a little history

willy · #1 07-31-2008, 06:15 PM

My friend sent me this, thought you fellows should see it.

Your Social Security.....

Just in case some of you young whippersnappers (& some older ones)didn't know this........
It's easy to check out, if you don't believe it. Be sure and show it to your kids.

They need a little history lesson on what's what; andit doesn't matter whether you are Democrat of Republican.....

Facts areFacts!!!

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Our Social Security
Franklin Roosevelt, a Democrat, introduced the SocialSecurity (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 income into the Program,

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

4.) That the money the participants put into theindependent '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.

5.) That the annuity payments to the retirees would never be taxed as income.

Since many of us have paid into FICA for years......

Those who are receiving their monthly checks now are 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.

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Q: Which Political Party eliminated the income tax deduction for Social Security (FICA) withholding?

A: The Democratic Party.

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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 theUS.

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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!

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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!

tsubaki · #2 07-31-2008, 07:03 PM

And the bad part is, people like me have learned this in high school and choose to keep perpetuating this extortion, rationalizing that it is only a little bit, only a little more, just a little more often and with fewer allowed deductions.
When this thing blows up, the Constitution will not be able to save US.
As always our children and children's-children, will have to deal with our past and lack of present resolve.

eight · #3 07-31-2008, 09:05 PM

How do you stop "perpetuating this extortion". I'd forfeit all I've paid if I could get out of it. I'd also like to get the half my employer pays. I try not to think of how many extra millions I'd have at retirement if I could just invest my and my employer's payments into low risk investments. Find a retirement investment calculator and put your investment at 15.3% and the return at something reasonable like 7%. Even in today's economy I'm getting nearly 10% on most of my investments. See what 10% would get you.

C YENSEN · #4 08-01-2008, 06:59 AM

seen that one bofore willy, kinda makes you sick to your stomach.....

nipper · #5 08-01-2008, 08:11 AM

Hey Eight, you have to share with us just where you are getting 10% return on your investments.

cterrebonne · #6 08-01-2008, 08:54 AM

Quote:

Originally Posted by nipper

Hey Eight, you have to share with us just where you are getting 10% return on your investments.

those funds are all over the place, thats why it pays to get a good financial planner.