Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Where do my Social Security tax dollars go?

Dollars social security tax
0
Posted

Where do my Social Security tax dollars go?

0

Many people, incorrectly, believe their Social Security taxes are being held in a government bank account with their name on it. This is false: your social security number is NOT a bank account number. In fact, Social Security tax dollars are not held anywhere at all: they are spent immediately on the benefits of current retirees and, because more is collected in taxes than is paid out in benefits, surplus funds are borrowed by Congress to spend on other programs. That means your Social Security taxes can be used for pork barrel spending projects like building bridges to nowhere.

Related Questions

Thanksgiving questions

*Sadly, we had to bring back ads too. Hopefully more targeted.