But when it comes time for me to use it in 2055 the system will be broke. so shouldn't I be excused from paying for it?
2007-07-15 09:35:11 · 9 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Yes, but we also pay thousands of dollars in other taxes every year and don't always see benefits from them. We pay for insurance, but don't always file claims. Etc.
Hopefully Social Security (basically welfare) will be replaced by a system where we can each put aside money as we choose and be responsible for our own lives.
As long as there are democrats, there will be social projects to pay those who choose not to take care of themselves.
:-(
2007-07-15 09:42:33 · answer #1 · answered by Anonymous · 2⤊ 2⤋
We should all be responsible for our own futures and investments. But, that would take a change in law that will never happen.The politicians love social security and dipping into it! So many people have jobs in social security-- they all want to perpetuate the same broken system. Since you are young, perhaps you can get involved politically, and truly make changes for the future. At the very least, start saving for retirement early. If you leave it up to the government, they won't look out for you, and you may never be able to retire!
2007-07-15 16:42:22 · answer #2 · answered by es 5 · 1⤊ 0⤋
Social security is not going broke and will always be there in some form. It will eventually be only able to pay about 70% of the expected benefits if no changes are made, but changes will be made before that happens. Don't listen to the scaremongers.
2007-07-15 16:59:32 · answer #3 · answered by r_kav 4 · 2⤊ 1⤋
NO ONE in the history of Social Security has ever received payments out of there own 'contributions'. ALL current payments come from current collections. By your logic, Social Security went broke the moment it was signed into law. Incidentally, your logic is accurate.
2007-07-15 21:25:51 · answer #4 · answered by STEVEN F 7 · 1⤊ 0⤋
If you are excused then all should be excused, then who would pay the SSN that yours and my grandparents and parents are collecting? How is it fair that they shouldn't get it even though they paid in when they were young. What we need is a better system, not just to quit paying.
2007-07-15 16:40:14 · answer #5 · answered by Anonymous · 0⤊ 1⤋
basically, Social Security is one giant ponzi scheme. It'll work until there are more people taking the giving. The system is broken and there's so much red government tape that it'll never get fixed.
There are a few reasons why we're in the predicament that we're in. The feds never put the money aside like they were supposed too. This created a portion of our huge government debt in the form of massive IOU's.
The govn't never figured how much it would pay with each raise it gave the retirees in the form of a raise with the Consumer price index. With each person getting a raise and not paying more into the system, it would drain more resources.
The jerks in Washington don't have to worry about their social security, since they have lifetime benefits with the job. Even when they're out of office, they don't have to worry about social security being there. (we voted them in, so part of it is our fault)
People are living longer, so we're paying more out over the long term. Another big problem - fix for this would be to increase the age of retirement. People don't like that idea, but overall people are working longer... I don't see the big deal.
To finally get to the point of not paying your social security tax, you have two options. Start your own business and try to get out of it, this is a way for you to get out of it. Or, continue paying but vote for someone who would help the cause.
(we have older people running the gov't - this means older people are voting for the old people to help with their cause. Not ours) This in the long run would mean higher taxes and having corporate profits go over seas, since high taxes means businesses go elsewhere.
Hopefully this helps, but it means we need to take responsibiltiy for ourselves and who we vote into office in the gov't.
2007-07-15 17:04:45 · answer #6 · answered by Lifting Underground 2 · 2⤊ 2⤋
1. The system will not be broke. Congress cannot afford to let it fail. The fix will get more expensive the longer that they delay, but it will be fixed.
2. The SS tax you are paying goes to pay benefits for current retirees and disabled individuals. Therefore you cannot be excused from paying it regardless of what happens in the future. Excusing current workers from paying it would only cause the system to fail sooner and therefore would require a more expensive fix to be applied even sooner.
Social Security is not intended to be a catch-all retirement plan but more of a safety net. You need to start planning for your retirement while you are young to ensure that you have enough income to survive on in your retirement years. There are numerous programs that you can use to accumulate wealth towards your retirement either tax deferred or tax free. Start planning NOW and when you are eligible for retirement you will do fine. But if you don't plan now for it you will be doing the "Alpo Dinner" in your "Golden Years."
2007-07-15 17:37:34 · answer #7 · answered by Bostonian In MO 7 · 2⤊ 5⤋
I'v e been hearing this for the last 30 yrs I've been working, if that makes you feel better. If you don't get it, I don't see how the govt couldn't be sued for the money put in plus interest.
2007-07-15 17:44:22 · answer #8 · answered by Anonymous · 0⤊ 3⤋
Sure...all you have to do is move to another country.
2007-07-15 16:42:39 · answer #9 · answered by Anonymous · 0⤊ 2⤋