Quote:
Originally Posted by manaboutown
IMHO FICA is money confiscated from our wages yet we pay tax on it as if it was income we actually received and pocketed. Then four or five decades later when we receive promised payments many of us have to pay tax on those payments. In addition if we have sufficient income our social security payments are significantly reduced by the notorious IRMAA which radically increases our medicare premium at no additional benefit whatsoever.
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And to add further insult, there was no cap on our wages for the Medicare taken from our hard earned paychecks.