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FICA is a tax based on income.FICA tax is not Income Tax. Two different animals so not even remotely associated with the issue being discussed. With regard to SS we didn't have many choices the prior generations had already screwed future generations so the rates had to go up for that system to pay for the retired folks to get their discounted SS checks.
The issue being discussed was Reagan's skyrocketing revenues produced from tax cuts.
Reagan spiked FICA taxes and three-quarters of taxpayers pay more in payroll taxes than they do in income taxes. It's hypocritical to claim revenue increases in the 80s were due to tax cuts on 25% of the population without mentioning the tax increases experienced by the other 75%.
SS is supposed to be a program funded by the people that receive it. It's not supposed to be like progressive income tax where the upper income folks are forced to foot the bill for the income folks. Are you incapable of understanding that? Why are folks like you always looking for a free ride? Don't you have any pride at all?
What's funny is that he gets it, but yet he doesn't get it....
(Hint: if you're "bright" enough to figure out people will not accept high taxes, how can you be so stupid as to support high taxes)
What's even funnier is that he believes there's actual money in the Social Security Trust Fund. That's the sure sign of the terminally naïve.
There are special issue securities in the SS Trust Fund.
See there is this movement out there by those with a lot of money to tell people like yourself that SS needs to be cut because it is invested in T-bills. These people want the government to shift the debt away from the General Fund and onto the SS trust fund because they know the GF is more progressively taxed than the SS trust fund. They would rather have the GF problems be fixed on the backs of the middle class.
You are not only wrong, you are the part of the ignorant masses that has been duped to work against your own self interest. Markets don't work when people have really bad information. It is hard to believe that Democracy will work when there are people out there are clueless as you are.
What's even funnier is that he believes there's actual money in the Social Security Trust Fund. That's the sure sign of the terminally naïve.
There are special issue securities in the SS Trust Fund.
See there is this movement out there by those with a lot of money to tell people like yourself that SS needs to be cut because it is invested in T-bills. These people want the government to shift the debt away from the General Fund and onto the SS trust fund because they know the GF is more progressively taxed than the SS trust fund. They would rather have the GF problems be fixed on the backs of the middle class.
You are not only wrong, you are the part of the ignorant masses that has been duped to work against your own self interest. Markets don't work when people have really bad information. It is hard to believe that Democracy will work when there are people out there are clueless as you are.
Which explains why those same people insists that Social Security benefits should be means tested.
Wait, that doesn't make sense. Then again, nothing you have posted on this board that I have seen actually makes sense. Tell me something, o god of stupidity, what are the tax rates on government funds?
Problem as in the tax code favors one group over the other. The group that the tax code favors doesn't need any favors and the group getting the worse end has seen decades of wage stagnation. This has grown to be such a problem the economy is struggling to recover. Economic volatility has gotten worse. Income inequality has gotten worse.
Copy and pasted from my own post that you quoted twice.
Obtuseness is not a response.
The tax code, which is heavily skewed in favor of people with low incomes, gives preferential treatment to people that don't need it?
I am mostly concerned with the middle class. That said I don't really agree with your statement when you consider things like property taxes funding education and the impact that has on communities.
Keynes theory work and if it needed any proof, this depression did it many times over. You are just too insecure and scared to admit that your beliefs have always been wrong.
ROFL! Sorry, but the depression proved Keynes theories don't work. If they worked, then why did the depression last for 12 years?
Reductions in the money supply and the severity of the recession due to the income inequality of the day definitely played their part.
The tax code, which is heavily skewed in favor of people with low incomes, gives preferential treatment to people that don't need it?
I am mostly concerned with the middle class. That said I don't really agree with your statement when you consider things like property taxes funding education and the impact that has on communities.
I have a simple answer to your concerns about the middle class, but you won't actually like it.
Since government programs, no matter who they benefit,has always been built on the backs of the middle class, and always will be, stop supporting so many government programs that are designed to siphon money from the only real source of it in the world.
I know you are sputtering incoherently right now, and are probably about to launch into a diatribe, but take some time to examine the evidence first. Rich people have never funded the government, and never will, because they do not have enough money, and can afford to stop working and hunker down if tax rates get too high for them.
Policy Basics: Where Do Federal Tax Revenues Come From? ? Center on Budget and Policy Priorities
ROFL! Sorry, but the depression proved Keynes theories don't work. If they worked, then why did the depression last for 12 years?
Reductions in the money supply and the severity of the recession due to the income inequality of the day definitely played their part.
There is not a shred of evidence that income inequality causes recessions or depressions. Tightening the money supply is what caused the financial panic in 1929. It's not what caused the depression to continue for 12 years. FDR's economic policies are what caused it to continue.
There are special issue securities in the SS Trust Fund.
See there is this movement out there by those with a lot of money to tell people like yourself that SS needs to be cut because it is invested in T-bills. These people want the government to shift the debt away from the General Fund and onto the SS trust fund because they know the GF is more progressively taxed than the SS trust fund. They would rather have the GF problems be fixed on the backs of the middle class.
You are not only wrong, you are the part of the ignorant masses that has been duped to work against your own self interest. Markets don't work when people have really bad information. It is hard to believe that Democracy will work when there are people out there are clueless as you are.
Which explains why those same people insists that Social Security benefits should be means tested.
Wait, that doesn't make sense. Then again, nothing you have posted on this board that I have seen actually makes sense. Tell me something, o god of stupidity, what are the tax rates on government funds?
Means testing SS is just an attempt to cut it in a way that is politically acceptable.
Your second comment seems to be referencing something I typed incorrectly. I didn't mean to say "GF is more progressively taxed than the SS trust fund," I meant to say "GF is funded more progressively than the SS trust fund."
I am mostly concerned with the middle class. That said I don't really agree with your statement when you consider things like property taxes funding education and the impact that has on communities.
I have a simple answer to your concerns about the middle class, but you won't actually like it.
Since government programs, no matter who they benefit,has always been built on the backs of the middle class, and always will be, stop supporting so many government programs that are designed to siphon money from the only real source of it in the world.
I know you are sputtering incoherently right now, and are probably about to launch into a diatribe, but take some time to examine the evidence first. Rich people have never funded the government, and never will, because they do not have enough money, and can afford to stop working and hunker down if tax rates get too high for them.
Feel free
Policy Basics: Where Do Federal Tax Revenues Come From? ? Center on Budget and Policy Priorities
LOL, rich people never funded the government?
Which explains why those same people insists that Social Security benefits should be means tested.
Wait, that doesn't make sense. Then again, nothing you have posted on this board that I have seen actually makes sense. Tell me something, o god of stupidity, what are the tax rates on government funds?
Means testing SS is just an attempt to cut it in a way that is politically acceptable.
Your second comment seems to be referencing something I typed incorrectly. I didn't mean to say "GF is more progressively taxed than the SS trust fund," I meant to say "GF is funded more progressively than the SS trust fund."
Which is, supposedly, a good thing.
By the way, the fact that you oppose locking down the SS trust fun doesn't make you pro middle class because, under current retirement planning that exists in the US, the middle class needs the trust fund more than poor people do. If you are poor there are other safety net programs that kick in to cushion your retirement. If we don't fix Social Security soon they are going to be forced to raise the payroll taxes, which will take more money out of the pockets of the middle class, even if they raise the cutoff at which people are forced to contribute to SS.
I have a simple answer to your concerns about the middle class, but you won't actually like it.
Since government programs, no matter who they benefit,has always been built on the backs of the middle class, and always will be, stop supporting so many government programs that are designed to siphon money from the only real source of it in the world.
I know you are sputtering incoherently right now, and are probably about to launch into a diatribe, but take some time to examine the evidence first. Rich people have never funded the government, and never will, because they do not have enough money, and can afford to stop working and hunker down if tax rates get too high for them.
Feel free
Policy Basics: Where Do Federal Tax Revenues Come From? ? Center on Budget and Policy Priorities
LOL, rich people never funded the government?
Feel free to post actual data to prove me wrong.
So what? You have not made a logical connection to what I have already said. You didn't disprove the fact presented nor did you dispute the problems that have arisen due to that.
See there is this thing called logic. When you have a response it helps to create a logical argument and not just throw out red herring after red herring.
See there is this thing called logic.
Use your logic to explain why a capital gains tax rate lower than the income tax rate is a problem.
I already posted this answer twice.
Reagan was not a Keynesian. He was an acolyte of Milton Friedman, hence his destruction of unions, and his attacks against the social safety net and the poor. .
The labor market has struggled for decades while the capital market has exploded.
Why the U.S. Has Lost Manufacturing Jobs
By Michael S. Rozeff
January 31, 2014
The U.S. government could help American workers tremendously by ending its extremely costly interventions overseas and reducing its military establishment..... the reduction in government spending .... matched by tax cuts, then the economy would be given a big leg up to adjust to productive lines of work. The U.S. is over-investing in phantom security.
The U.S. government could help American workers tremendously by scrapping Obamacare and freeing up the medical sector of the economy, thereby making it more competitive and producing lower costs and higher quality.
The U.S. government could help American workers tremendously by making Social Security optional for them.
.
OK cut military spending.
I think it is pretty obvious that UHC is far more efficient than the horrible Frankenstein monster that is our current system. So I agree with the general problem but there is a lot more evidence supporting UHC than there is in the idea the free market will solve our problems.
Making SS optional would just put more pressure on people to make good decisions and save for themselves.
If you want legit conservative ways to improve things look to the corporate tax code. The way it works in the US is relatively unique in that it hurts US production and favors foreign production. Other nation's tax codes do the opposite.
You can also look at Chinese manipulation of our currency. That is not really anything either side is for.
You can also look at regulations from a trade perspective. Having common regulations with Europe and Canada can help facilitate trade.
Reductions in the money supply and the severity of the recession due to the income inequality of the day definitely played their part.
There is not a shred of evidence that income inequality causes recessions or depressions. Tightening the money supply is what caused the financial panic in 1929. It's not what caused the depression to continue for 12 years. FDR's economic policies are what caused it to continue.
Income inequality leads directly to more volatile economic cycles. If you want to talk about why I will happily do so.
There is not a shred of evidence that income inequality causes recessions or depressions. Tightening the money supply is what caused the financial panic in 1929. It's not what caused the depression to continue for 12 years. FDR's economic policies are what caused it to continue.
Income inequality leads directly to more volatile economic cycles. If you want to talk about why I will happily do so.
Really? Where is the evidence for that?
LOL, rich people never funded the government?
Feel free to post actual data to prove me wrong.
I have to prove you wrong even when you don't even bother to clearly argue your reasoning?
That doesn't seem right.
Reagan was not a Keynesian. He was an acolyte of Milton Friedman, hence his destruction of unions, and his attacks against the social safety net and the poor. He also cut business regulations. But he couldn't end social programs. It would have been political suicide. So he was neither fish nor fowl.
The Republican Party continues its belief in the free market policies Reagan set in place to this day. The destruction of unions had seen the stagnation of wages for the working class. Deregulation has created market volatility leading to instability in the stock market. Tax cuts have transferred wealth to the top 5% and increased poverty.
Obama has not fully repudiated Friedman economics so again we have have a slowing of the economic recovery. Just as Reagan was hamstrung in fully embracing Friedman economics by the Democrats and public opinion favouring social programs, Obama has been prevented from fully embracing Keynesian economics by the brainwashed Republicans who still think the free market is the solution.
Reagan was not a Keynesian. He was an acolyte of Milton Friedman, hence his destruction of unions, and his attacks against the social safety net and the poor. He also cut business regulations. But he couldn't end social programs. It would have been political suicide. So he was neither fish nor fowl.
The Republican Party continues its belief in the free market policies Reagan set in place to this day. The destruction of unions had seen the stagnation of wages for the working class. Deregulation has created market volatility leading to instability in the stock market. Tax cuts have transferred wealth to the top 5% and increased poverty.
Obama has not fully repudiated Friedman economics so again we have have a slowing of the economic recovery. Just as Reagan was hamstrung in fully embracing Friedman economics by the Democrats and public opinion favouring social programs, Obama has been prevented from fully embracing Keynesian economics by the brainwashed Republicans who still think the free market is the solution.
