Publishers note: I am sorry to say this is the first time that I can remember Tony Powell not doing his column. Tony is a perpetual motion machine / Energizer Bunny. His column is enjoyed by many. He had to take time recharge. Hopefully he will be ready for next month’s column. I will put in something I think he would like to put in.
Let’s Talk Social Security Funds
Franklin Roosevelt, a Democrat, introduced the Social Security (FICA) Program.
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 7.62% on the first $128,400. + your employer’s contribution.
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.
Under Democrat President 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 Democrats 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 Democrat 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?
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! The worst part about it is uninformed citizens believe it!