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Friday, October 14, 2005

Higher Payouts To The Kids Of The Greatest Generation

COLA increases to social security beneficiaries will result in taxpayers paying more next year. Per CNN Money:

The new wage level next year will be $94,200, up from $90,000 this year. That means the first $94,200 will be subject to the 12.4 percent Social Security tax, half of which is paid by workers and half by their employers. The self-employed pay the full 12.4 percent but may deduct half of that on their federal taxes.

It just keeps on going with only one end in sight-insolvency.

Thank, I think, to Bill Suda for that information.

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