Joe Biden is reportedly 'planning first major tax hike in almost 30 years'

[AzogtheDefiler]

The fact that people don't look after their own money is their own fault

Then why are we always bailing out corporations?

Always? You mean sometimes and why? It saves jobs. Moron.

 

[Blues Man]

The fact that people don't look after their own money is their own fault

Then why are we always bailing out corporations?

Good question.

I have never agreed with corporate bailouts.

 

[ReinyDays]

Social Security isn't a pension fund. It never was.

And if you bothered to do the math you might see that if you had control of that money and the money that your employer matches that you would actually be able to retire with a fuck of a lot more money than Social Security will pay you.

SS was established for people too stupid to save for their own retirement ... once they were too old to work, they lived on in abject poverty, or with one of their children ... something conservatives seem to like ...

CBS News looked into the ROI about ten years ago ... "What's the Return on Your Social Security Taxes?" -- Feb 28th, 2011:

"How's it shake out? If you retired last year [2010] as an average wage-earning man, for example, you could expect a lifetime benefit worth $417,000 in today's dollars on $345,000 in taxes. If you were a woman with the same work history, you could expect to collect $464,000 on the same taxes."

So ... that's your solution to the debt ... strip the SS Trust Fund and take the 15.3% payroll taxes ... then quit paying benefits ... wise, very wise ...

No it was established to give the government more money to play with. And I'm not a conservative or a republican so let's see if you can have a conversation without your need to attach partisan labels on everything

And you don't quit paying benefits to the people who have already been duped by the government line.

do the math and see what a person who works for 40 years and calculate what his retirement account would be worth using the average stock market return in that 40 year period.

I'll simplify it for brevity. Assume an average 50K a year salary. Social Security on that is 258 a month with your employer match that's 516 a month

The average stock market return since 1971 is 10.8%. I'll use lower amounts.

in 40 years that will be worth

1283000 at 7%

1673286 at 8%

768615 at 5%

if we use the 10.8% actual average we get

3606892.

And we can still make the deductions mandatory and simply give people an option where to put their money. That way the people not the government would own their own retirement accounts.

There's a reason the government doesn't want this. Can you figure out what that reason is?

Where did you get $50,000 per year? ... do you think waitesses make that much? ... have you subtracted manager's fees? ... how about dividend taxes? ...

with your employer match that's 516 a month

The AARP benefit calculator gives this as $1,848 per month ... do the math moron ... the stupidity of your argument is that SS taxes are capped at $20,334 per year (in 2019) ... that's all a person pays even if they make over $139,200 ... this is who you're belly-aching about ...

You must like seeing crippled old people living in the gutters and alleyways ...

 

[Flash]

The fact that people don't look after their own money is their own fault

Then why are we always bailing out corporations?

Ask Obama. He bailed out a bunch of them.

Why do we bail out bloated Union pensions? Democrats love to do that. Why?

 

[ReinyDays]

Then why are we always bailing out corporations?

Always? You mean sometimes and why? It saves jobs. Moron.

Employee expenses are already tax-deductible ... you're asking for a tax credit for large corporations ...

That's not going to pay off this national debt ... moron ...

 

[AzogtheDefiler]

Then why are we always bailing out corporations?

Always? You mean sometimes and why? It saves jobs. Moron.

Employee expenses are already tax-deductible ... you're asking for a tax credit for large corporations ...

That's not going to pay off this national debt ... moron ...

???? You're responding to the wrong poster. Moron.

Learn to use the site. I also have no idea what you are talking about. What employee expenses? LOL

 

[Ray From Cleveland]

Ask Obama. He bailed out a bunch of them.

Why do we bail out bloated Union pensions? Democrats love to do that. Why?

He's worried about bailing out our businesses that provide us products and jobs, but no criticism of the commies spending 350 billion dollars to bailout their blue cities and states that have been putting themselves in the hole long before Covid. 600 million going to SF alone. Gee, now what important political figure lives there???

 

[Blues Man]

Social Security isn't a pension fund. It never was.

And if you bothered to do the math you might see that if you had control of that money and the money that your employer matches that you would actually be able to retire with a fuck of a lot more money than Social Security will pay you.

SS was established for people too stupid to save for their own retirement ... once they were too old to work, they lived on in abject poverty, or with one of their children ... something conservatives seem to like ...

CBS News looked into the ROI about ten years ago ... "What's the Return on Your Social Security Taxes?" -- Feb 28th, 2011:

"How's it shake out? If you retired last year [2010] as an average wage-earning man, for example, you could expect a lifetime benefit worth $417,000 in today's dollars on $345,000 in taxes. If you were a woman with the same work history, you could expect to collect $464,000 on the same taxes."

So ... that's your solution to the debt ... strip the SS Trust Fund and take the 15.3% payroll taxes ... then quit paying benefits ... wise, very wise ...

No it was established to give the government more money to play with. And I'm not a conservative or a republican so let's see if you can have a conversation without your need to attach partisan labels on everything

And you don't quit paying benefits to the people who have already been duped by the government line.

do the math and see what a person who works for 40 years and calculate what his retirement account would be worth using the average stock market return in that 40 year period.

I'll simplify it for brevity. Assume an average 50K a year salary. Social Security on that is 258 a month with your employer match that's 516 a month

The average stock market return since 1971 is 10.8%. I'll use lower amounts.

in 40 years that will be worth

1283000 at 7%

1673286 at 8%

768615 at 5%

if we use the 10.8% actual average we get

3606892.

And we can still make the deductions mandatory and simply give people an option where to put their money. That way the people not the government would own their own retirement accounts.

There's a reason the government doesn't want this. Can you figure out what that reason is?

Where did you get $50,000 per year? ... do you think waitesses make that much? ... have you subtracted manager's fees? ... how about dividend taxes? ...

with your employer match that's 516 a month

The AARP benefit calculator gives this as $1,848 per month ... do the math moron ... the stupidity of your argument is that SS taxes are capped at $20,334 per year (in 2019) ... that's all a person pays even if they make over $139,200 ... this is who you're belly-aching about ...

You must like seeing crippled old people living in the gutters and alleyways ...

The median income is 68000.

I chose 50K so as to be significantly below that. And you might want to look and see that I said the 50K was the average over a 40 year period so it accounts for people making less when they are younger and more when they are older.

And the 516 a month is not a benefit, Idiot. It's the money taken out of the person's salary plus the amount the employer has to match which is then PAID IN to the government.

You don't need a money manger to buy stocks, bonds or mutual funds. You can do it all yourself. You can look up portfolio recommendations for your age group. Shit most places offer mutual funds that automatically change asset allocations as you near retirement.

And no one would be living in alleys if they had control of and actually owned their own Social Security accounts. But the government doesn't like that idea because then they would lose their slush fund.

 

[Jim H - VA USA]

SS was established for people too stupid to save for their own retirement ...
Agreed.

If one makes only $35k per year, gets 3% annual salary increases, saves 10% of income in the stock market and gets 8% returns, consistent with historical stock market returns....

You don't see the hypocrisy there? ... people too stupid to invest in equities ... a friend's mom lost $250,000 during the 2008/09 crash ... why on Earth would a fragile 78-year-old woman be invested in the stock market? ... she lost her home, had to live with her children until she died ... this is how Republicans want to pay off the national debt ... heartless monsters ...

The market goes up and down. There will be down years. Over decades, the market will be way up compared to other investments. Put the money in the bank, and you lose money.

Like I said, you can't math. The strategy is described is time proven. It's a life-long strategy that needs to start early, not when one is 78 years old.

This strategy has made me very rich. My son is using the same strategy. He has a blue collar job, is in his 20's, and is quite wealthy already, as he invests well over 10% in the stock market. Like me, he will probably be able to retire at a very young age.

Anyone who is young and reading this message should heed my advice. Put at least 10% of your gross in the market, as painful as it may be. Do it always, without fail. It will dramatically change your life.

Regards,
Jim

 

[Flash]

Ask Obama. He bailed out a bunch of them.

Why do we bail out bloated Union pensions? Democrats love to do that. Why?

He's worried about bailing out our businesses that provide us products and jobs, but no criticism of the commies spending 350 billion dollars to bailout their blue cities and states that have been putting themselves in the hole long before Covid. 600 million going to SF alone. Gee, now what important political figure lives there???

These Moon Bats are idiots with their mindless hate of corporations.

Corporations provide needed goods and services, provide tens of millions of high paid jobs and pay a shitload of taxes. Most corporations do a lot of philanthropy.

I guess the Moon Bats learn to hate corporations in Commie school.

The Moon Bats hate Corporations unless the Democrats are getting benefits then they are fine.

 

[Ray From Cleveland]

You don't see the hypocrisy there? ... people too stupid to invest in equities ... a friend's mom lost $250,000 during the 2008/09 crash ... why on Earth would a fragile 78-year-old woman be invested in the stock market? ... she lost her home, had to live with her children until she died ... this is how Republicans want to pay off the national debt ... heartless monsters ...

Good example. This is called irresponsibility.

My IRA did fantastic during the crash. My employer had our money handled by a professional investment outfit; something your friends mother obviously didn't do. Not only did my account easily survive, but the company took our contributions and sat on them during the downfall. When the market showed signs of recovering, they dumped all those contributions in. Buy low and sell high. It was like buying 3 shares for the price of 1.

Unless you have an advanced education in investments, it's better to be in a managed account; a requirement by government if we ever got rid of our SS system and went private.

 

[Ray From Cleveland]

These Moon Bats are idiots with their mindless hate of corporations.

Corporations provide needed goods and services, provide tens of millions of high paid jobs and pay a shitload of taxes. Most corporations do a lot of philanthropy.

I guess the Moon Bats learn to hate corporations in Commie school.

The Moon Bats hate Corporations unless the Democrats are getting benefits then they are fine.

It's the same with wealthy people. They have a real problem with a CEO making 6 million a year, but no problem when an actress makes 10 million for making one movie, or a hot sitcom where each actor gets paid over 1 million per episode for years on end. Me, I don't have a problem with either.

 

[Slade3200]

We can all thank the stupid Negroes and Democrat Dirty Tricks Department in Georgia for electing two dumbss Communists to the Senate who can enable this nonsense.

You should thank Trump and his doctrine of morons. He lost both houses and the presidency with his BS. The Dems are very grateful

thank xiden and his commie demonRAT cronies. when you find a functional brain, get back to us

Ok... thanks xiden and commie demonRAT cronies.... they say “you’re welcome”

 

[ReinyDays]

Good example. This is called irresponsibility.

My IRA did fantastic during the crash. My employer had our money handled by a professional investment outfit; something your friends mother obviously didn't do. Not only did my account easily survive, but the company took our contributions and sat on them during the downfall. When the market showed signs of recovering, they dumped all those contributions in. Buy low and sell high. It was like buying 3 shares for the price of 1.

Unless you have an advanced education in investments, it's better to be in a managed account; a requirement by government if we ever got rid of our SS system and went private.

Spot-on correct ... but fiscal responsibility isn't currently a requirement for US citizenship ... what do with the folks who can't learn? ... let them suffer in old age and died of exposure on the streets? ...

My employer ...

You've never filled out a Schedule SE to the IRS Form 1040 in your entire life, have you? ...

How do you think we should pay off the national debt? ... privatizing SS won't do that ...

 

[iamwhatiseem]

Then why are we always bailing out corporations?

Always? You mean sometimes and why? It saves jobs. Moron.

Employee expenses are already tax-deductible ... you're asking for a tax credit for large corporations ...

That's not going to pay off this national debt ... moron ...

Pay off the national debt????
HAHAHAHAHAHAHHAHAHA!!!!
WHat drug are you trying to recover from that makes you think ANYTHING will change the federal governments habit of spending more than they take in??
If you raised taxes, they will only increase spending.
If you place limits on spending, they will only borrow more.
The Federal government is wholly drunk and fully committed to burning cash as fast as they can.
Have you spend 10 seconds looking at the monumental overspending/pork that was in the "Covid" stimulus??
You think these same people will fix the debt??? HAHAHAHAAHAH
It's like placing a severe alcoholic in charge of providing security on the liquor cabinet.

 

[otto105]

Biden's not Robin Hood, he's Robin' you!

they want a mileage tax, a carbon tax, and more!

we have a higher corporate tax rates than the rest of the world...

Who are those small businesses that you post about? Throw out an example.

 

[iamwhatiseem]

Biden's not Robin Hood, he's Robin' you!

they want a mileage tax, a carbon tax, and more!

we have a higher corporate tax rates than the rest of the world...

Who are those small businesses that you post about? Throw out an example.

The one I operate.
You do understand there are two ways of raising taxes?
1) The obvious - raise the % of tax rate.
2) The sneaky way - remove/lower tax breaks.
Biden - "Raising taxes only on big companies".... is a lie. It is technically true, in that the tax increase is only affecting larger companies.
But hidden in there is doing away with Trump tax cuts.
The truth - he is raising taxes for all businesses.
Well... except if your skin color is brown or you have a vagina. You are getting more benefits.

 

[otto105]

The fact that people don't look after their own money is their own fault

Then why are we always bailing out corporations?

Ask Obama. He bailed out a bunch of them.

Why do we bail out bloated Union pensions? Democrats love to do that. Why?

Why do we give tax breaks to people and corporations that don’t need them?

 

[otto105]

Biden's not Robin Hood, he's Robin' you!

they want a mileage tax, a carbon tax, and more!

we have a higher corporate tax rates than the rest of the world...

Who are those small businesses that you post about? Throw out an example.

The one I operate.
You do understand there are two ways of raising taxes?
1) The obvious - raise the % of tax rate.
2) The sneaky way - remove/lower tax breaks.
Biden - "Raising taxes only on big companies".... is a lie. It is technically true, in that the tax increase is only affecting larger companies.
But hidden in there is doing away with Trump tax cuts.
The truth - he is raising taxes for all businesses.
Well... except if your skin color is brown or you have a vagina. You are getting more benefits.

Previous post rated dumb, tacitly racist and bigoted.

 

[iamwhatiseem]

Biden's not Robin Hood, he's Robin' you!

they want a mileage tax, a carbon tax, and more!

we have a higher corporate tax rates than the rest of the world...

Who are those small businesses that you post about? Throw out an example.

The one I operate.
You do understand there are two ways of raising taxes?
1) The obvious - raise the % of tax rate.
2) The sneaky way - remove/lower tax breaks.
Biden - "Raising taxes only on big companies".... is a lie. It is technically true, in that the tax increase is only affecting larger companies.
But hidden in there is doing away with Trump tax cuts.
The truth - he is raising taxes for all businesses.
Well... except if your skin color is brown or you have a vagina. You are getting more benefits.

Previous post rated dumb, tacitly racist and bigoted.

Above post - equality is racist. Special treatment based on skin color is not racist.
Cause, that makes sense.