Essay: Criticism on Social Security Programs

17 Oct

Essay: Criticism on Social Security Programs

Sample Essay

Criticism has mounted that the government might have made empty promises concerning the maximum tax. There are claims that the federal government has not obeyed to the promises it made concerning the maximum Social Security tax. Critics use data from 1936 to 1949 to support their arguments.

It is maintained by the critics that during 1943, the federal government made promises on the maximum level of taxation which was to be used for Social Security. The federal government announced that the maximum tax the employee and the employer would pay would amount to $3,000 which is less than 6.2 % (actually 1%) charge currently. This promise was broken as it can be seen from the figures appearing on the websites of Social Security in 2008. As at 2008, the employee and the employer is charged 6.2 percent which raised the maximum contribution from the promised $3,000 to $6,324 by both the employer and employee. To make thing not work at all for a dynamic state, the maximum taxable income was raised to $102,000 meaning that the wealthier individual would significantly get too little bother from the ling hand of a taxman (Neal, Ralph, 2008).

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