EnjoyBeing (enjoybeing) wrote,

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Death tax - Social security...

From Tuesday, February 11, 2003
By David Boaz
Link - http://foxnews.com/story/0,2933,78261,00.html
Every year, every American worker pays 12.4 percent of his income to the Social Security system. Workers may not realize this because the money is taken out of their paychecks in advance. (That’s what FICA means on your paycheck.) And half the tax is concealed by pretending that the employer pays it. But economists agree that a tax on wages ultimately comes out of the worker’s pocket.

When a worker retires after paying 12.4 percent of wages for years, he gets a monthly Social Security check. The return isn’t very good, but at least there’s a check (so far). But look what happens when the worker dies: After paying in for all those years, the worker owns nothing. He can’t leave anything to his children.

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