Hmmm, Payroll taxes currently make up about 42% of total revenues, get rid of SS/Mediscare...
LOL!
Posting of fantasyland dreams as reality are signs of desperation...or dementia.
Nothing ventured, nothing gained lewislynn. Or perhaps you don't mind saddling your kids with a perpetual bonzi scam. Or is it you don't have any and expect to collect on someone elses?
lewislynn:I'll see to it your kids and grand kids pay me well with whatever tax they have to pay, and as you can attest, the benefits just keep getting better...Thank them for me would you?
We all now understand where you are coming from in opposing the repeal of federal payroll taxes and replacing them with a tax that every recognises as a tax instead of a scam "contribution" to retirement plan.
HELVERING v. DAVIS, 301 U.S. 619 (1937)
- Title VIII(Social Security Act), as we have said, lays two different types of tax, an 'income tax on employees,' and 'an excise tax on employers.' The income tax on employees is measured by wages paid during the calendar year. Section 801 [26 USC 3101]. The excise tax on the employer [26 USC 3111] is to be paid 'with respect to having individuals in his employ,' and, like the tax on employees, is measured by wages.
- . The proceeds of both taxes are to be paid into the Treasury like internal revenue taxes generally, and are not ear-marked in any way. Section 807(a)[26 USC 3501]. There are penalties for nonpayment. Section 807(c), [26 USC 7203].
CRS Report for Congress (98-422 EPW)
Social Security: and the Federal Budget:"Its taxes like all other federal funds flow into the U.S. Treasury and its benefit payments flow out of the U.S. Treasury.
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"Taking the Social Security trust funds "off budget" has not changed how Social Security funds are handled. They are treated the same way today as they were in 1937 when Social Security taxes were first levied -- the tax receipts flow into the U.S. Treasury and benefit payments flow out of the U.S. Treasury. The Treasury Department issues federal securities to the Social Security trust funds to reflect the receipt of these taxes, and redeems securities from the trust funds to reflect Social Security expenditures, but the money itself flows to and from the Treasury. "
What Social Security Trust Fund
"The U.S. Supreme Court ruled in Fleming v. Nestor (1960), 363 US 603; that there is no Constitutional right to Social Security benefits. Social Security benefits can legally be cut or eliminated at any time, and beneficiaries have no recourse. The Court held that, "To engraft upon the Social Security System a concept of 'accrued property rights' would deprive it of the flexibility and boldness in adjustments to ever changing conditions which it demands."