0
The Social Security Trust Fund was established in 1939 to receive monies collected for Social Security through payroll taxes. The monies in this fund are managed by the Department of the Treasury; they are not, nor have they ever been, put into the "general operating fund."
However, the Social Security Act specifies that the monies in the fund may "be invested in securities backed by the full faith and credit of the Federal government," such as treasury bills, treasury notes, and treasury bonds, as well as special issue bonds. So, essentially, the government can "invest" Social Security funds by lending them to itself, then spending that money on programs not related to Social Security (e.g., defense, foreign aid, education). This has always been the case.
During the Johnson administration, Social Security and other Federal programs that operate through trust funds were counted officially in the budget. This did not mean that it was actually part of the general fund, rather that it was finally recorded as part of the budget.
What else can I help you with?
Which president raided social security?
No president can raid the social security fund. The President has no control over the social security fund . Only Congress can put money in or take money away from social security. No money has ever been actually set aside for social security. Money collected for social security has always been spent as quickly as it comes in. A record is kept and the fund is credited with the amounts taken in and debited for money paid out . They even add interest to the balance of fund, but no real money.
Should Workman's compensation use your Social Security as offset for their payments?
If Social Security is a Constitutionally, Legal, Federal Government Program the answer is no. If Social Security is an unConstitutional, Federal Government Program the answer is still no. Money was taken from the workers wages by the Federal Government which promised to return the money at retirement, or in case of a debilitating injury. Legal or not legal, to take a mans money from him without his expressed permission is robbery. Workman's Compensation, by taking a workers Social Security wages, is guilty of theft if Social Security is Constitutional, or guilty of accessory to theft if Social Security is unConstitutional.
Are taxes taken out of social security before you receive it?
Yes, taxes are typically not taken out of Social Security benefits before you receive them. However, you may owe income taxes on your Social Security benefits depending on your total income and filing status.
Are Social Security taxes taken out before or after taxes?
Social Security (FICA) taxes are withheld from your gross (before tax) salary.
How much money has been taken out of the Social Security Fund and used for other purposes and where did congress store the IOU's?
To date, over 54 trillion dolars.
Will your social security disability be taken away if you when you start medicare?
no, absolutely not
Survivor social security benefits At what age can a widow with no dependents receive social security benefuts?
At age 60, or at age 50 if Social Security also finds them disabled. They are reduced benefits if taken early.
Do you need Social Security tax taken out of your paycheck?
If you're asking whether paying social security tax is mandatory, the answer for most people is yes.
Social security amd medicare are taking out of your income as taxes?
Yes. Social Security and Medicare are taken out of your income before you see your paycheck. Your employer also pays an additional Social Security and Medicare tax to your account.
Why did President Johnson put Social Security Funds into the General Fund?
He didn't. By law, Social Security funds are deposited into the Social Security Trust Fund and cannot be deposited into the general fund. To add to my colleague's succinct answer, here's a long version: Workers pay into the Social Security Trust Fund through a separate tax structure, and the money collected is invested in financial markets. If the Trust Fund runs a surplus from these collections (combined with interest earned from investments), the extra money can be given to the General Fund of the Treasury, in exchange for federal government bonds. Therefore, money isn't "taken out" of the Independent Trust Fund, but loaned to the Treasury. At the end of 2010, Social Security had a $2.6 trillion dollar surplus, which given current policy, will continue to grow until the year 2022. After 2022, the fund will decline until it is exhausted in 2033. The General Fund *cannot* be "raided" by the Treasury; the Treasury can only borrow money, which it has an obligation to pay back (plus interest). Since this borrowing happens all the time, and the borrowed money is used for a variety of purposes, one party or the other will often claim that money has been "stolen" from seniors. This actually means that the Treasury is paying for something the complaining party doesn't like. Since there's always something one party thinks shouldn't be funded, and Social Security is such a potent political issue, politicians will continue to claim that funds were stolen, even though this has never happened.
Are you required to pay social security?
YES it is taken out of every pay check before you get it.
What major change in American paychecks began in July 1943?
Social Security was taken out.
