Tag Archives: FICA

Federal Reserve is now big part of National Debt for bailing out banks; Social Security $$ not owed to us?

What government pretends to owe…

National DebtThe Social Security Trust Fund of some $2.8 trillion is often listed in charts – such as the one above – as part of the National Debt. This particular graphic, the latest available, is from the Federal Reserve, an institution that is part of the huge debt and is owed $2.465 trillion by taxpayers.

The difference between the Social Security “debt” and the Fed debt is an amazing accounting sleight of a sharp pencil. Continue reading →

H-2A workers don’t pay Social Security (FICA) tax, neither do the millionaires who are exploiting them

Foreign agricultural workers temporarily admitted into the United States on H-2A visas are exempt from U.S. Social Security and Medicare taxes on compensation paid to them for services performed in connection with the H-2A visa. This is true whether they are resident aliens or nonresident aliens.

In addition, compensation paid to H-2A agricultural workers for services performed in connection with the H-2A visa is not considered to be “wages” for purposes of federal income tax withholding, and thus is not subject to mandatory withholding of U.S. federal income tax…Internal Revenue Service

More than 160,000 new temporary (up to three years extension allowed) workers were issued H-2A Visas last year, with about half of those going to Georgia, North Carolina, Florida, Washington and California. Their employers did not pay the company share (6.2%) for FICA (Social Security) or Medicare tax (1.45%). Their bosses didn’t even withhold income taxes, making net pay almost the same same as gross pay. Continue reading →

Primary debates hide questions on Social Security! If we knew their actual plans, nearly all would lose

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Republican candidates for President have avoided using the Primary debates to explain their plans for Social Security. Exceptions include Chris Christie, who saw his ratings collapse after publicly urging that the retirement age be hiked, and Donald Trump, who said he would not cut benefits.

Ben Carson has not settled yet on a stance, except to remind us that life expectancy has increased. As a doctor, he must realize that today, fewer babies die at birth and feeble seniors are kept alive, but not active, for decades.

On the Democrat side Hillary Clinton and Bernie Sanders want hikes in benefits for lowest earners and some kind of increase in the payroll wage tax cap.

First, the GOP.

  • John Kasich, Ted Cruz, George Bush and Marco Rubio all want to raise the retirement Continue reading →
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