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Social Security tax hikes loom for 1978 and beyond
The 1978 Social Security tax rises to 6.05 percent on earnings up to 17,700 with a maximum tax of 1,070.85, affecting workers and self employed alike. The change follows years of rising rates and ceilings, with future increases planned to 1987 reaching 7.15 percent on up to 42,600, while benefits rise. Authorities promise a possible income tax cut to offset the cost, though details depend on energy policy.
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