Social Security history lesson

Our Social Security

Franklin Roosevelt, a Democrat, introduced the Social
Security (FICA) Program. He promised:

1.) That participation in the Program would be
Completely voluntary,

No longer Voluntary

2.) That the participants would only have to pay
1% of the first $1,400 of their annual
Incomes into the Program,

Now 7.65%
on the first $90,000

3.) That the money the participants elected to put
into the Program would be deductible from
their income for tax purposes each year,

No longer tax deductible

4.) That the money the participants put into 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, and,

Under 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

Since many of us have paid into FICA for years and are
now receiving a Social Security check every month --
and then finding that we are getting taxed on 85% of
the money we paid to the Federal government to 'put
away' -- you may be interested in the following:
------------ --------- --------- --------- --------- --------- ----
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 US
------------ --------- --------- --------- --------- --------- --------- -
Q: Which Political Party decided to start
giving annuity payments to immigrants?

AND MY FAVORITE:

A: That's right!

JIMMY CARTER and the Democratic Party.
Immigrants moved into this country, and at age 65,
began to receive Social Security payments! The
Democratic Party gave these payments to them,
even though they never paid a dime into it!
------------ -- ------------ --------- ----- ------------ --------- ---------
Then, after violating the original contract (FICA),
the Democrats turn around and tell you that the Republicans want to take your Social Security away!

And the worst part about it is uninformed citizens believe it!

But it's worth a try. How many people can YOU send this to?

Actions speak louder than bumper stickers.

AND CONGRESS GIVES THEMSELVES 100% RETIREMENT FOR ONLY SERVING ONE TERM!!!

SD, Loved the history lesson however their were two errors in it that I noticed.

One the amount is now $106,800 not $90,00 for FICA and medicare is limitless

Second it was the republican party that first started taxing Social security. It was under Regan terms as the tax act of 1986. Regan had determine that employers were getting a deduction for their share of fica taxes paid and that the moneis recieved from those payments were not being taxed. So Regan's tax act made upto 50% of you social security taxes taxable if your income includeing 50% of social security exceeded $32,000 MFJ and $25,000 single ot head of household. Note after 24 years these amounts have not increased.

Clinton and Gore did raise the amount of taxable amount up to 85%, It was deterimined that inflation (the 50% share of the employer share of fica plus interets over 20 years) over the years of deductions constituted the increase to 85%.

Two errors??!!!! You've got to be kidding. Perhaps you should have looked at Snopes.com or Social Security's own web site.

http://www.ssa.gov/history/InternetMyths.html

http://www.snopes.com/politics/socia...ty/changes.asp

Jesus, it's amazing the crap people will believe. How on earth do you think a tax can be voluntary?

I think this is the first time I have seen you refute things using (partially) a government website rather than money matters or some other hack site.

It tends to add so much more credibility to your arguments.

By the way, it's basically all my mom and countless others have to live on.

Just goes to show you that we should be still listening to and following the lead of Franklin Delano Roosevelt. And, what of all of the geniuses and embryonic comedians who made fun of Al Gore when he wanted to put Social Security in the infamous "lock box?" If it had been in there since 2001.....hmmmmmmmmm.

I know this, I will be 65 next year, and even though I am considered "rich" by the President and Democrats, I am going to continue working and will start drawing what ever social security I can get.

I know I will give every penny back in taxes, but I don't care. I started paying in when I was 14, and have never missed a paycheck. I hope I can live long enough to get some of it back.

I usually max mine out in about May, it's like getting a little raise in mid year.

I know this, I will be 65 next year, and even though I am considered "rich" by the President and Democrats, I am going to continue working and will start drawing what ever social security I can get.

I know I will give every penny back in taxes, but I don't care. I started paying in when I was 14, and have never missed a paycheck. I hope I can live long enough to get some of it back.

I usually max mine out in about May, it's like getting a little raise in mid year. Originally Posted by Jackie S

Lucky you, in my case im getting fucked. I'll never see this money. Lucky for me I've been investing in a retirement plan.

I have a similar story to Jackie S's. I have been paying into Social Security since I took my first job the summer I turned 14. With the exception of the first couple of weeks after I received my ETS from the US Army I have been fortunate to have never been without a job during my entire adult life.

I plan to apply for SS within the next few years. Don't even think about stealing it from me at this stage of my life!

"""""JIMMY CARTER and the Democratic Party.
Immigrants moved into this country, and at age 65,
began to receive Social Security payments! The
Democratic Party gave these payments to them,
even though they never paid a dime into it!"""""

How is this possible??

I always thought one had to work 10 years [or 40 quarters] to receive Social Security benefits

Two errors??!!!! You've got to be kidding. Perhaps you should have looked at Snopes.com or Social Security's own web site.

http://www.ssa.gov/history/InternetMyths.html

http://www.snopes.com/politics/socia...ty/changes.asp

Jesus, it's amazing the crap people will believe. How on earth do you think a tax can be voluntary? Originally Posted by TexTushHog

LOL..

It is amazing the misinformation that is spread, and it just reveals the hidden agendas.. doesn't it?

Hmmm, taxing SS benefits began in 1983. Wonder who was president then? Could it be the great proponent of reducing taxes, RR? I'm sure the highway to abject poverty via federal taxes for the ultra wealthy was blocked effectively by that move.