Monday, October 28, 2013

A HISTORY LESSON about your Social Security: just in case some of you young whippersnappers (and some older ones) didn't know this.
Social Security cards up until the 1980s expressly stated the number and 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' written on the card was removed.
I still have my old Social Security card with the "NOT FOR IDENTIFICATION" message written on the face of the card.
Franklin Roosevelt, a Democrat, introduced the Social Security (FICA) Program. He promised:

1) That participation in the Program would be completely voluntary.
Not any more.
2) That the participants would only have to pay 1% of the first $1,400 of their annual incomes into the Program.
It's now 6.2% [excluding Medicare] on the first $113,700 of income, with your employer contributing an equal amount.
3) That the money the participants elected to put into the Program would be deductible from their income for tax purposes each year.
Not any more.
4) That the money the participants put in went to 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 President Lyndon Johnson 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 up to 85% of your Social Security can be taxed. If you have any income beyond Social Security, it probably being at least partially taxed.

Some Frequently [Un]asked Questions:

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 U.S.

Q: Which political party decided to start giving annuity payments to immigrants?

A: Jimmy Carter and the Democratic Party. Even if they never paid FICA (Social Security) taxes.

Now the Democrats turn around and tell you that the Republicans want to take your Social Security away. And the worst part about it is that uninformed citizens believe it.

From my email.

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