Posted on 06/30/2017 9:36:27 AM PDT by davikkm
In the 1960 case of Fleming v. Nestor, the U.S. Supreme Court ruled that workers have no legally binding contractual rights to their Social Security benefits, and that those benefits can be cut or even eliminated at any time.
The Court’s decision was not surprising. In an earlier case, Helvering v. Davis (1937), the Court had ruled that Social Security was not a contributory insurance program, saying, “The proceeds of both the employee and employer taxes are to be paid into the Treasury like any other internal revenue generally, and are not earmarked in any way.”
In other words, Social Security is not an insurance program at all. It is simply a payroll tax on one side and a welfare program on the other. Your Social Security benefits are always subject to the whim of 535 politicians in Washington.
More info at: https://www.cato.org/publications/commentary/is-there-right-social-security
Morally yes. Legally no. It’s been ruled multiple times you have no legal right to that money.
And her understanding of the taxes she is ranting about.
The facts is both you and your employer each pay 7.65% in FICA taxes which breaks down to 6.2% for social security (which is limited to roughly $127,000 of income) and 1.45% medicare health insurance, which is imposed on all income without limitation.
The result is a total of 15.3%.
Self-employed individuals pay 15.3% which is obviously both the employer and employee share, with certain relief in the form of deductions for 1/2 the tax paid.
“”Pamela needs to work on sentence structure and comma usage.””
She also needs to get caught up on “what’s happening” - how long ago did Simpson say this? The man hasn’t been around since the beginning of obozo’s first term if I recall and not in the Senate since the late ‘90’s...I wasn’t sure he was still alive so I had to check...he’s 85.
Correction to my prior post 19. . Self employed pay 15.3% combined for Social Security and Medicare
SS was the start of the problem we have now :/
It was originally started as a FED (employment) retirement program that was voluntary... worked its way in from there.
We need to cut it off and start individual saving for retirement.
Many collected social security who put in peanuts, and drew out many, many times that amount.
It was Chile that was talked about a number of years ago and their successful implementation of a different system. I was wondering the other day why we never hear about that any longer. Hope it’s still working for them.
Not only is it welfare, but it is totally UN-Constitutional! Doesn’t mean that I won’t cash the check. ;-)
It’s also a welfare system that was never lawful in the first place. Mere opinions of the Court are not proper replacements for actual amendments to the Constitution.
Keep this very very quiet..................
Change the social security rules disability rules to back to what they were in 1991, and see how much better the social security financial situation becomes.
And no, you’ll never hear people like this knucklehead talk about it because he was in the Senate when ‘the bent one’ pulled this scam. It’s not the millions that paid into the system that caused the problem - it’s the millions that have never paid a PENNY into the system that cause the problem.
Keep this very very quiet..................
Change the social security rules disability rules to back to what they were in 1991, and see how much better the social security financial situation becomes.
And no, you’ll never hear people like this knucklehead talk about it because he was in the Senate when ‘the bent one’ pulled this scam. It’s not the millions that paid into the system that caused the problem - it’s the millions that have never paid a PENNY into the system that cause the problem.
Galveston Texas opted out of Social Security several years ago. Then the federal government closed that loophole.
Check out The Galveston Plan.
Well then I want all the money I’ve paid into it, as well as my family business share......back now....and that with interest for the Gov. using it as their slush fund.
So how’s that going to work out?
“”Here is a response in a letter from Patty Myers in Montana””
This is the “potty mouthed” individual who responded to Simpson at the time and it’s dated 2011...at the link given.
I guess Williams doesn’t think there are enough issues now to get the blood pressure up...so she dredges up ancient news.
and knowledge.
Employer is also matching the Social Security Tax of 6.2% up to 110,100 in wages and the Medicare tax of 1.45% on all wages for a total of 15.3%
Wrong.
There’s an error in your interpretation of your pay stub.
And this is why the average Chilean has a higher net worth than the average American - they privatized their SS and own their own accounts.
We have an IOU, based on government whim and control
Teat...your children well...
From what I have read SS is running a surplus but the surplus is getting smaller. I also understand it has been spent also and the government shows how much it owes SS.
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