...and we don't need Social Security Retirement Income.
The current political debate by Washington politicians on a payroll tax cut extension is presented by most of the news media in an unclear manner. Many citizens assume the tax cut proposal involves a reduction in withheld Federal Income Tax. But this is not so…the tax cut proposal is a reduction in Social Security Payroll withholding tax. My goodness, a scheme like this could only be hatched in Washington. We have a near bankrupt Social Security System that is intended to supplement retiree income. And our federal politicians are moving to reduce the system’s life-blood revenue source. Where and when will the Social Security System revenue shortfall be addressed? It should be obvious to the most casual observer that this “tax cut” plan will more swiftly bring about the predictable bankruptcy of the entire Social Security System. Reduce Federal Income Tax if you must, but please leave the single funding source for our Social Security System untouched. The retiree community would be far better off if many of these Washington politicians were paid not to think.