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Social Security proposals are wrongheaded - The Washington Post
For someone earning $1 million, the tax increase would be $58,700.
The options are keeping Social Security solvent or allowing those making $1 million a year to keep 5.87% of their pre-tax earnings.
Seems like a small enough increase for the long term benefit of the nation to a fiscal conservative like myself. And yes, I will personally pay more in taxes if this passes. But having a stable future for this nation means more to me than this paltry amount. If anything it is cheap at the price.
What is even more attractive is that it is a flat tax, something that fiscal conservatives have been advocating for ever since the Reagan era.
Besides the kneejerk opposition to any tax increase what are the legitimate objections to a reasonable and effective solution of this modest nature?
Didn't the millionaire just have their taxes raised? Let's get all Americans to pay a share first then talk about raising the taxes on the millionaires. There is no good reason to let 50% of the people pay so the other 50% get a free ride.
Social Security proposals are wrongheaded - The Washington Post
The options are keeping Social Security solvent or allowing those making $1 million a year to keep 5.87% of their pre-tax earnings.
Seems like a small enough increase for the long term benefit of the nation to a fiscal conservative like myself. And yes, I will personally pay more in taxes if this passes. But having a stable future for this nation means more to me than this paltry amount. If anything it is cheap at the price.
What is even more attractive is that it is a flat tax, something that fiscal conservatives have been advocating for ever since the Reagan era.
Besides the kneejerk opposition to any tax increase what are the legitimate objections to a reasonable and effective solution of this modest nature?
Didn't the millionaire just have their taxes raised? Let's get all Americans to pay a share first then talk about raising the taxes on the millionaires. There is no good reason to let 50% of the people pay so the other 50% get a free ride.
We are discussing payroll taxes which 100% of all taxpayers pay. There was no increase in these taxes. This would simply make the playing field level for all taxpayers to pay the same percentage irrespective of their income. Something that is not happening at present.
WOW! Got dyslexic!
Should have been
2012 - The last full year: Sales/Revenue 446.95B Income Tax 7.94B
WMT Annual Income Statement - Wal-Mart Stores Inc. Annual Financials
Don't need to.
In 2012, Apple paid 12% effective Federal tax domestic and foreign sales.
In 2012, Walmart income was 774B and paid 7.3B in taxes. Care to do the math?
In 2012, my portfolio which is a Nevada corporation paid 3% effective federal tax.
If you believe that Americans businesses pay high taxes, YOU ARE A CHUMP!!!!
In 2012, Apple paid 12% effective Federal tax domestic and foreign sales.
In 2012, Walmart income was 774B and paid 7.3B in taxes. Care to do the math?
Holy crap. You pulled those numbers out of your ass, didn't you?
AAPL Annual Income Statement - Apple Inc. Annual Financials
Because it wouldn't show WalMart to be paying too little in taxes?In making an apples to apples comparison you have to use effective. Anything else would be deceptive.
If we are to accept your claims, which I seriously doubt, How did you manage just 3% of your gross paid in taxes if you didn't deduct expenses?
You really expect a retailer to pay taxes on money it spent to purchase stock and pay salaries?
Walmart and I have some very good subsidies.
Again, In making an apples to apples comparison you have to use effective. Anything else would be deceptive.
Some would claim were the number one in corporate tax rate. But based on ACTUAL TAXES PAID, we're 16th.
Why act so stupid? Corp tax is not paid on revenue , in contrast to what you keep indicating. It is paid on income which is revenue minus expenses. So what if you can find a site that introduces the term net income? You are being obtuse. Your stupid post compared revenue to tax. It was a ridiculous statement.
Who's acting stupid? Certainly not me.
Dementia.Why would a 66 year old have their entire portfolio in stocks?
Difficult enough for people in their prime to manage their stock portfolios. Unless you are a professional it is like going to Vegas in my opinion. Pension plans used to be managed by professionals but now we expect rank amateurs to do it. Then PBS asked a CEO if he would allow the mailroom guy to manage the CEO's 401k the CEO was shocked at the suggestion. But he expects the mailroom guy to manage his own 401k. The 401k ponzi scam is going to come down hard on the Boomers as they start retiring in greater numbers and discover that their 401k "investments" are a mere fraction of what is needed. They would have done better sticking the funds under their mattress. And with inflation now creeping in the "retirements" of many Boomers are going to be less than ideal. The big headache though is going to be political because retirees are the largest voting bloc of all and this is a bipartisan issue.
Dementia.
Difficult enough for people in their prime to manage their stock portfolios. Unless you are a professional it is like going to Vegas in my opinion. Pension plans used to be managed by professionals but now we expect rank amateurs to do it. Then PBS asked a CEO if he would allow the mailroom guy to manage the CEO's 401k the CEO was shocked at the suggestion. But he expects the mailroom guy to manage his own 401k. The 401k ponzi scam is going to come down hard on the Boomers as they start retiring in greater numbers and discover that their 401k "investments" are a mere fraction of what is needed. They would have done better sticking the funds under their mattress. And with inflation now creeping in the "retirements" of many Boomers are going to be less than ideal. The big headache though is going to be political because retirees are the largest voting bloc of all and this is a bipartisan issue.
The 401k ponzi scam is going to come down hard on the Boomers as they start retiring in greater numbers and discover that their 401k "investments" are a mere fraction of what is needed.
What fraction of their needs are met by the pensions of Eastern Airlines, Delphi, United Airlines, Johns-Manville or Hostess?
They would have done better sticking the funds under their mattress.
BS.
Difficult enough for people in their prime to manage their stock portfolios. Unless you are a professional it is like going to Vegas in my opinion. Pension plans used to be managed by professionals but now we expect rank amateurs to do it. Then PBS asked a CEO if he would allow the mailroom guy to manage the CEO's 401k the CEO was shocked at the suggestion. But he expects the mailroom guy to manage his own 401k. The 401k ponzi scam is going to come down hard on the Boomers as they start retiring in greater numbers and discover that their 401k "investments" are a mere fraction of what is needed. They would have done better sticking the funds under their mattress. And with inflation now creeping in the "retirements" of many Boomers are going to be less than ideal. The big headache though is going to be political because retirees are the largest voting bloc of all and this is a bipartisan issue.
The 401k ponzi scam is going to come down hard on the Boomers as they start retiring in greater numbers and discover that their 401k "investments" are a mere fraction of what is needed.
What fraction of their needs are met by the pensions of Eastern Airlines, Delphi, United Airlines, Johns-Manville or Hostess?
They would have done better sticking the funds under their mattress.
BS.
Only 22% of American workers have a defined pension plan such as those you mentioned. The other 78% are not as lucky.
Difficult enough for people in their prime to manage their stock portfolios. Unless you are a professional it is like going to Vegas in my opinion. Pension plans used to be managed by professionals but now we expect rank amateurs to do it. Then PBS asked a CEO if he would allow the mailroom guy to manage the CEO's 401k the CEO was shocked at the suggestion. But he expects the mailroom guy to manage his own 401k. The 401k ponzi scam is going to come down hard on the Boomers as they start retiring in greater numbers and discover that their 401k "investments" are a mere fraction of what is needed. They would have done better sticking the funds under their mattress. And with inflation now creeping in the "retirements" of many Boomers are going to be less than ideal. The big headache though is going to be political because retirees are the largest voting bloc of all and this is a bipartisan issue.
The 401k ponzi scam is going to come down hard on the Boomers as they start retiring in greater numbers and discover that their 401k "investments" are a mere fraction of what is needed.
What fraction of their needs are met by the pensions of Eastern Airlines, Delphi, United Airlines, Johns-Manville or Hostess?
They would have done better sticking the funds under their mattress.
BS.
Only 22% of American workers have a defined pension plan such as those you mentioned. The other 78% are not as lucky.
Don't need to.
In 2012, Apple paid 12% effective Federal tax domestic and foreign sales.
In 2012, Walmart income was 774B and paid 7.3B in taxes. Care to do the math?
In 2012, my portfolio which is a Nevada corporation paid 3% effective federal tax.
If you believe that Americans businesses pay high taxes, YOU ARE A CHUMP!!!!
Highest corporate tax rate in the world. Simple, undeniable FACT.
Would you like to try again?
Fucking stupid dog. If a government tells a corporation that their taxes will be based on 35% with no deductions, you would be correct.
But it ain't like that now is it?
When it is all said and done and the tax accountants get done pencil whipping those corporate returns, taxes paid by American corporations is no where near the top of the list.
But you should already know that. Why don't ya?
Or at least post up your reputable info that shows American corporations, after deductions, losses, write offs etc, paying the highest corporate taxes in the world.
Should be a piece of cake for a dog like you.
Can an individual making $50,600.00 per year afford a 5.87% tax increase?
Can an individual making $50,600.00 per year afford a 5.87% tax increase?
Someone making $50,600.00 per year is already paying the full 7.65% of their income into SS.
Can an individual making $50,600.00 per year afford a 5.87% tax increase?
Someone making $50,600.00 per year is already paying the full 7.65% of their income into SS.
OK great. We're talking only Social Security here. Right now, someone who has made about $100,000/year gets the maximum benefit when he reaches 65 Now, you want the guy that makes a million bucks to fork over 7.65% of the just under $900,000 that is now exempt. Yup THAT'S fair...
Justify paying for something he cannot receive.
Yes, and if you use the funds you saved in the 401K, it's taxable. It seems to be the gift that keeps on giving to the government after you spent a lifetime paying taxes, hidden taxes, and taxes on money that was invested in regular investments after paying taxes on it. Taxpayers end up just chasing their tails. And if they own businesses, it's worse. If they sell it, the Social Security people make sure they don't get their social security income that year due to "excessive income". If they leave it to their kids, the inheritance tax people charge the kids so much money on the investment left, there's no operating cash for keeping the business going next year. If the kids invested 20 years in working at the business, they have no way of keeping on keeping on. Government overseeing and taking is killing family businesses. Uncle Sam needs to get a new image. He's just a pirate of private investors anymore to give to fellow pirates. Imagine Uncle Sam with a trefoil black hat and a patch over one eye flying a flag with 50 skulls on it. Oh, hep me.Dementia.Why would a 66 year old have their entire portfolio in stocks?
Difficult enough for people in their prime to manage their stock portfolios. Unless you are a professional it is like going to Vegas in my opinion. Pension plans used to be managed by professionals but now we expect rank amateurs to do it. Then PBS asked a CEO if he would allow the mailroom guy to manage the CEO's 401k the CEO was shocked at the suggestion. But he expects the mailroom guy to manage his own 401k. The 401k ponzi scam is going to come down hard on the Boomers as they start retiring in greater numbers and discover that their 401k "investments" are a mere fraction of what is needed. They would have done better sticking the funds under their mattress. And with inflation now creeping in the "retirements" of many Boomers are going to be less than ideal. The big headache though is going to be political because retirees are the largest voting bloc of all and this is a bipartisan issue.
Well i dont think anyone has to worry too much about all this since this idiotic proposal has no chance of passing -- NONE -- ZERO -- Zilch - Ninguno.
Plus the Post is right -- why do you need to increase a program that transfers wealth to the often affluent elderly? How many get a social security check so they can retain their paid up house woth hundreds of thousands or maybe a million or more so they can leave it to the kids -- all at the expense of the taxpayer.
What the left doesnt get is that on balance social security transfers money from a less affluent base of tax payers to a more affluent base of recipients -- on average.
