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Fri Sep 28, 2012, 12:02 PM

Ironically 47% DO pay for operation of federal government just with a different tax...

Everybody who gets wages or a salary pays Social Security tax, which was doubled in the 80's to accumulate a surplus to prepare for Baby Boomers retirement.

Instead, government did some three card monte and borrowed that surplus to pay for other expenditures, which was absolutely necessary because of cuts to the income tax that mainly helped the very wealthy.

Any talk about "reforming" Social Security is really about welching on that debt.

So the 47% are LOANING money to the federal government, who keeps trying to talk their way out of repaying them.

When the top 1% (really of 1% of 1%, etc) loan the government money, they fully expect to be repaid and they are.

In a way, that means at least half the tax payers are getting screwed, but it's not the half Republicans claim.



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Reply Ironically 47% DO pay for operation of federal government just with a different tax... (Original post)
yurbud Sep 2012 OP
econoclast Sep 2012 #1
exboyfil Sep 2012 #2
yurbud Sep 2012 #5
HiPointDem Oct 2012 #6
meow2u3 Sep 2012 #3
pansypoo53219 Sep 2012 #4

Response to yurbud (Original post)

Fri Sep 28, 2012, 12:11 PM

1. No three card monte

The SS trust fund is required by law - and has been since its inception in the 1930s to invest any surplus in US government securities ... That is to say to lend that surplus to the government.

Thats the way the program was designed by FDR. You can look it up. The SS website has a link to the SS historians office - they have one - and you can get the full history.

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Response to econoclast (Reply #1)

Fri Sep 28, 2012, 12:17 PM

2. As one of the U.S. largest creditors,

could we not have put in place covenants regarding additional borrowing above and beyond the money which we lent to the government? Did anyone talk about this in 1983 when the building for the future retirees taxes were put in place?

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Response to econoclast (Reply #1)

Fri Sep 28, 2012, 01:51 PM

5. it's only three card monte because pols are trying to figure out how to NOT pay it back

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Response to econoclast (Reply #1)

Thu Oct 18, 2012, 07:04 AM

6. yes, & the original design of SS accumulated didn't accumulate growing surpluses in the TF -- unlike

 

what happened after Reagan "reformed" it to make the boomers 'pre-pay'.

Those unprecedented surplus collections are what the poster is talking about, and yes, they robbed the poor to give income tax cuts to the rich -- and to set up the demands for reductions in social programs, including social security.

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Response to yurbud (Original post)

Fri Sep 28, 2012, 12:21 PM

3. 47% also pay Federal excise taxes

Every time you fill up your tank, you pay taxes: Federal excise taxes, otherwise known as the gas tax.

Every time you light up (which most people don't do), you're paying Federal excise taxes.

Every time you have a drink at the bar, or buy beer, wine, or liquor, you're paying Federal excise taxes.

We also pay Federal excise taxes on a number of goods.


So don't tell ME that 47% of Americans don't pay any Federal taxes.

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Response to yurbud (Original post)

Fri Sep 28, 2012, 01:33 PM

4. because i a 'self employed' and do not get a W2, out of my under 3k was fica taxed.

so i am sure I paid a big chuck of that measly amount CAUSED BY THE FUCKING BUSH TAX CUTS SO ART SALES SUCK. they have SUCKED ever since georgee fucking W bush. so, whenever ANYBODY says the economy was FINE under W, i say HELL NO IT WASN'T. shit, i remember, near the end of clinto our daily had THREE sections for jobs. bush never EVER had even CLOSE to 2. KILL THE BUSH TAX CUTS! and fucking RAISE INTEREST RATES!!!

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