--- In FairfieldLife@yahoogroups.com, "shempmcgurk" <[EMAIL PROTECTED]> wrote: > > --- In FairfieldLife@yahoogroups.com, [EMAIL PROTECTED] wrote: > > > > > > In a message dated 1/22/06 4:21:27 P.M. Central Standard Time, > > [EMAIL PROTECTED] writes: > > > > Any U.S. citizen who is low/no income qualifies for SSI at age > 65, > > regardless of work history/pay-ins to Social Security. Anybody > who > > is a permanent legal resident (not a U.S. citizen) qualifies for > SSI > > with only 40 quarters of Social Security pay-in work history: > > > > > > > > No wonder the system is going broke. > > > > The system cannot and will not go broke. > > Why? > > Because the government holds the right to tax...AND raise the amount > of SS contributions anytime they damn well please. So they can fund > the program fully any time it appears to be faltering. > > It may interest you to know that at the time that FDR pushed SS into > law back in 1935 there was a big hue and cry from many quarters. At > the time, the contribution into SS was about 1.5%. Roosevelt > promised it would NEVER, EVER go up. > > Well, today, the combined employee/employer SS contribution is 12.4%! > > <snip> lets not forget the medicare too which gives a total of 15.3%. The IRs keeps raising the limit on contributions ie years ago SS withholding topped out after you earned about $60k in a year, that keeps going up and medicare has no limit. The self employed get screwed paying the total 15.3% SE tax themselves PLUS federal and state income tax.
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