deductions...
...FICA tax is unfair not only to workers, but to their employers as well. Every business must match the FICA contributions of the workers on their payrolls, whether or not it makes a profit. So when profits are down, the incentive is all the greater to lay off workers...
...entrepeneurs who own their own businesses are hit twice. They have to pay FICA taxes on the salary they pay themselves, and then match their own contribution...
...There is a Formula One event currently scheduled for June 13, 1982 in Detroit that is in jeopardy," he says. "The reason is that FICA has upped its demands for prize money from 1.25 million to two million, and the organizers just can't pay it. Also, I think--and you have to check on this--that the Spanish Grand Prix and Austrian Grand Prix are off the 1982 schedule as well for the same reason. Two million dollars is just unreasonable--no track in the world will pay that...
Aldenhoevel says Caeser's Palace has signed a contract with FICA to run a United States Grand Prix in Las Vegas for each of the next four years. No other racing will be done at the site; the track will be torn down and reconstructed every fall...