When I first joined the work force in 1962, my father told me not to sign up for Social Security, because it was a communist pyramid scheme. So, instead, I went to the IRS and got a tax number to file taxes with. When Carter became president, they made Social Security mandatory for everyone and I had to get a Social Security Card. My dad was right; it is a pyramid scheme, and it’s double taxed to boot. They take out the taxes, then Social Security. When you reach retirement age and they begrudgingly give back some of the money you earned, they take out income tax again. That double taxing.
Throwing good money after bad.
I heard once that if every Church in the United States took care of the homeless the sick in the infirm there wouldn’t be a problem and Social Security might not be necessary.
But that was years ago, and I have no idea if there was any validity attached to that statement.
Perhaps FDR had good intentions by instituting Social Security, perhaps. But like many (if not all) programs of good intentions are soon manipulated to the point where the good intentions might still be exist however the manipulation completely ruins an otherwise altruistic benefit.
But, a constitutional republic government does not exist to be altruistic entity if it abides strictly by the Constitution. Altruistic ventures are in essence the domain of We the People. It is when We the People do not pick up these civil needs or perhaps even duties that soon the government takes on the spectre of something far more sinister and intrusive then it was ever supposed to be.
Per the “double tax”, that actually only occurs if you continue to work and/or exceed income thresholds.
One thing most don’t realize is that for every dollar taken out for SS you see on your check (which you pay tax on at the time) a dollar is contributed by the employer (which is not taxed then).
The income of the employer half is taxed when you start receiving SS. That’s why one of the first lines on the SS worksheet is multiply by 0.5. Tax on the employer half is not a double tax.
For the employer, it is an off the top deduction so they are not paying tax on it either at the time of deposit.
That's incorrect.
Thank you Bill Clinton.
I finally put in for SS a few month ago.....65yrso...but even then, because I work 24hrs a week, I haven’t seen a penny yet because they have to “offset” when I get my SS due to my paycheck......they got you coming and going..