Congress has proposed Bills to save Social Security, so why isn't it happening?

[Dragonlady]

Not so fast commee stooge. If you do that do you not create the problem of massive paybacks to those who now pay in Millions annually? Say......$40million athlete for example. At age 67 they would collect maybe $25K per month? as an example. you knee-jerk commee stooges are all alike.St

Or what you are saying is add a new tax on the high income earners and dedicate it to SS funding (but they only get payback at the max levels of today?). Is that what you are saying?

No. When you remove the earnings cap, you simply have everyone contribute regardless of their earnings, but there is always a maximum monthly benefit. $40 million a year athletes have all kinds of ways of structuring payments that are not subject to withholding or employer/employee payments.

For example, the Big City Brawlers sign a contract with a Shell Company for $40 million for the the services of SuperStar owner/employee of that Shell Comopany company and SS contributions would not be paid by the team on the $40 mill, but by the Shell Company on amounts Super Star takes out as "salary", while the shell company accumulates stocks, securities, and other assets using balance of the funds earned by Super Star which flow to the Shell Company.

Anybody in a higher tax bracket than the 22% currently paid by corporations, would be further ahead to incorporate themselves, or otherwise protect their income.

SS is a retirement plan.

It's still socialism writ large. "Social Security" It's right in the name.

 

[Mr Natural]

If payouts are "capped" then all you are doing is adding a TAX onto the rich. They get nothing out of it.

That’s a shame.

 

[kyzr]

Another solution is to increase revenue by removing the "Capital Gains" tax break, and by paying SS and Medicare taxes on all income, including interest, and dividends.

 

[leftwinger]

No. When you remove the earnings cap, you simply have everyone contribute regardless of their earnings, but there is always a maximum monthly benefit. $40 million a year athletes have all kinds of ways of structuring payments that are not subject to withholding or employer/employee payments.

For example, the Big City Brawlers sign a contract with a Shell Company for $40 million for the the services of SuperStar owner/employee of that Shell Comopany company and SS contributions would not be paid by the team on the $40 mill, but by the Shell Company on amounts Super Star takes out as "salary", while the shell company accumulates stocks, securities, and other assets using balance of the funds earned by Super Star which flow to the Shell Company.

Anybody in a higher tax bracket than the 22% currently paid by corporations, would be further ahead to incorporate themselves, or otherwise protect their income.



It's still socialism writ large. "Social Security" It's right in the name.

Bunch of BS. They get a check for a game played. They pay payroll taxes on that check, state taxes and federal income tax. It is a paycheck. They are not some Obiden LLC. They all complain about CA 14% Tax + FED top bracket + SS + Medicare etc. over 50% is gone in CA games.

 

[leftwinger]

That’s a shame.

So? Then admit it up front. Thats all, stop hiding lying spinning like every DEM commee stooge ever.

 

[leftwinger]

Another solution is to increase revenue by removing the "Capital Gains" tax break, and by paying SS and Medicare taxes on all income, including interest, and dividends.

They’ve (Congress) have done nothing over decades. Not sure it will change now.

 

[kyzr]

They’ve (Congress) have done nothing over decades. Not sure it will change now.

That is the fucking problem.
So when SS & Medicare go insolvent will they take money from Medicaid and Welfare to make us whole?

 

[Dragonlady]

Bunch of BS. They get a check for a game played. They pay payroll taxes on that check, state taxes and federal income tax. It is a paycheck. They are not some Obiden LLC. They all complain about CA 14% Tax + FED top bracket + SS + Medicare etc. over 50% is gone in CA games.

No they don't. There is nothing wrong or shady with shell corporations and LLC's. There's good and valid reasons why everyone uses shell corporations to reduce both taxes and risk on investments.

Players would be crazy to take all of that money as salaries, when there are so many ways to avoid taxation.

"There are various ways for players to be paid at times other than the standard paydays, including signing bonuses, advances, loans, and deferred compensation. However the basic rule is that players must be paid at least 20% of their base compensation, not including bonuses, on regular league paydays. Players cannot have signing bonuses, advances, loan repayment schedules or deferred compensation that cause this rule to be violated."

In what way do professional athletes (MLB, NHL, NFL, NBA) get paid?

I've always wondered how this worked. If a player is getting paid $5,000,000 a year, how do they get that salary? Do they receive it at the beginning of the season as a lump sum? Or do they receive

sports.stackexchange.com

 

[leftwinger]

No they don't. There is nothing wrong or shady with shell corporations and LLC's. There's good and valid reasons why everyone uses shell corporations to reduce both taxes and risk on investments.

Players would be crazy to take all of that money as salaries, when there are so many ways to avoid taxation.

"There are various ways for players to be paid at times other than the standard paydays, including signing bonuses, advances, loans, and deferred compensation. However the basic rule is that players must be paid at least 20% of their base compensation, not including bonuses, on regular league paydays. Players cannot have signing bonuses, advances, loan repayment schedules or deferred compensation that cause this rule to be violated."

In what way do professional athletes (MLB, NHL, NFL, NBA) get paid?

I've always wondered how this worked. If a player is getting paid $5,000,000 a year, how do they get that salary? Do they receive it at the beginning of the season as a lump sum? Or do they receive

sports.stackexchange.com

Bolderdash. The majority are paid bi-monthly. This is only NBA you refer to

The league's standard paydays are on the 1st and 15th of each month, beginning November 15. For contracts signed under the current CBA, the default is 24 paychecks paid over one calendar year. Teams and players whose salaries are over the minimum salary can also agree to a 12-check or 36-check schedule, paid over six months or 18 months, respectively. For contracts signed under the previous CBA the standard is 12 paychecks paid over six months, with teams and players also able to negotiate a schedule of 24 paychecks paid over 12 months.

***** this below is rare….other than standard payday.***
There are various ways for players to be paid at times other than the standard paydays, including signing bonuses, advances, loans, and deferred compensation. However the basic rule is that players must be paid at least 20% of their base compensation, not including bonuses, on regular league paydays. Players cannot have signing bonuses, advances, loan repayment schedules or deferred compensation that cause this rule to be violated.

 

[leftwinger]

NFL Players are paid their season salary in 17 installments during the regular season.

 

[leftwinger]

The IRS is not going to let "SELECT" groups of rich avoid taxes en'mass. Take my word on it. Rich business pay quarterly in case they die, business collapses, they spend it all, someone else gets if first...etc. There is no free lunch. But for overseas BS like the Obidens' Romneys' hiding money....etc. But if you make that money in the USA the IRS knows about it and they want a cut right away.