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March 28, 2007


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I sure wish that President Bush and the Republicans in Congress had stuck to their guns about reforming Social Security. But I wish they'd gone even further to create *voluntary* 401k type retirement accounts with employer matching funds. Imagine the amount of millionaire retirees this could create 40 years from now!

Actually, your new employer is not allowed to withhold less in FICA. They pay the same amount as you do (7.65% SS and Medicare) and don't get the credit back at the end of the year. If they withheld less because you switched jobs, they would be illegaly paying less of their share in FICA taxes.

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