Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

  • Enter your email address to subscribe to this blog and receive notifications of new posts by email.

    Join 685 other subscribers
  • Blog Stats

    • 314,216 hits
  • Posts By Day

    April 2023
    M T W T F S S
  • Subscribe

  • Special Pages

Archive for the ‘SSA’ Category

Eventually All Ponzi Schemes Collapse

Posted by taxguru on September 2, 2021

This shouldn’t surprise anybody.

Social Security funds could run out of money sooner than expected, forecast warns (Fox Business)

Social Security Costs Expected to Exceed Total Income in 2021 as Covid-19 Takes Financial Toll (Wall Street Journal)

Social Security trust funds now projected to run out of money sooner than expected due to Covid, Treasury says (CNBC)

Accounting Critic Says Biggest Problem Facing Social Security, Medicare Is Trillions in Unfunded Debts (The Epoch Times)   PDF version of this article


What is disappointing from a reporting perspective is that these supposedly objective news services use the term “Trust Fund” to describe the money allocated for Social Security benefit payments.  It has been common knowledge for decades that there is no such thing as a separate secure bank account holding the FICA and Self Employment taxes that we have been paying in during our working careers.  That money has been commingled with the Federal government’s general funds and pissed away like the rest of it. 

As I often mention, if a private non-government custodian of retirement funds were to commingle that money, s/he would be sent to the slammer for a very long time, just as Bernie Madoff was.  Instead, our rulers become multi-millionaires by diverting our “Trust Fund” to their campaign contributors (aka bribers).

Posted in SSA | Comments Off on Eventually All Ponzi Schemes Collapse

It’s COLA-Lite for next year…

Posted by taxguru on October 14, 2013

The BHO Regime’s policy of artificially holding down market interest rates has its pros and cons.  One of the cons is for Social Security recipients, whose next annual Cost of Living Adjustment (COLA) will be very small.

Social Security benefit increase could be among lowest in decades


Posted in SSA | Comments Off on It’s COLA-Lite for next year…

Something you wouldn’t see with a real retirement account…

Posted by taxguru on October 8, 2013

Social Security Warns Benefits Could Get Cut

The fact that people accept this as a fact of life is very sad.  A real world retirement account, where the custodian commingles the funds would find that custodian in prison for embezzlement.  In DC, they take our Social Security taxes and do nothing to protect it from theft and abuse, and in fact consider it wise financial management.


Posted in SSA | Comments Off on Something you wouldn’t see with a real retirement account…

Posted by taxguru on October 15, 2012

Social Security increase for 2013 could be lowest since 1975 – They have some strange methods of calculating inflation for seniors.  It’s hard to reconcile the real world increases in food and fuel prices with the government’s COLA. 


Posted in SSA | Comments Off on

Posted by taxguru on August 5, 2012

Social Security not deal it once was for workers –  As with all Ponzi schemes, the early investors make out like bandits, and it eventually implodes and screws the later investors.  We are in the latter phase right now.


Posted in SSA | Comments Off on

Posted by taxguru on July 19, 2012

IRS Data Shows That Businesses Will Bear Brunt of Obama’s Tax Hike –  Part of his War on Capitalism.  As usual, he will blame capitalism itself for businesses reacting to his tax hikes by cutting back on employees and investment in assets as they struggle to survive.  


Why You Should Plan on Working to Age 70 – This appears to be part of a current propaganda campaign by the Social Security Administration to encourage people to hold off claiming their retirement benefits as a last ditch effort to delay the SS system’s inevitable bankruptcy.  They promise larger monthly checks if you will delay taking payments, with the hope that plenty of people will die off before taking dollar one because unclaimed benefits revert to our rulers in DC. 

From Blog Pix

My advice to clients, friends and family members is still to claim SS benefits as soon as legally possible, which is usually at age 62.  When the system goes belly up, they will almost certainly allow current recipients to continue to be paid, while freezing out or drastically reducing the benefits for everyone else who have not yet become accustomed to the SS income. 

Means Testing, where benefits will be denied to anyone earning over a certain amount or having more than a nominal net worth (aka the Evil Rich), is also a certainty in the near future.  Our rulers in DC have absolutely no qualms about reneging on the promises that have been made to people to entice them to pay thousands of dollars into the SS system each year for several decades.  Again, any private market retirement plan that would breach the payout part of its contract with investors would find its managers sued up the wahzoo and sent to prison for fraud.  No such repercussions await our imperial elected officials in DC who have orchestrated and looted this monumental Ponzi scheme. 


TaxCoach Software: Are you giving your clients what they really want?


Posted in Retire, SSA, TaxHikes | Comments Off on

The biggest Ponzi Scheme is run by our rulers in DC

Posted by taxguru on June 15, 2012

Duped by Congressional Lies – Water Williams debunks some of the myths about the biggest Ponzi scheme in history, Social Security, such as the fact that there is no special account with our money in it. Congress has stolen all of our contributions and pays benefits from money stolen from new taxpayers. 

This is the very definition of a Ponzi Scheme, which usually results in prison terms for those persons caught running their own scams that have had greedy gullible people losing millions and billions of dollars of voluntarily invested funds. For our rulers in DC, who have stolen trillions of dollars from people at the point of a gun, with no possibility of paying out all of the promised benefits, they are treated like royalty at our expense.


Posted in Crooks, SSA | Comments Off on The biggest Ponzi Scheme is run by our rulers in DC

Posted by taxguru on April 23, 2012

Social Security heading for insolvency even faster –  Does this surprise anyone, that the government run Ponzi scheme is imploding?  Nobody can screw things up as quickly as the government.

As a result of this financial collapse, IRS has become even more aggressive and abusive in attempting to squeeze (extort) Social Security taxes out of people.


Posted in SSA | Comments Off on

People are living too long for the SSA

Posted by taxguru on April 6, 2012

When the Social Security (SS) system was established back in the 1930s, the life expectancy of Americans was much lower than it is today. The retirement age for people to draw benefits was intentionally set higher than the expected life expectancy for the express reason that the financial model could not afford to pay benefits for everybody who had paid in.  It was necessary for many people to die off prior to receiving benefits for the imaginary SS “fund” to stay solvent, because unclaimed benefits just stay in the fund for everyone else and can’t be passed on to heirs. 

The trend of people living longer has gotten worse from SSA’s perspective and the system is now technically insolvent.  One possible solution to this problem is covered in today’s episode of NewsBusters.


This may sound like an absurd inconceivable idea, but you have to remember that the same incompetent corrupt people in DC who set up and run the SS system will soon be in complete charge of all of our health care; so those Death Panels they are setting up, that will decide who may continue to live, will have a built in monetary conflict of interest.


TaxCoach Software: Are you giving your clients what they really want?


Posted in SSA, video | Comments Off on People are living too long for the SSA

Posted by taxguru on February 8, 2012

Why Do We Stick With Broken Social Security Model? –  The corrupt, insane SS system was destined to eventually implode from the very beginning.  No sane person would ever invest in a scam like this if the IRS didn’t put a gun to our heads to force participation.


Posted in SSA | Comments Off on