Nicholas Geti wrote: > ----- Original Message ----- > From: "Leland F. Jackson, CPA" <[EMAIL PROTECTED]> > To: "ProFox Email List" <[email protected]> > Sent: Sunday, November 02, 2008 2:54 PM > Subject: Re: [OT] Obama's redistribution plan at work > > > >> The payroll tax is to fund the worker's social security for his >> retirement. The money paid into SS is owned by the payer, and should >> not be used to fund government. The government is a trustee of Social >> Security fund with a fiduciary responsibility to manage the funds until >> they are needed by the individual upon retirement. It is a bad idea to >> commingle income taxes money with Social Security trust funds. >> >> >> Regards, >> >> LelandJ >> >> > You are joking of course! There is not one cent in the Social Security > system. Congress has written an IOU for every single penny. It is now a > pay-as-you-go system. Congress is also raiding the highway fund which was > meant to pay for infrastructure; the money is now going into the general > fund. > >
The Social Security System can, and should, be fixed. Since Social Security is a special trust fund, I assume it is separate form the general fund. It seems any moneys transferred out of the SS fund to the general fund would create a receivable on the SS fund for money due back from the general fund and a payable in the general fund for money payable to the SS Fund. Spending from the general fund should follow budget appropriations passed by congress and signed by the President. There is nothing I know that would prevent congress from moving appropriations out of one budget category in the general fund into another budget category of the general fund, as long as congress and the president approve the changes. Regards, LelandJ > [excessive quoting removed by server] _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[EMAIL PROTECTED] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
