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Non-Tech : Who Really Pays Taxes? -- Ignore unavailable to you. Want to Upgrade?

To: Bill who wrote (437)	8/18/2000 12:46:20 PM
From: broken_cookie	Read Replies (1) \| Respond to of 666

FICA tax maxes out somewhere around $70,000 in income.

To: Bill who wrote (437)	8/18/2000 12:52:07 PM
From: Lizzie Tudor	Read Replies (2) \| Respond to of 666

ha ha ha, you conveniently forget the employer match again? As if it "doesn't matter". You tricky conservatives - fortunately the facts are on my side... too bad for you! As you know, congress raised taxes about 11-fold, I mean an 11-bagger for fica, this rise took about 10 years and ended in 1994? or thereabouts. Medicare taxes had the cap completely eliminated amazingly. Prior generations had medicare taxes capped at some low dollar figure, 26,000 or so. They were unable or unwilling to cut fica taxes down to a reasonable amount given the demographic trends which they knew about for 30 years. So they had to make it up with this huge tax increase on new workers that the prior generations never had to pay. Maybe like the people on this thread, they chose to believe that the new group of workers starting in the 90s deserved to pay 11 times what prior generations did for fica - with less assurance they will get anything out - or else it would be considered a "handout".