Taxes given to American citizens are well accounted for. Proceeds that are accumulated through the collection of taxes go to various government programs that benefit the citizens. Since 1983, the United States Treasury has deposited a portion of these tax proceeds into the Social Security Trust Fund.
At present, the Social Security Trust Fund has around $2.8 trillion in Treasury obligations. This statement can be interpreted in two ways. First, the Social Security Trust Fund currently holds $2.8 trillion in claims. As benefit payments keep increasing and exceeding the revenue of both employment taxes and the taxation of benefits, Social Security will need to use some of the Social Security trust fund bonds to cover the shortfall. Another interpretation would be that the money is already spent, but not “for the personal gain of people from the federal government.” Rather, it is used to support government spending programs.
Our attorneys at the Chris Mayo Law Firm handle legal issues when it comes to filing for Social Security disability benefits or appealing Social Security disability claims in San Antonio and other areas of Texas. Speak with a qualified member of our legal team by calling our offices today at (210) 899-5440.