The Motley Fool Discussion Boards

Previous Page

Politics & Current Events / Retire Early CampFIRE


Subject:  Re: Help! My Social Security is in Lucent Date:  7/28/2001  3:40 PM
Author:  ziggy29 Number:  46657 of 876031

[re: Congress not paying FICA]

>> It's amazing how many otherwise astute people fall for this crap. <<

It's not "crap," really. For a LONG time, it was true -- employees of the Federal government did NOT pay into Social Security (the rationale being that they already had a pretty good pension). When the first Social Security "crisis" was brewing in the early 1980s, this changed (and also raised the tax rate and increased the full retirement age from 65 to 67).

If were complete "crap," it would have never been true. But because it once was true, it's probably just a case of people knowing how OLD law worked and not realizing that a loophole has been closed.

Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us