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In reply to the discussion: Watchdogs say world's richest man Elon Musk has 'declared war on Social Security' [View all]magicarpet
(16,984 posts).... payroll deductions.
6.2% of total wages into a SS fund contributed by the employee.
Plus,
6.2% of total wages into the SS fund contributed by the employer.
The money sits in a trust fund until a person reaches retirement age and starts withdrawal of the accumulated funds that were deducted from their paychecks over the lifetime of their working history.
The Social Security Retirement Program has provided minimal needs for the elderly to help provide for food and housing and to keep them out of poverty.
This is money you paid into the system throughout your working history and is not a giveaway government program as some like to lead us to incorrectly believe.
The rich investors and employers resent the 6.2% portion they kick in. Hating the fact that that money goes into the workers retirement fund and not directly into the investor's or employer's pockets for more mansions, more yachts, more private jets, and more fancy cars.
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