Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and the Yahoo Answers website is now in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

Should people be able to opt out of social security and medicare - taxes and benefits?

There are some that may not need either because they are wealthy. There are some against the programs politically and complain about being forced into the system against their will. Should it be optional? If you pay into it you get the benefits, and if you don't pay into it you get no benefits?

11 Answers

Relevance
  • Kini
    Lv 7
    8 years ago

    But if they didnt pay that tax there wouldnt be enough money to pay benefits out to those who are on Social Security now. It is a payroll tax and not that much compared to your income tax. Your income tax goes to all kinds of uses you never know about. At least you know Medicare and SS taxes goes to that program directly. If it is optional, what would you do if you get disabled, divorced, or die and have children with no income?

    SS has been in effect since 1935 and Medicare since 1965. They would be difficult to repeal. Millions sof people would not have any income or medical care. Thats one way to eliminate a lot of people from the ranks of the living.

  • ?
    Lv 7
    8 years ago

    I can do much better with private investments. I would opt out in a heartbeat and invest the money.

    Many people would opt out just to keep the tax money though, and they would find themselves quite destitute at the end of their lives and be unable to retire.

    Not that it matters. Those systems are insolvent and the tax increases and/or benefit cuts needed to fix it would destroy the system anyway. Anyone who denies this simply hasn't bothered to read or does not understand the trustee's reports.

  • 5 years ago

    No, you do not appreciate how it works. Your social security taxes are usually not an funding. There's no account they go into to construct value. It is used to pay present beneficiaries. If you find yourself historic adequate to attract social protection, it's going to come no longer from some account, however from the paychecks of staff 50 years from now. Does that make you a slave? No, no longer rather.

  • ?
    Lv 5
    8 years ago

    Right now, you're benefiting in ways you can't imagine, simply because we don't have tens of millions of people starving in the streets. You owe taxes for the luxury of not living in that kind of country, whether you think you'll ever have a life-shattering catastrophe or not.

  • Noah
    Lv 6
    8 years ago

    Can you opt out of jury duty? Paying your taxes? If called for military service can you just tell 'em to go $%^& themselves? Sorry, but you've accepted citizenship and by doing that you accept all of the duties...not just the benefits. You can give up your citizenship...there's even a form you can fill out. It's that easy.

  • Anonymous
    8 years ago

    NO

    (maybe)

    SS is NOT a personal investment

    it is a contract between generations workers pay for retirees and the nest generation of workers pay for them

    surprised?

    I do not want to pay for the military. if we are invaded I will get rocks to throw at the enemy. see the similarity?

  • Anonymous
    8 years ago

    Benefits yes, taxes no.

  • Anonymous
    8 years ago

    Yep.

  • 8 years ago

    sounds great to me. almost sounds like a freedom. weird.

  • 8 years ago

    why would they it's free money and they are entitled to it

Still have questions? Get your answers by asking now.