Word: socially
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Dates: during 1980-1989
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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...
...regressive because it does not apply to earnings over $48,000 per year. Nor does it apply to "unearned" income such as interest on bonds. Thus, Social Security takes a huge bite out of a minimum-wage janitor's paycheck, while it costs next to nothing for a lawyer with a six-figure salary or a Donald Trump who makes his money by shuffling assets...
Because so many people receive Social Security benefits, the FICA tax rate has soared in recent years. When the system began in 1937, the rate was one percent. Next year, it will be 7.65 percent...
...expect the rate to increase further. Today, the ratio of people receiving benefits to workers paying for them is one to 3.3. By the time Social Security begins dipping into its imaginary trust fund in 2030, the ratio will be one to two. If benefits are not limited, the workers who foot the bill for our generation's retirees will suffer an unconscionable burden...
...entire concept of our Social Security system is fundamentally flawed. What we need is a program to insure the elderly against financial need. If you're 65 or older and have financial need, the government sends you a check. Simple as that. This program should be paid for by increasing income taxes on the middle and upper classes and taxes on corporate profits...