History of Social Security
Our Social Security System:
Franklin Roosevelt, a Democrat, introduced the Social Security (FICA) Program. He promised:
1.) That participation in the Program would be completely voluntary.
2.) That the participants would only have to pay 1% of the first $1,400 of their annual incomes into the Program,
3.) That the money the participants elected to put into the Program would be deductible from their income for tax purposes each year,
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,
5.) That the annuity payments to the retirees would never be taxed as income.
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 Democrat- 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 Democrat 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?
AND MY FAVORITE:
A: That’s right! Jimmy Carter and the Democrat Party. Immigrants moved into this country, and at age 65, they began to receive Social Security payments! The Democrat Party gave these payments to them even though they never paid a dime into it!
It’s an exciting election year, just some food for thought…an undecided voter?
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October 20th, 2008 at 10:00 pm
Where did you get your blog layout from? I’d like to get one like it for my blog.
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October 28th, 2008 at 4:35 pm
Hey, that is a great post you wrote there. I have missed having you around over at my blog. Our community could really use you.
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November 2nd, 2008 at 1:40 am
I am a hard-working, tax-paying immigrant. Are you saying that it is a mistake to give me Social Security payments when I turn 65?
Should we all just “go home”?
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November 2nd, 2008 at 7:13 pm
Carmel,
That is not what I’m saying…in America, we are pretty much all immigrants…except Native Americans it could be argued.
The system is designed that you receive benefits based on what you and/or your spouse pay in over time. Get out what you put in, so to speak.
As I interpret the current law, there is potential for illegal aliens to receive payment potentially without ever paying in. I do think that that situation would be wrong. Just my opinion though. My dad’s mom is an immigrant from Canada too!
The Almost Millionaires last blog post..Stock Hunting
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February 2nd, 2010 at 10:40 pm
Hi. Very nice Post. Not really what i have searched over Google, but thanks for the information. Can you email me back, please. Thank you.
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