To the editor:
As an American senior citizen, I keep wondering what happened to our retirement plan established by President Franklin D. Roosevelt.
Recently, I received an email putting together a history of where we've been and what our politicians have done for us:
Participants in the program would be entirely voluntary.
Participants in the program would only have to pay 1 percent of the first $1,400 of their annual income into the program (now 7.65 percent on the first $90,000).
The money the participants elected to put into the program would be deductible from their income for tax purposes each year (no longer tax deductible).
The money the participants put into the independent "trust fund" rather than into the general operating fund, would only be used to fund the Social Security Retirement Program, and no other government program. (Under Johnson, the money was moved to the general fund and spent).
The annuity payments to the retirees would never be taxed. (Under Clinton and Gore, up to 85 percentage of your Social Security can be taxed).
Note: Since many of us have paid into the FICA for years and are now receiving a Social Security check each month — and finding out we are getting taxed on 85 percent of the money we paid into the federal government to "put away" you may be interested in the following:
This is pure double taxation of your money. You paid your Social Security taxes on your gross income, and now they are taxing you on the Social Security that you are receiving.
Also, did you know that immigrants moving into this country, and at 65, begin to receive Social Security! The payments are given to them! Even though they never paid a dime for them!
By the way, the same politicians who enacted all of these changes have their own retirement program covering them and all their dependents for life.
So, isn't it great to be a U.S. senior citizen on a limited income?!?!
What else is coming?