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History Lesson on Your Social Security Card
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 family and friends. They need a little history lesson on what's what and it doesn't matter whether you are Democrat or Republican. Facts are Facts.
Social Security History Lesson it doesn't matter whether you are Democrat or Republican. Facts are Facts.
Social Security Cards up until the 1980s expressly stated the number and card were not to be used for identification purposes. Since nearly everyone in the United States now has a number it became convenient to use it anyway and the message NOT FOR IDENTIFICATION was removed.
An old Social Security card with the "NOT FOR IDENTIFICATION" message.
That the original rate of 1% of the first $3,000 of their annual Incomes with provisions to gradually increase that rate to 3% over the next twelve years. These figures have been adjusted many times over the years. Under the Federal Insurance Contributions Act as of 2005 participants pay 6.2% of the first $90,000 of their income.
For the purposes of the income tax imposed by Title I of the Revenue Act of 1934 or by any Act of Congress in substitution therefor the tax imposed by section 801 shall not be allowed as a deduction to the taxpayer in computing his net income for the year in which such tax is deducted from his wages.
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 Under (LBJ)Johnson the money was moved to The General Fund and Spent. The Social Security Act specifies that the monies in the fund may only "be invested in securities backed by the full faith and credit of the Federal government" such as treasury bills treasury notes and treasury bonds as well as special issue bonds. So essentially the government can "invest" Social Security funds by lending them to itself then spending that money on programs not related to Social Security (e.g. defense foreign aid education). The government "pays back" this money when the Social Security program redeems the bonds but critics of the program contend Social Security will eventually fall into deficit by 2018 and the Treasury won't have the necessary cash on hand to redeem the bonds and pay back the fund. As the Social Security and Medicare Trustees themselves noted in their 2005 Annual Report.
That the annuity payments to the retirees would never be taxed as income. Taxation was the result of a series of rulings by the Treasury Department in 1938 and 1941 that excluded Social Security benefits from federal income taxation. Those rulings were overriden by amendments to the Social Security act enacted in 1983.
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?
Q: Which Political Party started taxing Social Security annuities?
Q: Which Political Party decided to start giving annuity payments to immigrants? AND MY FAVORITE:
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Day 118 Of The Biden Administration