That FICA tax, and taxes from millionaires pay for nothing, they are simply a record keeping mechanism used by the
All the Treasury/Fed do is mark up reserve accounts held by the Fed for all government agencies and jurisdictions, all banks and foreign governments doing business with the U.S., and POOF, Social Security, Medicare-Medicaid, debt service payments are made, and checks get cashed because Treasury checks don't bounce. It's a spread sheet operation, where the Fed is engaged in simply offsetting reserve balances.
So the deficit hawks and progressives and others are correct in identifying slight of hand "tax gimmicks." However, the Administration and Congress need to ask, in a national discussions with Americans, the more critical question...
"Why does a nation, managing sovereign, fiat currency, need to
raise revenue to spend?"
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