Retirement Theft in 4 Despicable Steps

By Paul Buchheit

January 5, 2014  |  The fear of running out of money in retirement is America's greatest [3] financial concern. It's a fear greater than death [4].

But the American workers who have paid all their lives for retirement security are being cheated by wealthy individuals and corporations who refuse to meet their tax obligations, and who have found other ways to keep expanding their wealth at the expense of the middle class.

1. Federal Tax Avoidance is the Biggest Threat to Social Security

Conservatives say that Social Security is too expensive, and that cutbacks [5] and a later retirement age [6] are necessary. But they refuse to acknowledge the facts about missing revenue. Annual tax avoidance [7] by wealthy individuals and corporations is in the trillions of dollars, over double the cost of Social Security.

Big corporations are the worst offenders. The numbers are startling. For every dollar they paid relative to payroll tax in the 1950s, they now pay [8] ten cents. In just the past ten years they've cut their tax rate in half [9].