President Obama’s FICA tax cut is still in effect I believe and will require progressively larger future Social Security payment reductions.
President Obama’s FICA tax cut is the most hard-hitting blow the federal safety net has ever received. People my age might see Social Security payout reductions of up to about 12%[8% employee/employer -> 6% employee/8% employer][16% total -> 14% total].
Actually it expired five or so years ago
“President Obama’s FICA tax cut is still in effect I believe and will require progressively larger future Social Security payment reductions.”
It was for two years 2011,2012 only. My mistake.
See comments at:
https://www.ssa.gov/OACT/ProgData/taxRates.html