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Imagine someone retiring in November 2008 and their entire SS "portfolio" decimated by the market collapse!
Why would a 66 year old have their entire portfolio in stocks?
They wouldn't! The drama queen just made that up after I mentioned a Bush proposal to allow individuals to invest 10% of their SS into the market.
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?
Asinine suggestion. We already have an incredibly progressive income tax code. The top rate 43.4% (39.6% plus the 3.8% Medicare rate)...and income is subject to AMT with many deductions reversed. Add state income taxes, and the combined rate is over 50%.
Punishing success is not a strategy to grow the economy and create jobs. More people would be better off in retirement if they had proper jobs and could take care of themselves.
Imagine someone retiring in November 2008 and their entire SS "portfolio" decimated by the market collapse!
Why would a 66 year old have their entire portfolio in stocks?
80% of people don't understand how the markets work and lose money even when using so called "safe" investments.
The lege decides this, guys, and guess what.
yes, the tax code has been put in place by congress. Congress has been dominated by democrats for most of the last 75 years------guess what, the tax code that you libs hate so much was put in place by the people that you put in DC.
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?
Asinine suggestion. We already have an incredibly progressive income tax code. The top rate 43.4% (39.6% plus the 3.8% Medicare rate)...and income is subject to AMT with many deductions reversed. Add state income taxes, and the combined rate is over 50%.
Punishing success is not a strategy to grow the economy and create jobs. More people would be better off in retirement if they had proper jobs and could take care of themselves.
Adding percentages with different bases gives meaningless results.
The economy has grown with far higher tax rates because there was more incentive for the wealthy to create jobs that generated wealth. Once they were given tax breaks the economy stagnated because the wealthy no longer had any incentive to create jobs that generated wealth since they were already making out like bandits. The hard facts of job numbers, economic growth and tax rates demonstrate that to be the case.
The concept of retirement is that you no longer need a job. Essentially you are requiring that everyone must work until they die irrespective of their state of health in their old age.
While we are on the subject, ask your elected representatives about raising the retirement age to 70.
As much as Boehner disappoints me, at least he has the guts to say we need to raise it. But other Republicans who say so are far and few between.
The last time the GOP managed to raise the retirement age (by two measly years), they made sure it would not go into effect until they were all dead and gone. Literally.
So don't talk to me about "most".
first of all, I don't think the retirement age should be raised. we need jobs for young people, let the old people get out of their way.
While you are at it please list the dem sponsored bills that will do what you want done to the tax code.
I have never claimed the Democrats want to eliminate tax expenditures. I am saying both parties are guilty.
You keep trying to paint the GOP as some sort of never-can-do-wrong and never-hypocritical party.
It's bullshit. We have an American Politiburo.
first of all, I don't think the retirement age should be raised. we need jobs for young people, let the old people get out of their way.
While you are at it please list the dem sponsored bills that will do what you want done to the tax code.
I have never claimed the Democrats want to eliminate tax expenditures. I am saying both parties are guilty.
You keep trying to paint the GOP as some sort of never-can-do-wrong and never-hypocritical party.
It's bullshit. We have an American Politiburo.
don't you mean tax "deductions" ? expenditures makes no sense in that context.
You were clearly trying to put all the blame on the Democrats.
Nope, not ALL of it, just MOST of it. and history says I am right.
Ask your Republican/conservative elected representatives what they are doing to have all tax expenditures, including the mortgage interest deduction, banned from the tax code.
Be sure and specifically mention the mortgage interest deduction. It's the second biggest individual one.
Then we'll see about "most".
I have never claimed the Democrats want to eliminate tax expenditures. I am saying both parties are guilty.
You keep trying to paint the GOP as some sort of never-can-do-wrong and never-hypocritical party.
It's bullshit. We have an American Politiburo.
don't you mean tax "deductions" ? expenditures makes no sense in that context.
He's a libtard. Any dollar you keep is a tax expenditure, you see they believe all of your income is the states, and you are merely allowed to keep some of it by their good graces.
the logic of liberals, I forgot
WOW turn SS into a welfare program. Screw you.If you want to make social security solvent remove the earned income cap and install means testing. then cut off aide to able-bodied citizens that choose not to work. Oh, but there are not any jobs you say? well then pack your car up and head to where there is work, or starve.
Asinine suggestion. We already have an incredibly progressive income tax code. The top rate 43.4% (39.6% plus the 3.8% Medicare rate)...and income is subject to AMT with many deductions reversed. Add state income taxes, and the combined rate is over 50%.
Punishing success is not a strategy to grow the economy and create jobs. More people would be better off in retirement if they had proper jobs and could take care of themselves.
Adding percentages with different bases gives meaningless results.
The economy has grown with far higher tax rates because there was more incentive for the wealthy to create jobs that generated wealth. Once they were given tax breaks the economy stagnated because the wealthy no longer had any incentive to create jobs that generated wealth since they were already making out like bandits. The hard facts of job numbers, economic growth and tax rates demonstrate that to be the case.
The concept of retirement is that you no longer need a job. Essentially you are requiring that everyone must work until they die irrespective of their state of health in their old age.
The concept of retirement is a luxury made possible by a modern, productive economy.
SS payments are near poverty for most people - they are supposed to work for most of their lives to subsist on such? They'd be better off keeping the money siphoned off in taxes and investing for their own futures, ala the Chilean model...as opposed to being turned into ward-serfs of the state.
Nope, not ALL of it, just MOST of it. and history says I am right.
Ask your Republican/conservative elected representatives what they are doing to have all tax expenditures, including the mortgage interest deduction, banned from the tax code.
Be sure and specifically mention the mortgage interest deduction. It's the second biggest individual one.
Then we'll see about "most".
The Fair Tax bill would tax all purchases at 23% and eliminate ALL federal taxes including ALL payroll and corporate taxes. That would more than make up for the loss of the mortgage interest deduction for most homeowners. The government would be funded on consumption instead of wages and salaries. I could go on, but you should read the advantages for yourself.
Ask your Republican/conservative elected representatives what they are doing to have all tax expenditures, including the mortgage interest deduction, banned from the tax code.
Be sure and specifically mention the mortgage interest deduction. It's the second biggest individual one.
Then we'll see about "most".
The Fair Tax bill would tax all purchases at 23% and eliminate ALL federal taxes including ALL payroll and corporate taxes. That would more than make up for the loss of the mortgage interest deduction for most homeowners. The government would be funded on consumption instead of wages and salaries. I could go on, but you should read the advantages for yourself.
What's the sense of taxing everything at 23% then cutting millions of checks every month to give some of the money back to people?
Just lower the rate and do away with the refunds or prebates as they call it.
The Fair Tax bill would tax all purchases at 23% and eliminate ALL federal taxes including ALL payroll and corporate taxes. That would more than make up for the loss of the mortgage interest deduction for most homeowners. The government would be funded on consumption instead of wages and salaries. I could go on, but you should read the advantages for yourself.
What's the sense of taxing everything at 23% then cutting millions of checks every month to give some of the money back to people?
Just lower the rate and do away with the refunds or prebates as they call it.
Prebates are stupid. Just do like the states do that have sales tax. They exempt from tax basic necessities, like shelter, medicine, and food products. Sales tax works. Everyone gets to see it when they buy stuff like beer, cars, and toys. Everyone gets to take part in our republic.
Yeah I did not like the un-fair tax they were drawing up. When politicians add adjectives to a bill you know they are lying. Flat tax.. that isn't flat. Fair tax that isn't fair. Affordable care act, that isn't affordable. Patriot act, that is un-patriotic.What's the sense of taxing everything at 23% then cutting millions of checks every month to give some of the money back to people?
Just lower the rate and do away with the refunds or prebates as they call it.
Prebates are stupid. Just do like the states do that have sales tax. They exempt from tax basic necessities, like shelter, medicine, and food products. Sales tax works. Everyone gets to see it when they buy stuff like beer, cars, and toys. Everyone gets to take part in our republic.
I'm not against the national sales tax I just think the fair tax as it is laid out is ridiculous.
WOW turn SS into a welfare program. Screw you.If you want to make social security solvent remove the earned income cap and install means testing. then cut off aide to able-bodied citizens that choose not to work. Oh, but there are not any jobs you say? well then pack your car up and head to where there is work, or starve.
How about we do the exact opposite of that. Refactor SS payments to more accurately reflect what people put into SS or LET US HAVE OUR DAMN MONEY BACK.
WOW turn SS into a welfare program. Screw you.If you want to make social security solvent remove the earned income cap and install means testing. then cut off aide to able-bodied citizens that choose not to work. Oh, but there are not any jobs you say? well then pack your car up and head to where there is work, or starve.
How about we do the exact opposite of that. Refactor SS payments to more accurately reflect what people put into SS or LET US HAVE OUR DAMN MONEY BACK.
Are all libertarians this selfish?
Spread the loan over fifty years.without the tax deduction for mortgage interest few people would buy homes
one more time jake, for gods sakes....
WOW turn SS into a welfare program. Screw you.
How about we do the exact opposite of that. Refactor SS payments to more accurately reflect what people put into SS or LET US HAVE OUR DAMN MONEY BACK.
Are all libertarians this selfish?
ROFL what a POS parasite you are.
