Would you call this waging war on seniors?

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Doctor Steuss
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Re: Would you call this waging war on seniors?

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Hawkeye wrote:
Tue Sep 06, 2022 8:41 pm
What percent of our income tax goes to SSI benefits? Is social security tax still around 10% of our income?
For employee income tax, it's still the same rate it's been since 1990. 6.2%. The only thing that's changed is the base, which for 2022 is $147,000 (which, incidentally, is a lower year-over-year increase than any fiscal year under the Trump presidency).
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Res Ipsa
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Re: Would you call this waging war on seniors?

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Doctor Steuss wrote:
Tue Sep 06, 2022 9:10 pm
Hawkeye wrote:
Tue Sep 06, 2022 8:41 pm
What percent of our income tax goes to SSI benefits? Is social security tax still around 10% of our income?
For employee income tax, it's still the same rate it's been since 1990. 6.2%. The only thing that's changed is the base, which for 2022 is $147,000 (which, incidentally, is a lower year-over-year increase than any fiscal year under the Trump presidency).
Total FICA tax for an employee is 6.2% of gross income.

Because of deficit spending, computing SSI expenses as a percentage of only income tax would be misleading. Total SSI payments in 2020 represented about 1.5% of total federal spending.

Correction: .8% of total federal spending; 3.5% of discretionary spending.
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Doctor Steuss
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Re: Would you call this waging war on seniors?

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Res Ipsa wrote:
Tue Sep 06, 2022 9:13 pm
Doctor Steuss wrote:
Tue Sep 06, 2022 9:10 pm

For employee income tax, it's still the same rate it's been since 1990. 6.2%. The only thing that's changed is the base, which for 2022 is $147,000 (which, incidentally, is a lower year-over-year increase than any fiscal year under the Trump presidency).
Total FICA tax for an employee is 6.2% of gross income.
Doesn't FICA include Medicare tax? If so, I think that would bump total FICA to 7.65%.
Because of deficit spending, computing SSI expenses as a percentage of only income tax would be misleading. Total SSI payments in 2020 represented about 1.5% of total federal spending.
Thank you. In my haste to torpedo low hanging fruit, I not only misinterpreted the question, but also took to answering it lazily (and, admittedly, embarrassingly shallowly).
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Res Ipsa
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Re: Would you call this waging war on seniors?

Post by Res Ipsa »

Doctor Steuss wrote:
Tue Sep 06, 2022 9:19 pm
Res Ipsa wrote:
Tue Sep 06, 2022 9:13 pm


Total FICA tax for an employee is 6.2% of gross income.
Doesn't FICA include Medicare tax? If so, I think that would bump total FICA to 7.65%.
Oops. :oops: You are correct. I should have said Social Security and not FICA.
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When I go to sea, don’t fear for me. Fear for the storm.

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