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Doing nothing about Social Security.(Correction, Please!)(Correction Notice)
ITEM: The Des Moines Register maintains that Social Security should be left as it is. On December 21, the Register's editors commented: "The president who believed Americans would be welcomed with open arms in Baghdad now tells us that every American can retire rich. All we have to do to reap this bonanza is give up a lot of our future Social Security benefits."
The Register continued: "Pardon us if we're not ready to swallow every claim President Bush makes.... Just because his ideology tells him private savings accounts would be superior to Social Security for the average American doesn't make it so."
ITEM: Writing online for American Prospect magazine, staffer Matthew Yglesias said on December 21: "Until very recently, I believed, as most of my generation still does, that Social Security was facing a crisis. Thanks to a declining birthrate and increasing longevity, at some point during my lifetime the program was going to go bankrupt and people my age were going to wind up with nothing after a lifetime of payroll taxes. I was--and the bulk of young people still are--the victim of a massive fraud, perpetrated by Social Security abolition advocates...."
CORRECTION: Nobody would be forced to give up benefits in any of the Social Security reforms under serious consideration--which would allow a person to choose to pay a small portion of his payroll taxes into a personal savings account. In actuality, the most "massive fraud" involving Social Security is the pretense that there is a "trust fund": Social Security taxes paid in today are immediately used to pay current beneficiaries and to pay off government debt.
Left alone, by 2018, Social Security will be spending dollars faster than it receives them. Doing nothing will make matters worse. This isn't academic theory, but a matter of implacable demographics. When Social Security was adopted, there were about 42 workers ...
- Small Business Supports Full Deduction of Social Security Payroll Taxes
- Newspaper article from: U.S. Newswire May 9, 1996 700+ words
...Full deductibility of Social Security payroll taxes would reduce the job...Full deductibility of Social Security payroll taxes would increase employees...wages) of federal Social Security payroll taxes (OASDI) is deductible...
- Social Security Payroll Taxes to Rise in 2003.
- Newspaper article from: Knight Ridder/Tribune Business News November 1, 2002 700+ words
...Business News Nov. 1--Social Security payroll taxes will increase by as much...This year, a 6.2 percent Social Security payroll tax is assessed on...released later this year by the Social Security Administration, but in the...
- Social Security payroll taxes eyed for cuts.(A)
- Newspaper article from: The Washington Times Price, Joyce Howard September 10, 2001 700+ words
...reductions in the Social Security payroll tax as one...temporary reduction in the Social Security payroll tax. That...would support cuts in payroll taxes, White House spokeswoman...Americans who contribute payroll taxes missed out on the...
- Changes for payroll taxes, Social Security benefits.(PAYROLL TAXES)(Brief...
- Newspaper article from: The Kiplinger Tax Letter September 10, 2004 700+ words
...Earlier this year, the Social Security trustees expected...involuntarily is exempt from Social Security and Medicare taxes...claims for refunds of payroll taxes on similar payments...expiration. Meanwhile, Social Security benefits will go...
- Buyouts of tenured faculty not subject to Social Security tax.(PAYROLL TAXES)
- Newspaper article from: The Kiplinger Tax Letter December 16, 2005 700+ words
Buyouts of tenured faculty aren't subject to Social Security tax. Over the years, a university sponsored several...Univ. of Pittsburgh, D.C., Pa.). However, payroll taxes are due on severance pay for nontenured employees...
- Termination payments not exempt from Social Security tax.(PAYROLL TAXES)(Brief...
- Newspaper article from: The Kiplinger Tax Letter December 5, 2003 700+ words
...payments are not exempt from Social Security tax. A company paid severance...The payments are hit with Social Security tax in the year paid. They...special rule that allows Social Security tax on deferred pay to be...
- Faster verification of workers' Social Security numbers.(PAYROLL TAXES)(Brief...
- Newspaper article from: The Kiplinger Tax Letter January 28, 2005 700+ words
Faster verification of workers? Social Security numbers is coming. The Social Security Administration will soon allow employers nationwide to verify if Social Security numbers for employees match the SSA's records by going online to www.ssa...
- Medical residents' pay subject to Social Security tax.(PAYROLL TAXES)(Brief...
- Newspaper article from: The Kiplinger Tax Letter February 11, 2005 700+ words
Medical residents' pay is subject to Social Security tax, a court says. Although the residents worked in a teaching hospital, they paid no tuition and did not attend classes on...
Source: HighBeam Research, Doing nothing about Social Security.(Correction, Please!)(Correction...