I have consistently heard how Social Security and Medicare are going to go broke. I’ve heard talk about taxing the rich, but mathematically that will not solve the problem because 95 percent of their assets (both sides of Congress) are sheltered in tax havens untouchable by U.S. tax law. However, a potential solution to the problem is related to the non-payment of Social Security and Medicare tax by S corporation owners of which there are more than 100 million.
In 1958, Congress enacted subchapter S of the IRS code that started S corporations.
Once the tax attorneys saw this gift, they told the S corporation owners that they only had to pay a part of the Social Security tax that the rest of us must pay. Meanwhile Congress has done nothing to repair the upcoming Social Security crisis.
As a result of this issue, over 55 years, billions of dollars of Social Security and Medicare tax payments have not been paid and have been permanently lost.
Is it possible that we have elected people to Congress who are narcissists and, by their corrupt nature, are uncaring about the rest of us? Is it possible that Congress wants the Social Security and Medicare system to fail?
$34 trillion in national debt and taxpayers being permanently, financially disfigured by inflation says that I am right. Is it their goal to enslave us to financial poverty where we will own nothing and be miserable? I guess we’ll all just have to eat cake.