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Tax cuts? Not really

To the Times of Ti:

The Obama administration as well as some members of Congress are hoping to continue with a reduction of employee contributions to the Social Security retirement system, passing it off as a tax savings. This is not a reduction of taxes. In reality they are asking you to under fund the Social Security Retirement System with the obvious goal of winning favor (votes).

The administration and some members of Congress tell you they are putting money back into the pockets of the taxpayers. In reality they may be intentionally or unintentionally bankrupting the only national retirement system the United States has.

With more and more corporations and some state and local governments reducing or eliminating retirement benefits, Social Security may be the only retirement left that the average American can rely on in old age. I have read estimates which indicate the U.S. government has “borrowed” over $3 trillion from the social security fund since the late 1960s. If the fund is bankrupted, the federal government will no longer be obligated to return the money — please note that Congress has excluded itself from participating in Social Security and has established a separate retirement system for itself.

One can only assume that current members of Congress on both sides of the aisle would rather not have to deal with repayment of the borrowed funds.

Don’t be fooled. To ensure that the Social Security Retirement System remains in tact, each and every tax paying American should demand that employee contributions into social security be reinstated to 6.2 percent. They should also ask that the estimated $3 trillion borrowed from the Social Security Retirement System by the U.S. government be returned, and that no further money be borrowed from the fund. If the Obama administration and certain members of Congress want to put more dollars into voters pockets, let them lower federal income taxes.

Keep in mind, the Social Security Retirement System is not funded by your tax dollars. It is funded by both employee and employer contributions to the fund.

Bankrupting Social Security would make it the biggest theft in the history of mankind. A $3 trillion-plus heist. The Social Security Retirement Fund looted simply because members of Congress were unwilling to make tough choices, choices which might prevent them from being re-elected.

Carl Thatcher

Ticonderoga

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