Social Security Reform: Same Old Stalemate

[MasterBlaster]

Business Week did an interesting article on some recent events concerning SS. The article points out the tremendous difficulty getting anything started on this topic...

http://www.businessweek.com/bwdaily/dnflash/jun2006/nf20060622_7842.htm

 

[lets-retire]

It sounded like a reasonable plan at first. Personally I would rather go without Social Security than have to pay more taxes for it, but since I don't have the ability to opt out, thier initial idea sounded like a good start.

 

[Cut-Throat]

I think Congress and the White House should concentrate on the current $500 billion deficit first, before they start worrying about what might happen in 2041.

 

[ash]

Personally I would rather go without Social Security than have to pay more taxes for it, but since I don't have the ability to opt out, thier initial idea sounded like a good start.

Just check the "Opt out of Social Security" box on your W-4. It's pretty cool, you get a 12.4% instant pay raise (on the first $94K only).

 

[cute fuzzy bunny]

Can you show me where that exists on a w-4? I'm not seeing it.

There are some folks in the "You Can Avoid Paying Income Taxes By..." that read stuff into the tax code that either will land you in jail or at best, to the land of IRS penalties and interest. Some folks say that a W-4 is 'voluntary', as is giving an employer your social security number, and that this is a way to "opt out" of social security and withholdings.

The reasoning is that the social security number is supposed to only be used by government agencies and use of it in the public sector is 'illegal'. Your company being a public entity, they can only 'request' your SS number and if you refuse to give it to them, then they cant withhold.

What it actually is is a way for your prospective employer to opt out of hiring you as I would imagine a decision to not return the w-4 or return it without a SS number on it would result in a stop to the hiring process.

 

[MJ]

Can you show me where that exists on a w-4? I'm not seeing it.

It is on all new W4's of workers that are under the age of 15.

 

[REWahoo]

According to the SS.gov website:

Q: "Can I opt out of Social Security?"
A: "No. Social Security coverage is mandatory."

 

[Nords]

Hunh-- what are these W-2s and W-4s of which you speak?

 

[ash]

Can you show me where that exists on a w-4? I'm not seeing it.

There are some folks in the "You Can Avoid Paying Income Taxes By..." that read stuff into the tax code that either will land you in jail or at best, to the land of IRS penalties and interest. Some folks say that a W-4 is 'voluntary', as is giving an employer your social security number, and that this is a way to "opt out" of social security and withholdings.

I was just joking of course. And you're right, all of the "avoid paying taxes" schemes result in the "avoid being a person not paying heavy fines" status, although that's a double negative so I'm not quite sure...although I certainly feel doubly negative about paying SS taxes so maybe it's appropriate.