Reply to Let Lower Income "Pay Their Fair Share"!

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Something no one seems to talk about in this discussion is what a rip off social security is for the middle class. If instead of having to pay nearly 7% in FICA taxes, I could add that to a 401k and just buy the S&P index, I guarantee you that we'd all be able to retire a lot earlier. But noooooooo, nanny government needs to give us a crappy rate of return to subsidize the bad decision-making of less prudent people who have less impulse control not to spend it right now. That's what really pisses me off.[/quote]

Well if you're self-employed you have to pay nearly 15% in FICA taxes as well as contribute to a SEP IRA.  Stop your belly aching or man up and start your own business.[/quote]

You're missing the point. I agree it's even MORE unfair to the self employed person. Fact is, Social Security is just a way to screw over people who exercise self control and save prudently. [/quote]

The problem with social security and many other government programs is that they do  not reflect the current reality.  When SS was created, the country was much less affluent and older people lived only on their savings or the often reluctant largesse of their children.  Most men died within a few years of retiring and women struggled on for a  few more years.  Many older people are in the same situation and many are not. I am 71 and was forced to take social security at age 70 and was forced to take disbursements from my IRA at 70.5.   I continue to work, and these two contributions just make me pay more in taxes.  I do not want a pity party, but if I could have refused to take the disbursements I would have more incentive to continue to work in a job I love  I am self employed, so I am not blocking a younger person from doing my work. [/quote]

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