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SSWHSocial Security Withholding
SSWHSouthampton and South-West Hampshire (UK)
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In the last major revision of Social Security laws affecting state and local government employees, as of July 2, 1991, all state and local government employees who are not 1) covered by a public retirement system or 2) covered under a Section 218 agreement are subject to mandatory Social Security withholding unless specifically excluded.
"Every one percent increase in Social Security withholding generates about $25 billion to $30 billion worth of new revenue," he said.
The Internal Revenue Service (IRS) has an interest in employment status because of income tax and social security withholding requirements that exist for employees but not for independent contractors.
Here's what we should do to fix all this: Eliminate Social Security withholding for low wage earners--say, on all those making less than $15,000 a year--but treat all Social Security benefits received by those above the $25,000/$32,000 cutoffs as ordinary taxable income.
And it planned to do so by raising the only tax Congress would touch"-i.e., the Social Security withholding tax.
Another problem is Social Security withholding. NRAs with F, J and M visas are exempted from Social Security tax withholding by Regs.
Some seven in 10 American workers want to invest at least a portion of their Social Security withholdings into an optional or mandatory personal retirement account, according to a survey conducted by Prudential Financial Inc.
I enjoyed the humor and sarcasm in Gruber's response to my article; however, at the time of writing, it appears that the idea of privatizing a portion of Social Security withholdings is waning in the House and the Senate.
Republicans favor more individual control over retirement savings--returning Social Security withholdings to taxpayers in the form of private investment accounts.
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