GOPwinger Lies/Distortions/Omissions/Perversions of Truth Message Board

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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth

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To: Kenneth E. Phillipps who wrote (110137)	11/30/2007 9:58:09 AM
From: DizzyG	Read Replies (1) of 173976

Wrong again, Kenneth... Social Security Taxes: Where Do Surplus Taxes Go and How Are They Used? CRS Report for Congress Contrary to popular belief, Social Security taxes are not deposited into the Social Security trust funds. They flow each day into thousands of depository accounts maintained by the government with financial institutions across the country. Along with many other forms of revenues, these Social Security taxes become part of the government’s operating cash pool, or what is more commonly referred to as the U.S. treasury. In effect, once these taxes are received, they become indistinguishable from other monies the government takes in. They are accounted for separately through the issuance of federal securities to the Social Security trust funds — which basically involves a series of bookkeeping entries by the Treasury Department — but the trust funds themselves do not receive or hold money. They are simply accounts. Similarly, benefits are not paid from the trust funds, but from the treasury. As the checks are paid, securities of an equivalent value are removed from the trust funds. 72.14.253.104 Diz-

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