[Nuzcruizer]

"Here's what a 1936 government Social Security pamphlet said: "After the first 3 years – that is to say, beginning in 1940 – you will pay, and your employer will pay, 1.5 cents for each dollar you earn, up to $3,000 a year .

That means you will pay up to $3000 a year, not 1.5 cents on up to $3000 of income. Therefore, this is misleading. A erson making $50,000 would pay a max of $3000 in otherwords.

"First, there's no Social Security account containing your money"

That's right, and that's what is going to change. And there is no "right" to SS payments. You may get a check, but if you have other income, it may be clawed back via taxes. Tax on taxable income will never change. Having income to tax is still a good thing, which is what you will have with this plan. It, like all income you have will be taxed as you beginto draw from the account you (hopefully) saved.

[djf]

The United States Supreme Court has ruled SS payments are a "benefit", not a "contract".


If Congress tomorrow decides to never again cut a social security check, you're shlt out of luck.

[Phantom Lord]

That means you will pay up to $3000 a year, not 1.5 cents on up to $3000 of income

No. The original SS taxable income cap was $3,000.