in other words... It's just ANOTHER TAX then!!! in other words... It's just ANOTHER TAX then!!!I've had this conversation with a number of people in foreign countries who claim that American workers are taxed so minimally, we have nothing to complain about. When I mentioned that in addition to the federal, state, and local income taxes, we pay an additional 15% into FICA and Medicare, they all claimed, "well that doesn't count, because that's your retirement account."
No matter what I said, they refused to believe that this was nothing more than an additional tax going directly into the general fund, to be spent by the government, and there wasn't a penny with my name on it.
Unfortunately, too many Americans believe that too. I've been paying into this scam for 36 years now, and I don't believe that I'll ever see a penny of it back.
Mark
ELIMINATE THE SEPARATE WITHHOLDING.
Funny, but I don’t recall any other tax which tracks my contributions and sends me a yearly account total of what I’ve paid into it and what I’m eligible to withdraw.
How anyone (read Troll) can think it’s a just another tax, subject to crony, government discretionary spending, is beyond comprehension.
In simpler terms: GET OUTTA HERE!
in other words... It’s just ANOTHER TAX then!!!
Tax return Form 1040, line #57 = “Unreported social security and Medicare TAX from Form...”. Also, line #69 = “Excess social security and tier 1 RRTA TAX withheld.”