John Kasich to seniors who want to keep their Social Security: “get over it”

[happyslug]

137. Actually the rate was set by FDR

FDR set up Social Security with the concept to help lower income earners. Thus the tendency to favor lower income people, but that only apply to the people on the bottom end, it is NOT for the vast majority of people on Social Security. It is not a true means test, but a favor toward the lower end. 90% of the people are above the group getting that "extra" money.

That 90% of Social Security recipients income is based on how much each person paid into Social Security. It is the bottom 10% that get some extra money, not much more than they paid into Social Security but a little bit. The other 90% of recipients get income based on what they earned in income.

As to income tax that was another "improvement" by Reagan, prior to Reagan all Social Security was income tax free based on a 1949 Supreme Court decision. Reagan made the change that made Social Security taxable. It was a long battle, but part of the package that increased the retirement age to 67, increase Social Security taxes (that produced the huge overpayment into Social Security that started under Reagan), and drop the age of survivors benefits from age 22 to todays age 18.

That was the first attempt to cut Social Security, it was suppose to be the last cut, but as we see it was not.