Saturday, October 20, 2007

On Fixing Social Security

It's a shame that I'll have to pay $15,300 in FICA taxes next year, plus another $5,000 in Federal income taxes, since FICA payments are not deductible from income on my 1040 form. I will also pay at least $7,000 in income taxes on my income from Social Security. Oh, yes, plus state income taxes on the income I will use to pay FICA.

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