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So this is how Socialism works...

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posted on Feb, 13 2011 @ 10:07 PM
So…A bit about our tax system…
My dad retired last year after working the past 46 years of his life. He retired in June and started drawing his SS.
He cashed out his 401k retirement package to buy some land and equipment.*WHACK* Govt. takes 20%.
*WHACK* It’s taxable income according to them and they tack on another 33%.*Whack* He gets a letter from the Govt. stating that since he made more than 14,400 dollars last year being retired he has to pay back his SS he drew!

So what’s the fracking use in saving for retirement when the Govt. is going to take so much of it? Mandatory Social Security deduction should be a damned criminal offence.It's robbery plain and simple along with 3/4 of the taxes we pay. He will never see half of what he paid in the last 46 years of his life. It’s a damned shame that hard working folks have to put up with this bull# to provide for the non-producing leaches in our society. These so called social programs are nothing but smoke and mirrors for the elitists to “provide” help from the State to those that do not produce to gather their votes. I for one am sick of it.

posted on Feb, 13 2011 @ 10:23 PM
reply to post by TexasChem

Yes, it is all a bunch of hooey. Your dad worked hard and deserves a good retirement. Yes, we are tired of paying the way for leaches!!! It is a damn shame that a man works hard all his life and can't get fully what he has rightfully earned. My work environment has me overhearing some of the leaches comments about how much they got that month etc.

The leaches abuse every government program while enjoying pricey cell phones, etc. The employees in the government programs apparently like to sit on their ass instead of investigating some of these leaches. There are lots of them believe me.

Sorry to go off the topic...but yes, your dad deserves better.

posted on Feb, 13 2011 @ 10:25 PM
Yeah, that's the way it's set up. Sucks!

I think if your going to save money you may as well just save cash in a safe and then you only pay tax on it once (income tax) then just use the cash when you need it after you retire.

Sure, you don't make any interest on it that way but which way do you come out of it ahead????

You save $100,000 in a safe and retire - you have $100,000

You do the 401K think and have $100,000. then deduct taxes and in your dads case pay back the SS
How much of the $100,000 is left?

I suggest a good heavy fire rated safe mounted underground (mine's in my basement floor, concreted in)

Not worried about a house fire taking my money too much and it's safe.

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