On 28 Nov 2008 08:55:05 GMT, Michael Coburn <mikcob@[EMAIL PROTECTED]
> wrote:
>On Thu, 27 Nov 2008 19:28:58 -0800, Mason C wrote:
>
>> On Thu, 27 Nov 2008 14:12:05 -0800, "Jeff Strickland"
>> <crwlr@[EMAIL PROTECTED]
> wrote:
>>
>>>But, none of your argument sup****ts the suspension of FICA as a means
of
>>>stimulating the economy, and it does not change my argument that FICA
>>>taxes are a direct benefit to those that pay them -- assuming Social
>>>Security lasts long enough for people to collect after paying in for a
>>>lifetime in the work force.
>>>
>> What connection is there between the FICA tax and the payment of Social
>> Security?
>>
>> They are completely independent of one another.
>>
>> Note that the SS payments exceed the FICA tax collected. How is that
>> possible? Simple. There is no connection between them.
>>
>> (Well, ok, there is a political-psychological connection.)
>>
>> Before you try to discuss this, take a little time to read Mark Adkin's
>> explanation of trust funds.
>>
>> "How Government Trust Funds Really Work"
>>
>> http://frontal-lobe.info/adkins.html
>>
>> Mark wrote that essay several years ago. I thought I had called
>> attention to it earlier here but may have misfired the post.
>>
>"When a federal trust fund is credited with more income than outgo (as is
>the case with Social Security), the trust fund "balance" increases."
>
>That quote is from your link above. It says that FICA tax proceeds
>exceed the current payouts to SS recipients. And that _is_ the case.
>Nonetheless FICA tax proceeds are used to pay current recipients and
>there is a SMALL amount added to the SS trust fund each month. There is
>a connection but there does not need to be a connection.
>
>More im****tantly FICA taxes are __**NOT**__ a direct benefit to those
>that pay them.
OK, but I object the the misleading term "trust fund" -- where is that
fund?
In a tin box somewhere? Invested somewhere? In an Al Gore "lock box"?
(The self-investment in government bonds is accounting mumble-jumble.)
FICA taxes are collected. Income taxes are collected. Various fees are
collected. They are all the same color: black bytes on magnetic disks and
tapes. Indistinguishable from one another.
When a Soc.Sec. check is written and cashed, how does anyone know whether
it was an FICA byte or an income-tax byte? A byte is a byte is a byte.
Mason Clark
*Greater America in the Age of Rebellion*
http://frontal-lobe.info/greateramerica.html
-- many excerpts you can see --
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