Social Security Taxes

The 79th Anniversary Of Social Security, No Thanks To Republicans And Conservatives!

Ronald Leave a comment

Seventy nine years ago, on August 14, 1935, the US Congress passed into law the greatest social legislation in American history, Social Security.

Social Security was designed to give support to the elderly in their twilight years, as well as support for widows and orphans, and it has been massively successful!

This was all due to the Democratic Party and Franklin D. Roosevelt, as few Republicans and no conservatives supported the legislation.

While it is true that there were Republicans who supported improvements in Social Security over the years, the Republican Party of the present has been out to destroy Social Security by privatizing it, something George W. Bush promoted in 2005, and defeated, thankfully, as anyone who had Social Security benefits in the stock market in 2008 would have lost all or most of their benefits!

Social Security should NOT be privatized, and needs further reform, including raising the wages that are taxed from the present amount of $117,000 to include ALL wages, as if that occurred, there would never be a problem in funding Social Security benefits.

There is no good reason to avoid taxes on higher incomes, as they are also eligible for benefits, and the idea has been floated many times, and some day, when Democrats control both houses of Congress again, it needs to be enacted!

Meanwhile, Happy 79th Anniversary, Social Security!

An Outrage: 21,000 Wealthy Americans Avoid Paying ANY Income Tax!

Ronald 1 Comment

Deductions and exemptions in the US Tax Code have allowed approximately 21,000 wealthy Americans, including billionaires, to avoid paying ANY income tax to the US government!

How can one avoid paying taxes?

Donations to charity
Earning income overseas
Writing off doctor bills
Investing in state and local governments

This number, 21,000, is only one half of one percent of the 4 million taxpayers who make up the top 3 percent. So no one is saying that the wealthy do not pay taxes, as a group, but many pay only what Mitt Romney pays, less than 15 percent, because they do not work for a living, and instead make their income primarily on investments.

Altogether, about 3 million people who earn more than $50,000 pay no federal income taxes, while 56 million Americans who earn less than $50,000 avoid federal income taxes.

While there is a lot of anger about the 56 million, realize most of these people make so little, far less than $25,000 for most, and continue to pay medicare and social security taxes and sales and property taxes, and cannot make ends meet as it is, while the 21,000 who are wealthy and avoid taxes could contribute a decent percentage of their income, but have lawyers and accountants to avoid their responsibilities!

There is a dire need to crack down on tax avoiders, but it will not happen under a President Romney, and in fact, will only get worse if the former Massachusetts Governor is elected President, while the poor and working class will actually have more taken from them, when they already have so little!