TAX, TAX, TAX ... AND TAX SOME MORE: the ‘People’s Budget’. “Perhaps the most extraordinary [part of] the caucus plan [is] to raise the Social Security tax to cover nearly all of a taxpayer's income.” Just to add some perspective to the ‘People’s Budget,’ when I started work in 1972 the FICA tax for Social Security (only) was 4.6% of the first $9,000 of income. Today it is 6.2% of the first $106,800 of income. That’s only a 1600% increase.