Is Social Security the biggest scam in history?
In 1983 the House and Senate enacted legislation to tax Social Security benefits based upon the gross income of the recipients. When the tax was implemented we were told it was necessary to maintain the solvency of the program in the future.
Since that time over $2 Trillion has been paid in taxes on those benefits.
A couple of problems with this has not been addressed.
1) Social Security states that the trust fund is only funded by the payroll tax imposed by workers and their employers.
2) This implies the tax on Social Security benefits was paid into the General Revenue fund.
3) Why wasn’t the tax on Social Security benefits credited to the trust fund?
4) Social Security reports a trust fund value of $2.9 Trillion as of the end of 2019.
5) Had that tax been credited back to the trust fund shouldn’t the fund have a value of $4.9 Trillion?
6) Had those funds been properly accounted towards the trust fund including the interest shouldn’t that figure be closer to $ 6.9 Trillion?
This Social Security scam cost $4 Trillion and impacted 300 Million people. Bernie Madoff’s scam was $20 Billion and impacted 37,000 people.
Bernie Madoff got a 100 year prison term.
Many of those responsible for the scam are still in the House and Senate.
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