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Essay / Research Paper Abstract
This 3-page paper focuses on the Federal Insurance Contribution Act (FICA) and the effectiveness of President Barack Obama's plan to change this. Bibliography lists 2 sources.
Page Count:
3 pages (~225 words per page)
File: AS43_MTobamfina.rtf
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Unformatted sample text from the term paper:
proceeding. When the U.S. bank failure of September 2008 took place, the country was already entering a recession. The end result was that Obama needed to attack the economic scenario
on many fronts to get the economy moving once again. One aspect of Obamas economic recovery plan, however, involved changes to the
Federal Insurance Contributions Act, also known as FICA. To determine the presidents effectiveness from this point of view, lets first examine FICA, Social Security contributions and payroll taxes.
FICA came into being in 1939, when Title VIII taxing provisions were taken out of the Social Security Act of 1935 and put under
the Internal Revenue Code (What Does FICA Mean, 2009). Both the Title VIII act from the 1935 act and the following 1939 amendment mandated that a certain amount would be
withheld from a paycheck and fed into the Social Security fund (per the act) so the person could, in a sense, be "saving" toward his/her retirement. But rather than putting
the responsibility on the person for saving for his/her own retirement, the government would maintain the fund. How does FICA play
into President Obamas economic stimulus plan? There is a tax portion for the plan dubbed the "Making Work Pay" tax credit, also known as MWP (Economic Stimulus Bill, 2009). This
involves a tax credit for employees and those who are self employed, with the credit being reflected in reduced income tax withholding or a deduction claimed by taxpayers on their
2009 tax returns (Economic Stimulus Bill, 2009). The credit would involves the lesser of 6.2% of an individuals earned income (as it pertains to the Social Security portion of the
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