The Merchant of Venice & Social Security
09-29-06
MPG

Deficit comes in below projections, thanks to `off-budget' borrowing
The "off-budget" borrowing is from the social security trust fund.

There's been a lot of really stupid talk for years from "conservatives" in this country about how the social security trust fund is "going to run out of money".  Here's a suggestion, perhaps they shouldn't be allowed to spend it and just stick an I.O.U. into the U.S.'s treasury, an I.O.U. they're not going to be around to pay back

A quote from the IRC - not from the article above......"The Internal Revenue Service cautions employers to collect and pay trust fund taxes as required by law. "Trust Fund" taxes are withheld income, social security and Medicare taxes. These monies are withheld from the salary payments of employees and paid over to the government by employers."

".....the responsible officers may be held personally liable for these taxes through the TFRP. The IRS uses the TFRP to facilitate collection of the trust fund portion of taxes. Section 6672(a) of the Code allows the Internal Revenue Service to reach the personal assets of responsible persons who do not withhold and pay to the government amounts required to be withheld."

That's personally liable for 100% of all unpaid taxes!  Here's an idea..... these are "trust fund" taxes after all, why not interpret the law as also applying to the responsible office holders who hold these taxes in "trust" for this nation's employees.

Before they leave office these office holders would be required to pay back into the trust fund any amounts they'd overspent, otherwise these amounts would simply be deducted from their flesh.

What do you think, one ounce per million dollars, does that sound about right?