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Article: This is the season for Social Security reform.
- Article from:
- The National Public Accountant
- Article date:
- April 1, 2005
- Author:
CopyrightCOPYRIGHT 2005 National Society of Public Accountants. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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As CPAs, we have a responsibility to speak out about FICA taxes. Social Security payroll taxes are collected under authority of the Federal Insurance Contributions Act (FICA). The payroll taxes are sometimes even called "FICA taxes" or "Social Security taxes."
As a baby boomer, I am marked under President Bush's proposal for Social Security for benefit reduction, though the Social Security system is completely financed through 2042. Nevertheless, a part of the benefits I was promised--financed by FICA taxes and collectable under the existing Social Security system--could be taken away.
Am I being subjected to discrimination based on my age? Should our ...