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 | | Over the years Congress repeatedly amended the act by increasing benefits, expanding the category of recipients, increasing the tax rate and, most significantly, by the Social Security Act of 1965, adding hospital and medical care—Medicare—as an entitlement. |
 | | Under the Federal Insurance Contributions Act (FICA), a combined tax rate of 7.65 percent is assessed on both employer and employee, 6.2 percent which in 2002 is imposed on wages up to $84,900, with the remaining 1.45 percent Medicare portion levied without limit. |
 | | Despite the vow by successive administrations to "Save Social Security," and similar assurances by the Congress, huge sums continue to be dissipated on projects as diverse as aid to farmers and the steel companies, military pay raises, hurricane aid to Central American nations, and various military projects. |
| www.onthemoneytrail.com /issue11-02.htm (1264 words) |
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