A Quote by Jerome Powell
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.
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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.
For more than forty years, the United States Congress has shamelessly used payroll taxes intended for Social Security to fund big government spending.
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.
Open the borders to willing workers from any and all nations. They will create businesses that pay taxes, especially payroll taxes to fund Medicare and Social Security benefits of retiring baby boomers.
Ask anyone on Social Security if their check comes on time every month. Like clockwork. And it comes through the so-called dilapidated U.S. mail. My dad's check literally will come on the same day every month. The government has been quite good and efficient at creating a number of systems.
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.
It's time to stop the raid on the Social Security trust fund and start allowing Americans to invest their Social Security taxes in personal savings accounts.
Starting out, iRobot was not an economic rocket ship. It took six and a half years before we had enough money in the bank at the beginning of each month to make payroll. We always made it - we paid salaries at the end of the month, and I always had four weeks to figure things out.
Congress has changed the Social Security system over time, and over 20 times in the past Congress has raised taxes on Social Security in payroll taxes into the system.
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.
It is easier to start taxes than to stop them. A tax an inch long can easily become a yard long. That has been the history of the income tax. Would not the sales tax be likely to have a similar history [in the U.S.]? ... Canadian newspapers report that an increase in the sales tax threatens to drive the Mackenzie King administration out of office. Canada began with a sales tax of 2%.... Starting this month the tax is 6%. The burden, in other words, has already been increased 200% ... What the U.S. needs is not new taxes, is not more taxes, but fewer and lower taxes.
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.
The reality is that the workforce relative to the number of people retired has shrunk and today in America there are only 3.3 working Americans paying payroll taxes to support each individual currently retired and collecting Social Security taxes.
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.
No matter how many times you say Social Security is broke, the reality is that Social Security's independent revenue stream and its Trust Fund's investments maintain the program's solvency until 2037, when it may begin to fall short.
I am on record as saying that we need to put more money into the Social Security Trust Fund. That's part of my commitment to raise taxes on the wealthy.
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