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Politics : Bill Clinton Scandal - SANITY CHECK
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To: Lizzie Tudor who wrote (30952)1/29/1999 10:51:00 PM
From: Brian Sullivan  Read Replies (1) of 67261
 
The reason that the post Boomers pay over 3 times what the Boomer did is as follows:

The FICA tax rate was raised to 7% in the early 80's from around 4% in the early 70's (I think of this as the big Reagan Tax increase)

and

The amount of income subject to FICA tax has doubled from less than 30K in the 70's to more than 66K today

Thus people in the 70's maxed out by paying around $1,200 or $2,400 if you include the employers share (which you should)

Today many people pay FICA taxes of over $4,600 ($9,200) each year.

What really is the worst deal of all today is for a married couple with both people earning 66K or more. These people pay nearly $20,000 a year into FICA and the FICA benifits for married couples are pratically the same whether or not the 2nd spouse works. So these people are basically total ripped off by the FICA tax.
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