GEOG-130 Lecture Notes - Lecture 12: Federal Insurance Contributions Act Tax, Baby Boomers
16 Oct 2020
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Currently the rate is 6. 2% on wages up to ,500 (anything above this wage amount is non-taxed) This affects poorer and middle class america. Presently ss tax is only paid on the first 118,500 of wages. If the wage number increase this would kill the richer americans. Rural countries have the highest percentage of dependency on social security whereas larger cities have the least dependency on social security. Changing face of poverty in the u. s. , 1967 - 2010. There is a reduction in poverty amongst seniors and a rise amongst younger american. So, reducing ss payments will likely lead to increased poverty amongst the seniors and the disabled. How to fix the aging population problem: increase fertility, import labor force. Germany - aging population: has open borders and welcomes young foreigners to come. Europe as a whole: aging pop because: emigration, low fertility rates. 1850-1930 -- increase 2. 2 million to 14. 2 million. 1930 -1970 -- decrease 14. 2 to 9. 6.
