Posted on 08/26/2020 12:18:05 PM PDT by rintintin
Yes. FICA is the social security tax. It’s also known as the payroll tax. It probably has that name because it is applied to EVERY worker - and every enployer (ie every payroll) - regardless of the size of the paycheck. In contrast, state and local income taxes aren’t even applied to lower income workers. So people at the lower end will only see one tax on their paystubs - FICA , the payroll tax.
Pulling the ole carrot and stick ruse again I see.
When a simple flat tax would solve all the problems and stop with the rich vs poor bullshit.
Payroll tax
Ah, I see where my error was. He isn’t referring to income tax.
“It’s in a LOCK BOX.”
What lock box?? SS hasn’t been a separate entity in decades.
Social Secure did and always has come from the general fund. There was a movement in the 1980’s, somewhat led by Al Bore, to ‘save’ Social Security by greatly increasing the amount and the amount you were taxed on. Bore insisted that the extra money would be put into a “lock box” for when it was needed. When the fool was running for President he droned on and on that this was true.
What he apparently could not grasp is that one of the biggest thieves to ever infest congress, Robert Byrd, had changed the wording of the bill. The money went into the hands of Congress to continue squander-mania, and Congress just put IOUs into the so called lock-box. So basically there is no lock-box for any part of Social Security - just empty promises!
I will concede that the flat income tax would be better than our Marxist inspired progressive income tax.
HST, the elegant, simple FAIRtax would be the best (BIG) solution!
Have a look at https://www.bigsolution.org and https://www.fairtax.org for a complete explanation of the many benefits of the FAIRtax!
Help us replace the income tax with the FAIRtax and abolish the IRS!
We will never be a FRee country so long as we have an income tax and the IRS!
We can Make America REALLY Great by abolishing the income tax and the IRS!
Technically Social Security holds US Treasuries in an account classified under Intragovernmental Holdings, but those are effectively an IOU from the government to the government. When (not if) Social Security goes from revenue-positive to revenue-negative, they’re supposed to liquidate those assets for cash to cover the difference. However, doing so requires that you find buyers who actually have money they’re willing to part with and it also means you have competing sources dumping those US Treasuries onto the open market (US debt financing as well as Social Security), which will affect pricing.
Invariably, this whole Ponzi scheme becomes more and more obviously fatally flawed over time until the whole thing collapses. We have a choice to make between fixing our budget and shedding debt vs continuing as we are and watching as our debts grow so large that merely servicing them costs more than our entire GDP.
THIS IS A LIE, there is NO FUND, There are NO TAXES that fund SS, I know they take our money, but that is NOT how the system works.
They Write an IOU to the NON EXISTENT SS Trust Fund, NO MONEY IS SAVED, Not a nickel, never has been. There is No Account!
All Tax receipts are used exclusively to pay off existing, maturing outstanding debt. Every Single Year ALL MONEY spent, regardless of where it goes or who gets it, is Brand New and Freshly created by Law. NONE of it comes from any special account.
Keep up the good work!
The money comes out of the same Pot, The Pot that China fills up for us every time Congress is in session.
FICA stops at $137,700 this year. Once gross income exceeds that, it stops coming out of one’s paycheck.
Medicare has no upper limit - I think.
> “We have a choice to make between fixing our budget and shedding debt vs continuing as we are and watching as our debts grow so large that merely servicing them costs more than our entire GDP.”
There is no choice with the current state of affairs. Today’s structural mess is impossible to fix.
Demolition and new construction is required.
Trump knows this.
The solution is an end to the Fed dollar and a return to US Treasury issued US Notes indexed to gold BUT ONLY AFTER a negative interest blowback period under the Fed dollar made possible by US oil and gas dominance.
The Great Trump Reset versus the Globalist Reset.
The unseen, unheard, unspoken conflict is between US national interests and the interests of globalists which includes international central banking restructuring.
THIS IS A LIE, there is NO FUND, There are NO TAXES that fund SS,
So you haven’t been paying into the system? Does that mean you will decline to take Social Security when you hit the eligible age?
everyone pays, obviously you don’t understand how our monetary system and Federal Government operate, and you didn’t understand what I said, I tried to explain it in plain language that most would understand, but here is a link to help you out
www.hookedonphonics.com
The gold standard must be ready to come back.
I am hoping that President Trump is listening to his Vice President.
Vice President Pence was a FAIRtax cosponsor when he was in Congress!
We HAVE to keep pushing the FAIRtax!
If you heard him say that (”eliminate the payroll tax permanently when he is re-elected.”) then you also heard him say that Social Security won’t be endangered.
Why do you chose to believe only a part of what he said?
Because eliminating the payroll tax endangers Social Security’s funding. That’s a fact, Jack
You know something about President Trumps plan for Social Security that he doesn’t know?
Care to share it?
I did not know the SS tax was the payroll tax. I thought it was separate, like medicare.
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