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Old 04-15-2014, 10:54 PM  
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What No One Wants to Admit About Social Security Taxes

I have been harping about SS for several years but people seem to believe what they want to believe thinking they have a nest egg vested somewhere. This from: http://blog.heritage.org/2014/04/14/...ecurity-taxes/
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What No One Wants to Admit About Social Security Taxes
Amy PayneApril 14, 2014 at 7:47 am(70)

It’s a bummer when you see how much income tax comes out of your paycheck. But when you see that Social Security line item, do you think, “At least that’s going to pay for my retirement”?

It’s not.

The tax money you’re paying into Social Security today is going to fund today’s retirees. Who will pay for your benefits? The next generation of workers.

And the payout gets worse with each generation.

Early recipients of Social Security received more than six dollars in benefits for every dollar paid in Social Security taxes. Today and in the future, recipients will receive less than a dollar in benefits for every dollar paid in Social Security taxes.

So the system wasn’t exactly built to be sustainable, was it? That’s why it desperately needs reform.

This idea that Social Security takes from succeeding generations has become all too real for some Americans in the past few years. Because of a change to the statute of limitations on debts owed to the government, the government is now able to go after debts that are decades old. Some are owed by dead people. And if one of those deceased is your ancestor, the feds will come knocking at your door.
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