This is just some FYI on the Social Security Act, your Social Security Card and the changes that have been made...and by who.
Social Security was established on August 14, 1935 by, then President Roosevelt. A three member board was put into place to administer the Social Security Act. It was to be responsible for Elderly Insurance, Unemployment compensation and public assistance titles within the Act.
Until the 1980's, the cards expressly stated your number and that the card was not to be used for or as identification. But, in the 1980's, since nearly everyone in the United States had a Social Security card, the phrase or message, 'NOT FOR IDENTIFICATION' was removed.
At it's inception, the parameters were as follows;
1. Participation in the Social Security program(FICA) was to be completely voluntary. It is no longer voluntary.
2. Participants would pay 1% of the first $1,400.00 of their annual income. It has risen to approximately 7.65% of the first $90,000.00 AND 15% of the first $90,000.00 if you are self employed.
3. The money participants elected to put into the program would be deductible from their income for tax purposes. This is no longer tax deductible.
4. The money participants could put into the independent trust fund(FICA), rather than into the general operating fund, therefore, could only be used to fund the Social Security retirement fund, and no other Government program. Under President Johnson, this money was moved to the general operating fund and spent.
5. The annuity payments to retirees would never be taxed as income. Since the Clinton/Gore administration, 85% of these annuities are now taxed.
Now, since many of us have paid into the FICA for years and may now are receiving monthly checks from Social Security-and now finding out that 85% of the money we gave Gov to 'put away' is taxed - the following may be of interest.
Q: Which political party took Social Security from the independent 'trust fund' and put it into the general operating fund so Congress could spend it?
A: Lyndon Johnson and the Democratically controlled House and Senate.
Q: Which political party eliminated the income tax deduction for Social Security withholding?
A: The Democratic party.
Q: Which political party starting taxing Social Security annuities?
A: The Democratic party.
And last, but not least...
Q: Which political party decided to start giving annuity payments(Social Security checks) to immigrants?
A: President Carter and the Democratic party. Immigrants were afforded this at the age of 65, even if they hadn't ever paid in a dime.
The dig: After violating the original contract multiple times, Democrats turn around and tell the populous that the Republicans want to take away your Social Security.
