A Quote by Bernie Sanders
I am not a great fan of the payroll tax holiday because I'm nervous about what it does to the future of Social Security.
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It has to have a payroll tax that's dedicated to Social Security. The Social Security tax has been very successful over the years in raising almost all of our elderly citizens out of poverty.
More retirees, longer life expectancy, larger benefits, and fewer workers - these trends have meant substantial increases in the payroll tax. Since the social security program began, the payroll tax has increased more than 500 percent.
Did folks know that the tax to fund the program [Social Security] only hits salaries up to $110,000? That means that if you make a million bucks, about 90% of your salary is tax free when it comes to the payroll tax that funds Soc Sec. That ain't right.
We were giving advice for the single-worst idea to come forward from a group that's been rife with them, it would be this: The idea is this: Let's make the tax code of America better for very rich people; let's give substantial tax relief to the richest people we can find. Forget about the person making $40,000 a year and paying Social Security payroll tax. Forget about all those other people paying income tax; we're here to give tax relief to the richest 2% of America.
Unlike most government programs, Social Security and, in part, Medicare are funded by payroll taxes dedicated specifically to them. Some of the tax revenue pays for current benefits; anything that's left over goes into trust funds for the future. The programs were designed this way for political reasons.
The revenue stream for Social Security benefits comes from payroll taxes, which are credited to the Social Security Trust Fund - accounting for the program's finances separately from the rest of the budget.
A lifetime single worker really gets a horrid deal from Social Security. The return on average is less than 0.5 percent. These workers would be nearly better off stuffing their payroll tax dollars under a mattress.
Social Security is a widely popular program because the individual has been deceived by the Statist to believe that the government has been prudently and diligently managing his accumulated pension investment in his Social Security account, which he presumes to be funded by his own payroll taxes.
Now, Social Security through the years, for many many people, has been a terrible investment. It's really a tax, that's all it is. Social Security is a tax.
I actually once sat at the back of a payroll class in America - just me and 40 women! And I'm sitting back there, learning payroll, because I want to understand it. So that when I talk to people about payroll I know what they're talking about. And I set up and managed and ran a full payroll system myself.
In normal times, at the beginning of each month, the federal government makes a cash advance to the Social Security Trust Fund called the 'normalized tax transfer,' in an amount equal to the estimated payroll taxes for the coming month.
Make no mistake, if the payroll-tax cut is extended, it will become permanent. Social Security will become another welfare program as the tie between what someone pays and what they receive gets broken.
Millions of Americans have paid into social security and deserve their full benefits. Pure and simple, Republicans are manufacturing a social security crisis that does not exist in order to dismantle social security.
Projection into the future does not create security because the future is not really there. It's a fluid mirage. The only security is merging with The Field, right now.
I'm all for lifting the payroll-tax cap, if only to make payroll taxes a little less regressive.
Reform immigration to make it easy for individuals to come over here, be documented, pay taxes - immigration reform is needed to state that its about work, its not about welfare... Set up a grace period where they can get a work permit... social security card so that they can pay income tax, social security, Medicare.
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