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Politics : Bill Clinton Scandal - SANITY CHECK -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (30952)	1/29/1999 7:52:00 PM
From: cody andre	Respond to of 67261

The boomers made the laws. The Gen X-ers have their turn, they will implement theirs.

To: Lizzie Tudor who wrote (30952)	1/29/1999 8:15:00 PM
From: Les H	Respond to of 67261

It depends on when you entered the work force. The boomers who entered the work force in the 70's made out best since the indexing of the wage on which FICA tax was computed just started. The boomers who entered the work force in the 80's were less well off w/ respect to FICA tax since by then the wage basis for FICA tax had caught up to the median salary. The gen-Xers are even less well off since the retirement age is being moved up to 70 and the benefits are now being indexed using Diet Colas. In the future, Clinton and the Republicans may "fix" the system even more by applying UnColas. The people who made out best were the parents of boomers. They paid a low FICA tax on only a portion of their median income plus they got COLA increases in their benefits. Medicare is slated to go insolvent any day now. Clinton proposed a Dr. Pepper solution by directing 15% of "surplus" to prop a Medicare that can't fund itself.

To: Lizzie Tudor who wrote (30952)	1/29/1999 10:51:00 PM
From: Brian Sullivan	Read Replies (1) \| Respond to 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.