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Thursday, Apr 24, 2014
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PRAIRIE GROUCH  
GRAND PRAIRIE TX  
August 13, 2012 4:42am
 
One Voice...The disability trust fund is a different
fund. It was started in 1958 with tax rate of 0.25
percent. The disability tax rate is now 0.9 percent.
That's almost an increase of fourfold. This fund will
run out of surplus funds around 2016 and by law cannot
access any source except what is being paid in by
current taxpayers. This will result in an estimated
21 percent cut in benefits. Of course this cut can
be avoided by increased taxing of current workers.
Do you think the screeching of maybe 10 or 11 million
people on the disability rolls will get the attention
of the political operatives ? FYI, the payroll tax
percentages are 5.3 for social security, .09 for
disability and 1.45 for medicare.
Since we are talking about fair share, it should
be point out that the initial maximum annual contribution to
the Medicare was $23.10 or less than $2.00 per month.
The maximum annual contributions for the first twenty
years added up to be a grand total of $3922.00 which
amounts to an average of $16.34 per month. By 1993,
the annual maximum tax had increased to $1957.50.
After 1993, the salary cap was removed and some
people pay more than the 1993 amount.
Assuming an average life span, both you and your
spouse should recover your personal contributions
easily and almost if not all of your employer
contribution. Of course, many couples are drawing
checks based on one worker's taxes. I'm sure that
such couples paid their fair share when compared to
a single taxpayer who earned the same income. Two
checks versus one check for the same contribution....
sounds fair to me.
     
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