DID YOU KNOW???
Chew on this......The President and anyone in his tax bracket and above only pay Social Security taxes on a SMALL portion of their income. Do people realize that the law exempts income over $90,000 from Social Security taxes. If that amount was shifted even a little bit, we souldn't even be talking about Social Security.
Ok, here's a good one, from AIR AMERICA yesterday.....(with apologies to Punxatawny Phil),
"Today is Groundhog Day and the State of the Union Address. As Air America Radio pointed out, it is an ironic juxtaposition: one involves a meaningless ritual in which we look to a creature of little intelligence for prognostication and the other involves a groundhog."
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Ah LisaBeth, now you've hooked me! Here's a letter I actually had published in the Friday Inquirer:
Many questions remain
A gambler about to make a bet wants to know the odds. How much can he expect in return for his bet? What are his chances of getting that return? An investor asks the same questions.
A key unanswered question in the Social Security debate is: "How much of a reduction in benefits will I have to take when I elect to move my portion of the Social Security tax into a private account? What will my benefit be if I don't?" Only by having all of the information will a Social Security participant be able to make an intelligent decision - to know how much he or she will have to risk in the stock market and how much in bonds.
Before we make a decision to change the nature of what has always been the Social Security promise, we need to have all the facts. Social Security is an insurance program, the third leg on the retirement stool. An insurance company that finds an issue in its ability to provide benefits down the road will make changes in benefits, premiums or underlying investments. It would not say to policyholders: "Here's part of your premium. You find a way to provide the benefit."
In the past, the President has proposed changes in tax-deferred savings programs to encourage more savings. A sound financial plan provides for investment accounts and insurance. Social Security is that insurance.
Charles L. Miller
Elkins Park
fauxqui@comcast.net
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