Title: WHAT trust fund?
Product review: The Social Security Tax was challenged in the Supreme Court shortly after it was passed into law. The government's lawyers argued..."These are true taxes," they stated, "their purpose simply being to raise revenue.... The proceeds are paid into the Treasury as internal revenue collections, available for the general support of the government."They HAD to take that position, to keep the tax from being struck down on constitutional grounds.The court ruled in favor of the government. In the summary, the court stated..."The proceeds of both taxes (SS and unemployment) are to be paid into the Treasury like internal-revenue taxes generally, and are not earmarked in any way."There is not, and never has been a true SS trust fund or "retirement account" to loot. Any excess funds are replaced by government bonds (IOU's) and the money deposited in the general spending account. That's the way the system was designed.
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