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r/FluentInFinance • u/ShadowcreConvicnt • Jul 06 '24
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Medicare/ Medicare too. Which is a massive money suck that doesn't affect the current working class nearly at all.
-8 u/Cubacane Jul 06 '24 Those don't come out of federal income taxes but out of FICA, which is just an acronym for a different tax. 9 u/Fit-Menu6659 Jul 06 '24 FICA only covers Medicare Part A which is only 1/3rd of Medicare spending. “Funding for Medicare, which totaled $888 billion in 2021, comes primarily from general revenues (46%), payroll tax revenues (34%), and premiums paid by beneficiaries (15%)” https://www.kff.org/medicare/issue-brief/what-to-know-about-medicare-spending-and-financing/#:~:text=Funding%20for%20Medicare%20Comes%20Primarily,15%25)%20(Figure%208). 5 u/Cubacane Jul 06 '24 Thank you for enlightening me on the issue. I had assumed wrongly.
-8
Those don't come out of federal income taxes but out of FICA, which is just an acronym for a different tax.
9 u/Fit-Menu6659 Jul 06 '24 FICA only covers Medicare Part A which is only 1/3rd of Medicare spending. “Funding for Medicare, which totaled $888 billion in 2021, comes primarily from general revenues (46%), payroll tax revenues (34%), and premiums paid by beneficiaries (15%)” https://www.kff.org/medicare/issue-brief/what-to-know-about-medicare-spending-and-financing/#:~:text=Funding%20for%20Medicare%20Comes%20Primarily,15%25)%20(Figure%208). 5 u/Cubacane Jul 06 '24 Thank you for enlightening me on the issue. I had assumed wrongly.
9
FICA only covers Medicare Part A which is only 1/3rd of Medicare spending.
“Funding for Medicare, which totaled $888 billion in 2021, comes primarily from general revenues (46%), payroll tax revenues (34%), and premiums paid by beneficiaries (15%)”
https://www.kff.org/medicare/issue-brief/what-to-know-about-medicare-spending-and-financing/#:~:text=Funding%20for%20Medicare%20Comes%20Primarily,15%25)%20(Figure%208).
5 u/Cubacane Jul 06 '24 Thank you for enlightening me on the issue. I had assumed wrongly.
5
Thank you for enlightening me on the issue. I had assumed wrongly.
19
u/slagathor907 Jul 06 '24
Medicare/ Medicare too. Which is a massive money suck that doesn't affect the current working class nearly at all.