Should the Social Security and Medicare Age be Raised

[FA_Q2]

In THIS case those asset holders are the beneficiaries of the Social Security system

No they are not. SS beneficiaries have zero bonds in their name.

You know that as well. Now you are just trying to wiggle out of your own claims.

Show me ONE SS bond that is carried by the 'beneficiary.'

 

[Lesh]

No they are not. SS beneficiaries have zero bonds in their name.

You know that as well. Now you are just trying to wiggle out of your own claims.

Show me ONE SS bond that is carried by the 'beneficiary.'

Indirectly they are in the name of all Social Security Beneficiaries.

Whatever. You want to claim that a very real Treasury Bill is not real...you have at it.

All you're saying is that you don't want to pay back the money that was taken out of payroll taxes.

I'm sure those Social Security Beneficiaries appreciate you trying to STEAL their retirement...I know I don't

 

[FA_Q2]

Indirectly they are in the name of all Social Security Beneficiaries.

Whatever. You want to claim that a very real Treasury Bill is not real...you have at it.

All you're saying is that you don't want to pay back the money that was taken out of payroll taxes.

I'm sure those Social Security Beneficiaries appreciate you trying to STEAL their retirement...I know I don't

Yup, you cant defend a damn thing you said so run away, little liar.

You are one of the most dishonest posters on this board and that is saying something. It is even worse when coupled with your outright inability to think.

 

[Admiral Rockwell Tory]

Wrong. I put up a thread long ago. Even Buffet told you years ago he pays a lower percentage than his secretary.

It’s all in here.
The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

Hey shit for brains! You don't know the difference in income tax and capital gains taxes?

 

[Flopper]

Then who does? The top 10% pay 71% of all collected income taxes in this country. You mean billionaires aren't part of that top 10%? Okay, then who is paying all these taxes?

The top 10% income is over a $173 thousand, that's a long way from being a billionaire.

The top 1% (over $524,000) pays 40% of the taxes
The top .005% (over 1.3 billion) pays 16% of the taxes

Since effective rate for an average family of 4 earning a billion of year in the US today is 8.2%, that means after taxes and average living expenses the family will have about $917 million dollars to spend on homes, yacht, planes, vacations, and the stock market. By comparison the same family earning 50 thousand a year will be piling up about 5 thousand.

And if we increase the tax rate by 5%, on our billionaire he might have to sell one his 5 homes, a yacht, and have only 500 or 600 million to put in the market each year.

 

[Flopper]

By the rules set by congress, the grantor of the social security trust, the fund can not maintain a cash balance beyond 60 days. All balances must be reinvested monthly just as all redemptions required to pay beneficiaries must be done monthly. In other words, the trust must remain fully invested in treasury bills which are redeemed at par at maturity or when funds are needed to pay beneficiaries. These treasury bills when redeemed early have no penalty but also have no fixed interest rate. The rate of interest is based on a 12 month average of treasury interest rates. Thus they are called special issue treasury bills.

 

[Admiral Rockwell Tory]

Lol. Forther proof you know nothing.

Who was it who said, ”Conservatives know a lot, it’s just that everything they know is wrong?”

Nobody important. Ronald Reagan said something similar about liberals.

 

[Admiral Rockwell Tory]

The top 10% income is over a $173 thousand, that's a long way from being a billionaire.

The top 1% (over $524,000) pays 40% of the taxes
The top .005% (over 1.3 billion) pays 16% of the taxes

Since effective rate for an average family of 4 earning a billion of year in the US today is 8.2%, that means after taxes and average living expenses the family will have about $917 million dollars to spend on homes, yacht, planes, vacations, and the stock market. By comparison the same family earning 50 thousand a year will be piling up about 5 thousand.

And if we increase the tax rate by 5%, on our billionaire he might have to sell one his 5 homes, a yacht, and have only 500 or 600 million to put in the market each year.

No one makes a billion a year, dumbass!

 

[Wyatt earp]

How so? A literacy test is to show you can read which many couldn't back in the day black and white. Like my father, many lost their parents at a young age and had to work to support the rest of the family. They didn't have SNAP's, HUD, Medicaid back then. They had no choice but to work.

What I'm suggesting is people get tested on their political knowledge which is not the same thing. You don't even have to go to school to learn what's going on in politics. All you need is this internet or perhaps a daily newspaper.

How about we just pass a law saying the only way you get to vote is graduate from the 8th grade?

 

[Wyatt earp]

How about we just pass a law saying the only way you get to vote is graduate from the 8th grade?

Wait you can't legally drop out of school till 16 to 18 years old depending on the state..


So how about you can't vote till you pass sophomore year in high school and 18 years old.

 

[Admiral Rockwell Tory]

Conboy loves to criticize SS and Medicare, but would never criticize our government’s ridiculous war spending, corporate welfare, and unjust tax code. Proving himself a hypocrite.

He talks of his long collecting father as if he represents everyone on SS. How about the many Americans who die before ever collecting a dime. Or those who die shortly after collecting. Do they get their money given to their descendants? Of course not.

My father collected for 14 years. (1982-1996) When he died, my mother collected survivor benefits for another 20 years after he passed away (1996-2016. So yes, his money was passed on. My mother never qualified for a dime of SS.

 

[Admiral Rockwell Tory]

So how would you get only informed voters if not for a test?

It's like that one lady that stated she was going to get Obama money, or the woman that said everybody gets an Obama phone. These are voters who are so separated from how our country works it's almost entertaining if not for being so sad.

What did she say that was wrong?

 

[Ray From Cleveland]

What did she say that was wrong?

There is no such thing as Obama money? He didn't start or improve the subsidized phones?

 

[Flopper]

Who the fuck cares? Seriously. The discussion is that the Social Security trust fund has no money, it's a welfare program. No shit they passed a law that said that you fucking moronic dweeb. Go play with yourself

Actually the fund has about 2.8 trillion dollars. The fund will be depleted in about 12 or 13 years. At that time one or more of several things will happen:

• Social Security checks will go down by 25% so contribution will be equal to payouts.
• Employee and Employer payroll taxes will increase
• Retirement ages goes up
• Some benefits such as survivor benefits or disability decreases
• Government makes up the shortfall by paying it out of mandatory operating funds requiring a tax increase.

What we should be doing now is increasing retirement age by 1 or 2 year and increase payroll taxes by .4% to bring it up to 7%. This will add at least 10 or 15 more years of life to the fund and when interest rates go up as they must eventually, it will extend the life of the fund even further.

Congress will decide on a combination of the above, hopefully sooner and not later.

 

[Ray From Cleveland]

How about we just pass a law saying the only way you get to vote is graduate from the 8th grade?

To be honest, I've talked with college graduates that are completely ignorant of politics and policies we have to deal with so that wouldn't work. I'm not concerned about their intelligence, I'm more concerned they have no idea WTF they're voting on. I think we can use our last election to testify to that. Besides, that may be linked with literacy tests in the court if challenged.

 

[Admiral Rockwell Tory]

There is no such thing as Obama money? He didn't start or improve the subsidized phones?

The money she was talking about was welfare and it was expanded during Obama.

He expanded the phone program immensely!

 

[Wyatt earp]

To be honest, I've talked with college graduates that are completely ignorant of politics and policies we have to deal with so that wouldn't work. I'm not concerned about their intelligence, I'm more concerned they have no idea WTF they're voting on. I think we can use our last election to testify to that. Besides, that may be linked with literacy tests in the court if challenged.

Don't they have to memorize all the state Capitol in 8th grade? Or is that old school now?

 

[Wyatt earp]

There is no such thing as Obama money? He didn't start or improve the subsidized phones?

They got android to use the internet

 

[Admiral Rockwell Tory]

To be honest, I've talked with college graduates that are completely ignorant of politics and policies we have to deal with so that wouldn't work. I'm not concerned about their intelligence, I'm more concerned they have no idea WTF they're voting on. I think we can use our last election to testify to that. Besides, that may be linked with literacy tests in the court if challenged.

College students don't usually vote.

 

[Ray From Cleveland]

The top 10% income is over a $173 thousand, that's a long way from being a billionaire.

The top 1% (over $524,000) pays 40% of the taxes
The top .005% (over 1.3 billion) pays 16% of the taxes

Since effective rate for an average family of 4 earning a billion of year in the US today is 8.2%, that means after taxes and average living expenses the family will have about $917 million dollars to spend on homes, yacht, planes, vacations, and the stock market. By comparison the same family earning 50 thousand a year will be piling up about 5 thousand.

And if we increase the tax rate by 5%, on our billionaire he might have to sell one his 5 homes, a yacht, and have only 500 or 600 million to put in the market each year.

As I stated earlier I don't believe in wealth envy. I could care less with what somebody has. But if we had a more equal percentage tax that would get us closer to what I would consider fair. And actually, if it were up to me, our government would be funded by a consumption tax like we have here in my county. Our state and county tax is .08 on the dollar. Everybody here pays this tax, the wealthy, the middle-class, the poor, everybody. Plus we even get that illegal money whether you're a prostitute, gamble with the mob, do side jobs for cash, because you pay tax on anything you buy from the store.

The tax collection would equal what we spend. If our representatives want to spend more, we up the consumption tax so we don't have a deficit and ultimately more debt. The problem now is most don't care how much in a hole we get because they don't have to pay it. If everybody did have to pay for it, you'd see how fast people would bitch about the things they spend our money on.

So let's say our consumption tax was 10 cents on the dollar. You want free college, it increases to 11 cents on the dollar. High speed trains to nowhere, it gets upped to 13 cents on the dollar and so on. Everybody would have a dog in the race.