Tuesday, March 30, 2010

Is this all true?

Franklin Roosevelt, a Democrat, introduced the Social Security (FICA) Program. He promised:

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 7.65%

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 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 Clinton & Gore up to 85% of your Social Security can be taxed

This e-mail is going around. I know some of it is true. Anyone notice anything that isn't?

1 comment:

Anonymous said...

If enough research was done on the topic at hand, I am sure we would all be shocked as to the amount of funds which have been taken from Social Security by Congress and used for otherwise unnecessary things. It has become nothing short of a well which has been drained to the bottom.

As Americans, we find our tax dollars are used in ways that give luxury a new name. When a very famous couple decide they want to use Air Force # 1 to take an evening trip to New York for a broadway play, it is you and I who are paying for it.

Now we have the problem of the first wave of the baby boomers who are retiring. In the next few years, Social Security will be stretched tighter than a jumbo slingshot. Plain and simple, it just cannot survive. A new system will have to be put in place. Or can it be?