One year ago I had a letter published in this newspaper wondering when the government would stop robbing the Senior Citizens' Piggy Bank. In other words, how long would the payroll tax holiday last?|
We now know that it lasted two years, when job holders paid 2 percent less than previously toward the Federal Insurance Contribution Act (FICA), which provides funding for the Social Security Trust Fund.
Now that you who are currently employed are again required to pay 6.4 percent instead of 4.4 percent FICA taxes, commonly known as "payroll" taxes, many of you are grumbling about having to pay the customary contribution to your future Social Security pension. Why don't those of you who got the payroll tax break quit complaining and just be thankful that you were essentially given a bonus of 2 percent during 2011 and 2012?
During the two year payroll tax holiday, the Social Security Trust Fund lost billions and billions of dollars, meaning that it will run out of money to pay current and future Social Security recipients their pensions even sooner than expected unless reforms are made.
Please let your senators and representatives know that you want them to start looking for a solution to this looming financial fiasco sooner rather than later!