Just like the income tax rates, the FICA tax/contribution needs a permanent change or we need to go back to the original rate. Having more temporary tax rate changes is a suicide path, sort of like poking yourself with a bullet hoping that repetition can overcome the slow rate of penetration.
Do the employers get a 2% reduction in their match?
If not, hell’s bell’s, where does their extra 2% go?
Does the employee still get credit for full salary or do they goose up the value of the dudctions to determine the salry on which to base the Social Security comes time to collect.
Inquiring minds want to know.
Can you say Cloward/Piven...
The 6.2% FICA tax/contribution being reduced by 2%...
Actually the 2 cents not collected on each dollar earned, is an almost one-third deduction in the amount collected from employed people for their FICA contribution. Not a 2 percent deduction.
It is a shame that the word percent is thrown around so easily. It helps politicians and salespersons to bamboozle the unsuspecting public.
Example: When the sales tax in MD was raised one percentage point from 5% to 6% it was called a one percent increase.
Actual increase out of people’s wallets: 16%