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Thread: Social Security

  1. #1

    Social Security

    Social Security is an alias for Federal Old-Age, Survivors, and Disability Insurance program according to Wikipedia.

    U.S. Code, Title 42, Chapter 7, Subchapter II titled Federal Old-Age, Survivors, and Disability Insurance Benefits contains § 401 titled Trust Funds.

    I can't help but notice the terms insurance and trust....

  2. #2
    Social Security myths (according to the SSA)


    (Source)

    Not Voluntary. Contrary to the e-mail’s very first claim, FDR never promised that "the program would be completely voluntary." It is supported by taxes and participation has never been voluntary. As historian DeWitt states: "From the first days of the program to the present, anyone working on a job covered by Social Security has been obligated to pay their payroll taxes. "

    .....

    Trust Fund Falsehoods. The message claims that FDR promised Social Security funds would be used "for no other government program," but that Lyndon Johnson and a Democratic Congress later took Social Security into the General Fund "so that Congress could spend it." This is twisted history. The government has always been able to use Social Security funds for other purposes when not needed to finance benefits. As DeWitt states: "[T]here has never been any change in the way the Social Security program is financed or the way that Social Security payroll taxes are used by the federal government." All LBJ did in 1968 was to make Social Security taxes and spending part of a "unified budget." As DeWitt notes, this was an accounting issue and "has no affect on the actual operations of the [Social Security] Trust Fund itself."

    (Source)

    CORRECTING THE MYTHS AND MISSTATEMENTS

    Myth 1: President Roosevelt promised that participation in the program would be completely voluntary

    Persons working in employment covered by Social Security are subject to the FICA payroll tax. Like all taxes, this has never been voluntary. From the first days of the program to the present, anyone working on a job covered by Social Security has been obligated to pay their payroll taxes.

    In the early years of the program, however, only about half the jobs in the economy were covered by Social Security. Thus one could work in non-covered employment and not have to pay FICA taxes (and of course, one would not be eligible to collect a future Social Security benefit). In that indirect sense, participation in Social Security was voluntary. However, if a job was covered, or became covered by subsequent law, then if a person worked at that job, participation in Social Security was mandatory.

    There have only been a handful of exceptions to this rule, generally involving persons working for state/local governments. Under certain conditions, employees of state/local governments have been able to voluntarily choose to have their employment covered or not covered.
    Notice the terms covered and non-covered.

  3. #3
    The public interest stated and defined.
    http://books.google.com/books?id=jWR...page&q&f=false

    The law of the employment of labor
    http://books.google.com/books?id=4Qo...oyment&f=false

    Police powers arising under the law of overruling necessity.
    http://books.google.com/books?id=x-I...oyment&f=false
    Last edited by shikamaru; 11-12-11 at 08:37 PM.

  4. #4
    Helvering v. Davis
    http://www.law.cornell.edu/socsec/co...s/301us619.htm

    There is no trust fund or insurance.

  5. #5
    JohnnyCash
    Guest
    Remember, no Social Security number (SSN) is needed to live and work in The United Banks of America.

    http://savingtosuitorsclub.net/attac...1&d=1420594020

  6. #6
    Quote Originally Posted by JohnnyCash View Post
    Remember, no Social Security number (SSN) is needed to live and work in The United Banks of America.

    http://savingtosuitorsclub.net/attac...1&d=1420594020
    At the least, the corporates want you to have one because it has value.
    All rights reserved. Without prejudice. No liability assumed. No value assured.

    "The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius
    "It is the glory of God to conceal a thing: but the honour of kings is to search out a matter." Proverbs 25:2
    Prove all things; hold fast that which is good. Thess. 5:21.

  7. #7
    Quote Originally Posted by JohnnyCash View Post
    Remember, no Social Security number (SSN) is needed to live and work in The United Banks of America.http://savingtosuitorsclub.net/attac...1&d=1420594020
    Paychecks. There are two simple, though unpopular, ways to provide more funding for Social Security and Medicare: Either raise the amount of payroll taxes (FICA) taken out of everybody’s paycheck, or raise the income threshold at which the Social Security portion of that withholding ends. (There’s no income threshold for the Medicare portion.) The most likely tax hike is an increase in the threshold for Social Security tax, which would place the burden on higher earners rather than lower ones.

    Right now, everybody pays 6.2% of their income to help fund Social Security, up to the first $118,500 of earnings. On earnings above that threshold, there's no Social Security tax. The threshold rises every year by the average rate of wage growth, which was 1.2% in 2014. But Congress could raise the threshold to any income level -- $150,000, $500,000, $1 million — or eliminate it completely. Higher earners would squeal but if the country really needed the money, it wouldn’t matter. http://finance.yahoo.com/news/these-...191918823.html
    "And if I could I surely would Stand on the rock that Moses stood"

  8. #8
    Quote Originally Posted by allodial View Post
    At the least, the corporates want you to have one because it has value.
    So True.

    Missing A Form 1099? Why You Shouldn't Ask For It. Each Form 1099 is matched to your Social Security Number, so the IRS can easily spew out a tax bill if you fail to report one. In fact, you’re almost guaranteed an audit or at least a tax notice if you fail to report a Form 1099.

    Even if an issuer has your old address, the information will be reported to the IRS (and your state tax authority) based on your Social Security number.

    Like Forms W-2, Forms 1099 are supposed to be mailed out by January 31st. You need a Form W-2 to file with your return, but do you really need a Form 1099? No. In contrast to Forms W-2, you don’t file Forms 1099 with your return.

    Although most Forms 1099 arrive in January, some companies issue the forms throughout the year when they issue checks. Whenever they come, don’t ignore them. Each form includes your Social Security number. If you don’t include the reported item on your tax return, bells go off.

    Source
    "And if I could I surely would Stand on the rock that Moses stood"

  9. #9
    Quote Originally Posted by Chex View Post
    So True.

    Each Form 1099 is matched to your Social Security Number, so the IRS can easily spew out a tax bill if you fail to report one. In fact, you’re almost guaranteed an audit or at least a tax notice if you fail to report a Form 1099.

    Even if an issuer has your old address, the information will be reported to the IRS (and your state tax authority) based on your Social Security number.
    This assumes the 1099 recipient gave a SSN or TIN to the 1099 issuer. I believe the issuer's only obligation is to ask for said number and when refused, to issue a declaration to IRS attesting that 1099 recipient did not supply an SSN/TIN. Failure of issuer to obtain the recipients SSN/TIN is something like a $50 penalty to the issuer if I recall correctly.

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