Cruising along, listening to the radio when NPR starts talking about the new tax cuts passing through the House and Senate. Doesn't sound too bad - a little more cash in the pocket is always nice. What I am interested in though is why this "cut" is made to Social Security Tax and not our Withholding.
If the tax cut was made through the withholding, then I would be more comfortable about it, but the fact is, social security is my retirement account. My contributions to social security are an investment in my future, and a guaranteed way for my employer to be mandated by law to contribute. Now I'm cutting back my investment, and my employer is being relieved of adding to it. How many folks out there are relying on social security as their only means to save for retirement? Only the ones who will really need it, and they're the ones who are getting screwed here.
I can see that this is a safe way for the government to say they're giving us a tax cut, but they're really not. All they're doing is stopping us from investing in a future payback they would have to make. The social security taxes are, in reality, a loan from us to the government that they will have to pay back. Our withholding taxes on the other hand are simply us giving them money to use however they decide to. They don't have to pay that back to us, and believe me, they don't want to.
Correct me if I'm wrong, but does this seem right to you? Calling it a tax cut when it's really something else just seems unethical. What do you think?
No comments:
Post a Comment