Thursday, July 25, 2013

Change to "Business" and "Social Insurance" categories

On July 25, 2013, moved the "X08 - Employee Retirement - Earnings on Investments" revenue code from "Business and Other Revenue" to subcategory "Employee Retirement Insurance" under "Social Insurance Taxes".  This puts X08 in with X01 and X02 employee contribution codes.

This is a big change, because the earnings on investments in a good year are about five times actual contributions.  In a bad year such as 2009 after the financial crash of 2008 X08 can amount to half a trillion dollars in losses.

1 comment:

  1. Social Insurance was never supposed to be your only source of financial gain after you retire. you also can want different savings, investments, pensions or retirement accounts to make certain you have enough cash to live well after you retire.

    William Martin

    PPI Claims Made Simple


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