What about Medicare?
Medicare is facing skyrocketing costs as it is paying a lot of the cost of keeping older Americans alive and well for so many years. Government supported medical care is obviously a highly charged political issue. If the present system remains intact without any major changes, Medicare taxes will likely be raised. Currently, employees pay 1.45% of their gross wages and employers pay 1.45% for a total of 2.9%. Self employed persons and those owning their own businesses pay the total 2.9%. If taxes are not raised, the program will either have to be subsidized by general government funds (which are already in a deficit position) or benefits will likely be cut. We should do the math and make the hard choices and be done with it.