Quote Originally Posted by Harlan Huckleby
Quote Originally Posted by Freak Out
I don't mind Social Security at all....it's a rather small portion of the "taxes" I pay out overall.
You really should mind Social Security, it is the single greatest screw job against lower and middle class people. Social Security taxes are capped at 75K (or some such figure.) Meaning people making more than 75K pay a smaller rate as they earn more.

And the real killer: SS taxes only apply to labor! If you earn your money through investment, you pay ZERO SS taxes.

And BTW, "tax" is theoretically the wrong term. It is supposed to be like paying a premium for an insurance policy, which is the justification for capping it for rich folk. But in reality, the SS moneys collected goes immediately towards the purchase of treasury bills - which makes it effectively identical to a tax! The SS money acts as an EXTREMELY regressive tax that keeps progressive income taxes artificially low.

I'm telling you, unless you're making a lot of money, or earning your money through investment, you are getting f-u-c-k-e-d.
I didn't say that some type of reform was not needed...I just like the thought that it is going to help many Americans that are not saving at all right now. It is going to mean very little to me in my retirement years....at least I am hoping so.