FICA, the Federal Insurance Contribution Act, is a personal insurance investment paid by every working American to help secure a baseline standard of living and access to health care services in their times of need - when they are least able to fend for themselves.
True the programs were designed at a different time, when life expectancy was lower, when health care services were much less advanced, and thus cost much less. And even more true, the program has been tapped to fund even those who never contributed to them and in many instances borrowed from by the government in the form of IOUs.
But none of these realities change the fundamental rationale for FICA. No wonder FICA is pegged at certain income levels, to make them fair to all.
True the programs were designed at a different time, when life expectancy was lower, when health care services were much less advanced, and thus cost much less. And even more true, the program has been tapped to fund even those who never contributed to them and in many instances borrowed from by the government in the form of IOUs.
But none of these realities change the fundamental rationale for FICA. No wonder FICA is pegged at certain income levels, to make them fair to all.
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