Hmmm...
(Post deleted for self-protection. It's probably not a good idea to commit a crime and then Blog about it! Even if it's a small crime!)
posted by Brian at 6:11 PM
Tuesday, September 25, 2007
(Post deleted for self-protection. It's probably not a good idea to commit a crime and then Blog about it! Even if it's a small crime!)
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2 Comments:
Mine looks much the same, as I am self-employed. I take most of the "company" income as distributions, which are not taxed for FICA, though my intention is that the first $12k be taken as salary, which would be. I had $12k showing up on those reports for years, but for the last two it's been $0 just due to accounting laziness.
The interesting thing about SocSec is that everyone draws their amount until death, and if you die early, even before drawing anything, your money covers those who live longer. (Unlike a private plan which goes to your heirs.) Now...which major demographic has the shortest life span? Black males. Which is longest? White females? So guess who is subsidizing the lifestyle of "old white women" instead of their own children? When this thought gets out in the mainstream, you can bet there will be a major call to "fix" SocSec. The same people saying hands-off will be the ones calling it unfair, even racist.
It has its place and serves an important purpose, but still is fundamentally flawed.
-BBBB
8:06 AM
You must remember that not everyone pays the same amount into Social Security over their lifetimes. There are more whites who have worked over the last 30 years than any other group, i.e. paid in more. This is due to population and nothing more. I've never thought it fair that I'll get the same consideration as someone who only worked the minimum of 40 quarters. When I'm ready to retire, I will have worked 188 quarters. It may be that it all evens out - after all.
4:37 PM
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