A Quote by Pat Buchanan
Retired Americans living on Social Security, exempt from taxes because their income is modest, are not the problem.
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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.
Politicians like to talk about the income tax when they talk about overtaxing the rich, but the income tax is just one part of the total tax system. There are sales taxes, Medicare taxes, social security taxes, unemployment taxes, gasoline taxes, excise taxes - and when you add up all of those taxes [many of which are quite regressive], and then you look at how they affect the rich and the poor, you essentially end up with a system in which the best off 20 percent of Americans pay one percentage point more of their income than the worst off 20 percent of Americans.
Between income taxes and employment taxes, capital gains taxes, estate taxes, corporate taxes, property taxes, Social Security taxes, we're being taxed to death.
Lets all be reminded, 60 million Americans are on Social Security, 60 million. A third of those people depend on 90% of their income from Social Security. Nobody in this country is on Social Security because they made the decision when they were starting work at 14 that they wanted to trust some of their money with the government.
By requiring that any surplus in Social Security taxes be returned to the American people in personal savings accounts, the plan ensures that Social Security taxes will be used for Social Security.
The current U.S. and Eurozone depression isn't because of China. It's because of domestic debt deflation. Commodity prices and consumer spending are falling, mainly because consumers have to pay most of their wages to the FIRE sector for rent or mortgage payments, student loans, bank and credit card debt, plus over 15 percent FICA wage withholding for Social Security and Medicare actually, to enable the government to cut taxes on the higher income brackets, as well income and sales taxes.
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.
Social Security is something that we need to deal with, because people who are working today, who will retire in the future, people who are retired today, they have a right - and it's part of the compact that they can depend on their benefits. We should fix the long-term funding problem of Social Security because that's the right thing to do.
Without Social Security benefits, more than 40 percent of Americans 65 years and older would live below the federal poverty line. Even more striking is that Social Security is the only source of retirement income for almost a quarter of elderly beneficiaries.
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.
I favor the abolition of all Social Security, Medicare and estate taxes. In their place, we should create a simple income tax system that has no deductions or credits at all.
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.
When you pay social security taxes, you are in no way making provision for your own retirement. You are paying the pensions of those who are already retired. Once you understand this, you see that whether you will get the benefits you are counting on when you retire depends on whether Congress will levy enough taxes, borrow enough, or print enough money.
Instead of talking about cuts in Social Security, Medicare and Medicaid, we must end the absurdity of corporations not paying a nickel in federal income taxes.
Income taxes are very poor at generating income from automation because the gains are realized by technology companies that are experts at not paying taxes.
Social Security is the foundation stone of that kind of retirement security. It not only needs to be strengthened in order to make sure it's there for younger baby boomers and Generations X and Y, but it probably needs to be strengthened and expanded because the retirement benefits now being offered by most employers are not sufficient to support middle-income Americans in their long years of retirement.
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