Social Security vs. Taxes
Has anyone thought through just how much SE tax (18%) and SS withholding the government would lose if they stopped making Social Security payments? They can't possibly charge us withholding or SE tax while at the same time discontinue payments. The country would explode real time.
The SS payout compared to the SS income could be a big problem that throws a wrench in their plan to end or even cut SS. Maybe some accountant types on this site would like to take a stab at possible scenarios the emperor and his imps may be trying to figure out. That could be useful in prepping ourselves for the craziness to come.
Looking at the SS gov site I find the following figures. I hope I read accurately:
Social Security, SE taxes and all sources that were collected in 2023: $2.375 trillion
All Old age/Survivors benefits, Medicare, Medicaid etc. paid out in 2023: $2.429 trillion
The difference came from the trust fund which, at the end of 2023, was $3.185 trillion
I'd say the gold is in the trust fund. The taxes and payout are a wash.
They want the trust money.
Comments? Please?