Posted on 08/29/2012 4:36:31 AM PDT by SMARTY
With the elections just a little over 3 months away you'll soon be hearing some Democrats running for political office, warning how the Republicans want to take away the old people's Social Security.
Just in case some of you young whippersnappers (& some older ones) didn't know this it's easy to check out, if you don't believe it. Be sure and show it to your family and friends. They need a little history lesson on what's what and it doesn't matter whether you are Democrat or Republican.
Facts are Facts:
Social Security Cards, issued in 1934, and up until the 1980s expressly stated the number and that card were not to be used for identification purposes. Since nearly everyone in the United States now has a number, it became convenient to use it anyway and the message, NOT FOR IDENTIFICATION, was removed.
When Franklin Roosevelt, a Democrat, introduced the Social Security (FICA) Program. He promised:
1.) That participation in the Program would be completely voluntary,
No longer Voluntary
2.) That the participants would only have to pay 1% of the first $1,400 of their annual Incomes into the Program,
Now 7.65% on the first $90,000
3.) That the money the participants elected to put into the Program would be deductible from their income for tax purposes each year,
No longer tax deductible
4.) That the money the participants put into the independent 'Trust Fund' rather than into the general operating fund, and therefore, would only be used to fund the Social Security Retirement Program, and no other Government program.
Under Johnson, another Democrat, the money was moved to The General Fund and Spent
5.) That the annuity payments to the retirees would never be taxed as income.
Under Clinton & Gore, Democrats, Up to 85% of your Social Security can be Taxed
Since many of us have paid into FICA for years and are now receiving a Social Security check every month -- and then finding that we are getting taxed on 85% of the money we paid to the Federal government to 'put away' for us -- you may be interested in the following:
Q: Which Political Party took Social Security from the independent 'Trust Fund' and put it into the general fund so that Congress could spend it?
A: It was Lyndon Johnson and the Democratically controlled House and Senate.
Q: Which Political Party eliminated the income tax deduction for Social Security (FICA) withholding?
A: The Democratic Party.
Q: Which Political Party started taxing Social Security annuities?
A: The Democratic Party, with Al Gore casting the 'tie-breaking' deciding vote as President of the Senate, while he was Vice President of the US
Q: Which Political Party decided to start giving annuity payments to immigrants?
AND MY FAVORITE:
A: That's right!
Jimmy Carter and the Democratic Party.
Immigrants moved into this country, and at age 65, began to receive Social Security payments! The Democratic Party gave these payments to them, even though they never paid a dime into it!
Then, after violating the original contract (FICA), the Democrats turn around and tell you that the Republicans want to take your Social Security away!
And the worst part about it is uninformed citizens believe it!
If enough people receive this, maybe a seed of awareness will be planted and maybe changes will evolve.
Maybe not, some Democrats are awfully sure of what isn't so.
In 1934 the life expectancy for women was 59 and men 55, yeah they live longer!
Those evil doctors and a high falootin' medical system has increased the life ecpectancy to women 91 and men 87!
Thankfully Obamacare will save Social Security cause Beaucatic Medical Politicians will ensure that out of control life expectancy will diminish Social Security payments!
SARCASM OFF!!!!
I still use my original SS card, issued to me when I got my first after-school job, in 1960...it has the ...”not for identification” line at the bottom.
There are artificial “ways” to reduce the life expectancy of individuals. Don’t think that “population control” and eugenics won’t be a major debate in the near future. Immediately after the Left gets rid of God, there will be no barrier.
YEA! We saved Social Security! Uh, but YOU (and it will always be YOU) gotta’ go!
Please inform your friend that the original Social Security Act was passed into law in 1935. It does not improve the discussion by starting out wrong (cards issued in 1934) and going from there.
I am sure there is not much about the discrepancy of ONE YEAR that nullifies the entire tone and content of the information....the message is the same.
But-thanks :)
Also keep in mind that when SS started it had six people paying into the system while one was paid out. Today that ratio is almost 1:1.
Longer lifespans, altering the original intentions of the program (like the IRS code), plus the disintegration of the family resulting in the lack of children being created is bringing about its bankruptcy.
Currently it's 10.4% of the first $110,100
4.2% from the employee / 6.2% from the employer
or
10.4% if you're self employed
Under the Federal Insurance Contributions Act (FICA) 12.4% of earned income up to an annual limit must be paid into Social Security, and an additional 2.9% must be paid into Medicare.
If you’re a wage or salaried employee, you pay only half the FICA bill (In 2012, 4.2% for Social Security plus 1.45% for Medicare), and the tax is automatically withheld.
Your employer contributes the rest.
If you’re self-employed, however, you’re expected to cough up both the employee and the employer share of FICA. You are, however, permitted to deduct half of this self-employment tax as a business expense.
Given that the post refeerenced Social Security, not Medicare, is there a problem with the numbers I quoted?
FICA is Social Security.
Also it use to be 6.2 from employer and employee, but since SS is doing so well (/s) the government decided to reduce the payment by the employee by 2%. These guys in government a such a waste.
You understated the amount people actually pay to the government today. Its even worse than what you describe. The notion that the employee isn't really paying the "employer" portion of the tax is a concoction of liberal politicians. Just ask anyone who is self employed.
Oh, I understand that it's still coming out of my pocket no matter who pays it. It's part of the cost of hiring me, just like my salary ... and could be added to my salary if my employer didn't have to pay it.
Most people also don't take into account the fact that my employer passes ALL of these costs on to the consumer.
Good info on the SS system from 1964.
http://www.ssa.gov/history/ssa/usa1964-2.html
Self-Supporting
“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government. Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”
Where your money goes! Read and weep!
http://www.socialsecurity.gov/OACT/ProgData/fundFAQ.html#n4
Been over the limit for 13 years ... so I do understand the show. It's a nice little take home bump when it happens.
The flip side is that my marginal tax rate (% of the last dollar earned) is at least 8% higher than a single person making less than $85K per year.
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