Social Security facts are facts


February 16, 2023

To The Eagle:

SS Cards until 1980s stated SS number was “not to be used for Identification.”

FDR planned federal Social Security and promised participation would be 100% voluntary. Today SS (FICA) withholding is no longer voluntary.

FDR said SS participants would only pay 1% on first $1400 of income. Today you must pay 7.65% (FICA) on first $90,000 of income.

FDR said money put into SS account is 100% ‘income tax’ deductible. Today SS is no longer tax deductible.

FDR said SS money would be put into an “independent trust fund” and not be used as general operating fund. The money would only be used to fund SS Retirement Program and no other government programs. Under POTUS Johnson, SS money was moved into General Fund and spent.

FDR said SS annuity payments would never become taxable income. Under POTUS Clinton 85% of SS annuity payments became taxable.

Under POTUS Carter SS payments were given to immigrants at age 65 even if they never paid any SS (FICA) to qualify? Everyone else pays 10 years of SS FICA withholdings to qualify for monthly SS annuity payments.

Ask: Which party moved SS money out of its “independent trust fund” to be spent? Ask: Which party eliminated tax deduction on SS (FICA) withholding? Ask: Which party began taxing SS annuity payments? (VP Gore cast tie-breaking vote in the Senate).

Facts are Facts.

Rick Fritz, Cathlamet


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