Tags: Social Security | congress | federal | estate | inheritance

Tax Pols' Campaign Committee to Support Social Security Fund

social security funding or taxes

(Dan Van Den Broeke/Dreamstime)

By Monday, 22 June 2020 11:46 AM Current | Bio | Archive

The ability of a politician to raise financial capital is remarkable.

Contributing to a politician’s campaign committee is one way voters express their support for the candidate and the candidate’s views in an election. Even after the election, candidates and representatives maintain their campaign committee even though they are not a candidate in an election any more.

Article 1 Section 3 of the Constitution of the United States, divides the Senate into three "classes" each to serve six years such "that one third may be chosen every second Year." Class 1 senators were elected in 2018 and class one senate seats will come up for election in 2024; class 2 elected in 2016 come up for election in 2020; and class 3 elected in 2014 and come up for election this November 2020.

So it follows that senators elected in 2018 took their seat in January 2019, 18 months ago.

A sampling of the Class 1 senators, those elected in 2018 into seats that are not up for election until 2024, shows they continue to maintain campaign committees. People and corporations continue to contribute to these campaign committees even though they are not a declared candidate in an election any more nor does their name appear on any ballot for elected office.

According to the Center for Responsive Politics Open Secrets website in the 2020 political campaign cycle Class 1 senators: Kevin Cramer, N.D., has collected $90,344 from 109 contributors (of more than $200); Rick Scott, FL, $896,156 from 596; Kirsten Gillibrand, N.Y., $4,121,313 from 3,704; Tim Kaine, Va., $620,365 from 363; and Christopher S. Murphy, Conn., $148,304 from 352.

That totals almost 6 million dollars donated to just 5 of the 33 class 1 Senators who just took their seats 18 months ago and are not a declared candidate for any office in any election nor does their name appear on any ballot for elected office in the 2020 election cycle!

Who is contributing and for what purpose?

Can it be that these contributions are made to secure political favors from the senators?

It cannot be to elect the senator.

Senators who have not filed nor are they listed on any election ballot in the country?

These are senators in the same legislature that approves the taxes levied upon your earnings, diminishing your spending power; the same legislature that repeatedly fails in securing the future of the Social Security Fund payments you are supposed to receive.

All this while, as Brett Arends tells us in Market Watch, that your social security fund is estimated by the Wharton School of Business to be depleted anytime between 2032 and 2036. Do our politicians really want to back up their rhetoric to save the Social Security Fund with action?

U.S. News and World Report tells us currently the federal estate tax is a 40% tax on assets topping $11.4 million. Most states have some form of estate tax and inheritance tax.

So should we have a form of estate or inheritance tax on politicians’ campaign committees?

In keeping with the spirit of the estate and inheritance taxes Congress should immediately enact legislation on campaign committees. 30 days after every election, all candidates’ campaign committee funds should be taxed at the rate of 50% with this tax being contributed to the Social Security Fund. 90 days after the election all candidates’ campaign funds should be taxed at 100% with this tax being contributed to the Social Security Fund.

Sufficient funds from this tax can be put into escrow with the Internal Revenue Service for an additional 90 days to pay any outstanding campaign expenses.

Furthermore, Congress should immediately enact legislation requiring campaign committee funds of all politicians who are not a declared candidate for any elected office and do not meet all requirements to be placed on the ballot for the elected office taxed at a rate 50% the last day of every month to be contributed to the Social Security Fund.

These proposals will go a long way to give our politicians the opportunity to raise funds to support the Social Security Fund allowing it to be there in the future for we the people.

The above is the opinion of the author and is not meant to reflect the opinion of the U.S. Navy or the U.S. Government.

John M. DeMaggio retired after 30 years of service as a Captain from the U.S. Naval Reserve Intelligence Program. He holds a Bachelor’s of Science in Forensic Science from John Jay College and a Master’s of Science from Whiting School of Engineering, Johns Hopkins University. Privately consulting in counterterrorism, forensic science, and investigations, he also conducts international counterterrorism training, having retired as a Special Agent in Charge and serving as Co-chairman, Investigative Support and Forensic Subgroup, TSWG, developing interagency counterterrorism technology. He is also an op-ed contributor for The Hill. He previously published “Mitigation of Terrorist Effects on Victims’ Motivation” in U.S. Army Counterinsurgency Center Colloquium. Read John M. DeMaggio's Reports — More Here.

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Congress should immediately enact legislation on campaign committees. 30 days after every election, all candidates’ campaign committee funds should be taxed at the rate of 50% with this tax being contributed to the Social Security Fund.
congress, federal, estate, inheritance
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2020-46-22
Monday, 22 June 2020 11:46 AM
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