Canton Dawg Posted June 15, 2018 Report Share Posted June 15, 2018 26 minutes ago, TexasAg1969 said: Wrong. The 16th amendment establishing income tax was ratified in 1913. But mandatory withholding from wages WAS implemented under FDR in 1943. https://www.thoughtco.com/history-of-the-us-federal-income-tax-3321600 Whatever you want to call it, FDR was the founding father of tax & spend. Link to comment Share on other sites More sharing options...
jbluhm86 Posted June 16, 2018 Report Share Posted June 16, 2018 20 hours ago, Canton Dawg said: That means I've been paying into Social Security 10 years longer than you've been alive. Whenever I decide to retire, I would say I deserve whatever I've paid into the system. Absolutely, you should get all the money you put in back. That, however, doesn't include the extra $3-4 dollars of benefits boomers on average are collecting that they didn't put in. Link to comment Share on other sites More sharing options...
Canton Dawg Posted June 16, 2018 Report Share Posted June 16, 2018 15 minutes ago, jbluhm86 said: Absolutely, you should get all the money you put in back. That, however, doesn't include the extra $3-4 dollars of benefits boomers on average are collecting that they didn't put in. If the boomers are going to collect an extra $3-4 bucks on every dollar, I would imagine the millennials are going to at least double that amount when they retire. Link to comment Share on other sites More sharing options...
TexasAg1969 Posted June 16, 2018 Report Share Posted June 16, 2018 42 minutes ago, jbluhm86 said: Absolutely, you should get all the money you put in back. That, however, doesn't include the extra $3-4 dollars of benefits boomers on average are collecting that they didn't put in. You need a basic course in compound interest. I wish I had been allowed to put that money into a nice safe mutual fund instead. It would be worth one hellofa lot more than the pittance I'm getting back now. Let me explain a little better. I put a small amount into IRA's a few years that was far less than I paid into SS. However those IRA's are paying me more now per year under minimum required distribution laws than I get from SS. That now make sense to you? The SS fund is a shitty "investment". Link to comment Share on other sites More sharing options...
tiamat63 Posted June 16, 2018 Report Share Posted June 16, 2018 1 hour ago, Canton Dawg said: If the boomers are going to collect an extra $3-4 bucks on every dollar, I would imagine the millennials are going to at least double that amount when they retire. Link to comment Share on other sites More sharing options...
calfoxwc Posted June 16, 2018 Author Report Share Posted June 16, 2018 My 401K grew by leaps and bounds over a lot of years - I had the company matching half every dollar put in. It was a terrific amount later on, and if I could have put the SS into it.... "sigh" I do like my SS though. But I COULD have been driving a gold plated pickup truck. Link to comment Share on other sites More sharing options...
jbluhm86 Posted June 16, 2018 Report Share Posted June 16, 2018 2 hours ago, TexasAg1969 said: You need a basic course in compound interest. I wish I had been allowed to put that money into a nice safe mutual fund instead. It would be worth one hellofa lot more than the pittance I'm getting back now. Let me explain a little better. I put a small amount into IRA's a few years that was far less than I paid into SS. However those IRA's are paying me more now per year under minimum required distribution laws than I get from SS. That now make sense to you? The SS fund is a shitty "investment". PolitiFact: Medicare and Social Security: What you paid compared with what you get Link to comment Share on other sites More sharing options...
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