Why Shouldn't I be allowed to opt out of Social Security (wages, generation)
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The social security administrators disagree with you. You can call it insurance if you want, but after all the semantics people relying on SS are sucking on the gov dole and relying on current workers for their subsistence.
"The Trust Funds would require another $3.5 trillion in today’s dollars, earning interest at Treasury rates, to pay all scheduled benefits over the next 75 years. This obligation grew $200 billion from last year."
"This report is yet another reminder of what we have known for some time: Social Security's long-term financing problems are very serious, and will not be fixed by wishful thinking alone," said Jo Anne Barnhart, Commissioner of Social Security.
"I want to assure those already receiving Social Security benefits – as well as those who are close to retirement – that your benefits are secure. But doing nothing will have serious consequences for our children and grandchildren.
So no government is the history of the world has ever lied? about anything? ever?
It's not that difficult even for min wage workers. Most have other priorities.
It is that difficult for those wo (a) have student loan debt, or (b) live in a high-cost area, or (c) have high housing or medical costs (e.g. studio apt in Portland median $740).
[Section 6672 of the Internal Revenue Code allows the agency to charge any “responsible party” who refuses or fails to collect and pay mandated federal taxes a 100 percent personal liability penalty. This responsible person may be a corporate officer or someone who controls the employer’s finances or has an authorized signature on the payroll account. Ultimately, if you are responsible for your company's failure to pay withheld taxes, you are personally responsible for paying the entire amount to the IRS. Note that the agency considers failure to pay withholding taxes as stealing from the employees who work for the company, even if a financial bind led you to borrow the money to pay present obligations.
Civil and Criminal Penalties
The withholding process works like this: you withhold the tax, then pay and report it. You also file W-2s for each respective employee with the Social Security Administration and the related state and local agencies. The SSA sends the W-2 data to the IRS. You also give employees copies of their W-2 forms so they can file their tax returns. If you fail to follow this pattern, the employee will likely encounter problems during tax season. She may also call the agency to report the issue. Regardless of the source of discovery, the agency investigates all matters concerning failure to withhold, pay and report withholding taxes. In the end, you may face intensive audits and reporting penalties. The agency can also place a lien against your assets and refer you for prosecution, which can result in imprisonment and fines.
Usually, the first and fastest thing to happen is the employer's bank account gets levied and frozen.
I had a longtime employer who didn't have his own payroll system for the first few years, he put his employees on the payroll of a friend who had a business in the same building.
My employer paid his friend and the friend gave us our paychecks with the proper withholding.
One day the friend's checking account was frozen because he didn't pay his payroll taxes on time, so we couldn't cash our paychecks. The problem was fixed within hours, and we were able to cash our checks by the end of the day, but that impressed me with the importance of always paying your payroll taxes on time.
please make the case? and don't give me the whole "you don't care about granny" "you hate the poor"
also what would America look like if people could?
It will be a painful transition. If you could leave, then others could. The system has a 20.5 trillion dollar shortfall, so everyone would leave, and the system would implode in short order.
When Social Security implodes - and it isn't an if - your parents would need to be supported by you. In my case, I have step parents as well. So expect to hear the 9 most frightening words in the English language, "I'm your mother-in-law. I need a place to stay". People will have to learn to save while paying increased support for their parents, and grandparents.
In terms of people who distant relationships with their children, they will end up on public dole. So the government will not see great savings even when the system is gone.
So no government is the history of the world has ever lied? about anything? ever?
where is that quote...
It is priceless comment about how clueless bureaucrats are. Today the bureaucrats assume that future generations will accept benefit cuts that we won't, and pay taxes that we won't. That is genius.
It will be a painful transition. If you could leave, then others could. The system has a 20.5 trillion dollar shortfall, so everyone would leave, and the system would implode in short order.
When Social Security implodes - and it isn't an if - your parents would need to be supported by you. In my case, I have step parents as well. So expect to hear the 9 most frightening words in the English language, "I'm your mother-in-law. I need a place to stay". People will have to learn to save while paying increased support for their parents, and grandparents.
In terms of people who distant relationships with their children, they will end up on public dole. So the government will not see great savings even when the system is gone.
SSA has no shortfall. It had been running surpluses for decades. Those surpluses are invested in U.S. Treasuries, which are widely considered the world’s safest investment.
The serious (as opposed to Serious) thing to say here is that on current projections, Social Security faces a shortfall — NOT bankruptcy — a quarter of a century from now. OK, I guess that’s a real concern. But compared to other concerns, it’s really pretty minor, and doesn’t deserve a tenth the attention it gets.
It is priceless comment about how clueless bureaucrats are. Today the bureaucrats assume that future generations will accept benefit cuts that we won't, and pay taxes that we won't. That is genius.
So to protect future generations from Social Security benefit cuts we need to make Social Security benefit cuts now?
SSA has no shortfall. It had been running surpluses for decades. Those surpluses are invested in U.S. Treasuries, which are widely considered the world’s safest investment.
The SS system started running deficits in 2010 and is projected to do so for the foreseeable future. Waiting to take action reduces our options of maintaining the viability of the system.
SSA has no shortfall. It had been running surpluses for decades. Those surpluses are invested in U.S. Treasuries, which are widely considered the world’s safest investment.
You say on one hand that Social Security has no shortfall, and then quote Krugman's reference to the problem of Social Security is the shortfall. The Trustees on page 15 of the Trust Fund report say that it is 20.5 trillion.
The surplus is factored into calculating the shortfall. So while safe or not, the trust fund is basically economic parsley.
The past is no more relevant to this discussion than looking in the rear view mirror is to driving. Watch out for the fence post.
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