Wednesday, October 17, 2007

Funny How They Never Call It a "Tax Increase"

Since the government will be taking more from people's paychecks for Social Security, does this means that their benefits will go up?

The government also announced Wednesday that nearly 12 million wage earners will pay higher taxes next year because the maximum amount of Social Security earnings subject to the payroll tax will rise from $97,500 currently to $102,000. In all, an estimated 164 million workers will pay Social Security taxes in 2008.

No, their benefits will not be going up. And for my generation benefits will be non-existent since the fund will be bankrupt by the time I retire.

No comments: