Who Is FICA and Why Does He take All My Money?

Pretty sure those were the words of frustration I fumed as a 16 year old working at the mall for $5.70 an hour (minimum wage was $5.15 in 1998 so I felt like I was rolling) upon receiving my first paycheck.

Well my brother in law (the Quixotic Oklahoman) mentioned this over the weekend so I thought I should post it here. My only complaint is that this is broken down as a function of spending, and does not include the cost imposed by tax breaks like the ridiculous $105B mortgage interest deduction (2nd largest only to the employer health care deduction).

And just in case no one else cares to break out the old calculator, 51% of this tax bill goes to Social Security, Medicare, Medicaid, Interest on the debt, and Military Spending. Therefore anyone claiming to be interested in balancing the budget without tackling these areas first should be ignored.

Enjoy!