Welcome to 1990: millions of American workers have by now ripped open their first pay envelope and discovered an unpleasant surprise: their take-home is less than it was in December. Reason: that line on the check stub labeled FICA, better known as Social Security, is taking a bigger bite than ever. A wage earner making $51,300 or more this year will pay the maximum $3,924 in Social Security taxes -- $320, or nearly 9%, more than in 1989.
In fact, 3 out of 4 Americans now pay less in federal income taxes than in Social Security taxes (including their employers' matching...
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