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Joined: Mon Sep 01, 2003
6:59 pm
Posts: 22
Location: Boston
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Well, for the first time in my 50 years I will make
more this year than the cutoff amount for paying
into Social Secutiry ($90,000). This comes from
working more than 60 hours, every week of the year
(I do consulting on the side). Next year the amount
will be raised to $94,200 (a 4 2/3% increase). IF
I ever get to retire, then age will probably be
up to around 70 to collect benefits. Statistically,
a white male in the U.S. will live to be around
76. On both sides of my family, males die before
their 70th birthday. Suffice it to say, I will probably
never collect a dime of the multiple thousands paid
in. To date, Ihave never collected a dime of unemployment
or anything else. If my wife dies before I do, or
even after, not one thin dime of the money I paid
into SS in my lifetime will go to my kids or anyone
else in my family. The table below is from
the SSA website. They unabashedly present the numbers,
and boast of the Medicare tax having no income maximum
for contributions. This system comes from the same
Congress that budgeted for a $223,000,000 "Bridge
to Nowhere" in Ketchikan, Alsaka this year. They
also, in the debate over terminating analog TV transmissions
by December 31, 2008, want to budget $2,500,000,000
(that's right, $2.5 Billion with a B) to provide
set-top A-to-D converters for those people too poor
(but can still afford premium cable) to buy a digital
TV in time to see the 2009 New Years' Day football
games. They are also the ones who, in order to not
be called racists, couldn't wait to get in line
to promise that New Orleans would be rebuilt "better
than before" by spending, thus far, an average of
around $150,000 per home (and rising). So,
is my rant justified, or should I be happy to bend
over and take whatever the wise politicians give
me? Please vote in my poll (if it works).
Year Amount($) 1937-50 3,000 1951-54
3,600 1955-58 4,200 1959-65 4,800 1966-67
6,600 1968-71 7,800 1972 9,000 1973
10,800 1974 13,200 1975 14,100 1976
15,300 1977 16,500 1978 17,700 1979
22,900 1980 25,900 1981 29,700 1982
32,400 1983 35,700 1984 37,800 1985
39,600 1986 42,000 1987 43,800 1988
45,000 1989 48,000 1990 51,300 1991
53,400 1992 55,500 1993 57,600 1994
60,600 1995 61,200 1996 62,700 1997
65,400 1998 68,400 1999 72,600 2000
76,200 2001 80,400 2002 84,900 2003
87,000 2004 87,900 2005 90,000 2006
94,200 Tax rates of 1.45 percent for employees
and employers, each, and 2.90 percent for self-employed
persons, are applied to all earnings—without a taxable
maximum—under Medicare's Hospital Insurance program.
http://www.ssa.gov/OACT/COLA/cbbdet.html |
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