There is NO SS TRUST FUND, thus there is no money owed to Da People.
⚠ Helvering v. Davis, 301 US 619
Title VIII, as we have said, lays two different types of tax, an "income tax on employees," and "an excise tax on employers."
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The proceeds of both taxes are to be paid into the Treasury like internal-revenue taxes generally, and are not earmarked in any way.
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⚠ Subchapter A—Tax on Employees
§3101. Rate of tax
(a) Old-age, survivors, and disability insurance
In addition to other taxes, there is hereby imposed on the income of every individual a tax equal to 6.2 percent of the wages (as defined in section 3121(a)) received by the individual with respect to employment (as defined in section 3121(b)).
(b) Hospital insurance
(1) In general
In addition to the tax imposed by the preceding subsection, there is hereby imposed on the income of every individual a tax equal to 1.45 percent of the wages (as defined in section 3121(a)) received by him with respect to employment (as defined in section 3121(b)).
(2) Additional tax
In addition to the tax imposed by paragraph (1) and the preceding subsection, there is hereby imposed on every taxpayer (other than a corporation, estate, or trust) a tax equal to 0.9 percent of wages which are received with respect to employment (as defined in section 3121(b)) during any taxable year beginning after December 31, 2012, and which are in excess of—
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⚠ Subchapter B—Tax on Employers
§3111. Rate of tax
(a) Old-age, survivors, and disability insurance
In addition to other taxes, there is hereby imposed on every employer an excise tax, with respect to having individuals in his employ, equal to 6.2 percent of the wages (as defined in section 3121(a)) paid by the employer with respect to employment (as defined in section 3121(b)).
(b) Hospital insurance
In addition to the tax imposed by the preceding subsection, there is hereby imposed on every employer an excise tax, with respect to having individuals in his employ, equal to 1.45 percent of the wages (as defined in section 3121(a)) paid by the employer with respect to employment (as defined in section 3121(b)).
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⚠ CHAPTER 23 - FEDERAL UNEMPLOYMENT TAX ACT
§3301. Rate of tax
There is hereby imposed on every employer (as defined in section 3306(a)) for each calendar year an excise tax, with respect to having individuals in his employ, equal to 6 percent of the total wages (as defined in section 3306(b)) paid by such employer during the calendar year with respect to employment (as defined in section 3306(c)).
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⚠ John Attarian, wrote on the FEE website:
Yet this popular belief is utterly mistaken. There is no trust fund, and Congress is doing nothing wrong. What’s more, the source of this misunderstanding is the government’s own public-relations efforts to create support for Social Security.
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Creation of Social Security’s trust fund, then, was a public-relations ploy.
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Nor do the purported trust “beneficiaries” have property in the fund to which they have an enforceable property right, as beneficiaries of a true trust do. Under questioning by Representative John McCormack of Massachusetts during the 1939 hearings, Board Chairman Altmeyer revealed that Social Security maintains no accounts containing funds earmarked for individuals, and never had. Its accounts, then, are just record-keeping entities: file folders, not piggy banks. No individual funds necessarily means no individual property in the Trust Fund.
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Open your checkbook register.
Make an entry: Set up account A.
Enter 75% of your balance on that ledger line.
Make another entry: Set up account B.
Enter 25% of your balance on that ledger line.
Now, subtract the entire amount on the account B ledger line.
Add that amount to the amount on the account A ledger line.
Make an entry, Account A owes Account B.
You just borrowed against your future payout to fix your car so you could buy a boat.
Do you owe yourself any interest?
