Some Inconvenient Facts About Social Security

[ReinyDays]

Actually, the scandal is that so many enter moderately well off and leave obscenely wealthy.

How does the governor of Oregon afford a chateau on the French Riviera on the government pension? ... brides, payola and graft ... fucking thieves ...

 

[hadit]

How does the governor of Oregon afford a chateau on the French Riviera on the government pension? ... brides, payola and graft ... fucking thieves ...

Add in there, "speaking fees" and insider trading, and we have a problem. Is there any wonder why people think AOC coming into office in debt and being worth millions only a few years later is a problem?

 

[ReinyDays]

Add in there, "speaking fees" and insider trading, and we have a problem. Is there any wonder why people think AOC coming into office in debt and being worth millions only a few years later is a problem?

It's Republicans who want any and all regulations rescinded ... it's Republicans who want to keep stealing from the American Public ...

Look at the railroads today ... dumping toxic garbage everyplace ... Democrats want this to stop, but it will take higher taxes ... so who's against safer railroads? ...

 

[80zephyr]

You are, youngster.

I'm 68

 

[Grumblenuts]

I think I was 22 when I when full time in my own business making top dollar ... IRS Publication 334 ... only total losers work for someone else ...

Completely disagree with the "totals losers" comment but that's a great link. Just skimming through it clarified a lot of things I've been wondering about lately.

 

[Admiral Rockwell Tory]

I'm 68

When are you going to grow up?

 

[80zephyr]

When are you going to grow up?

I am a realist. Everything else is bullshit.

 

[jbander]

Stupid? ... seriously, if you don't want the Rich getting Richer, why send Rich people to write the tax laws? ...

Since only you do that , you are the one to answer your own question.

 

[ReinyDays]

Completely disagree with the "totals losers" comment but that's a great link. Just skimming through it clarified a lot of things I've been wondering about lately.

The IRS tells us all the ways to skip-out on paying taxes ... several hundred publications like the one above ... I read p334 when I was a child of a mere 21 years ... so I knew where to be when I reached 36 ... in order to be where I want to be at 51 ... retired ...

I'm just saving the SS checks ... spend a couple weeks in Las Vegas every summer ... you suckers need to keep working to pay for my way of life ... ha ha ha ha ...

 

[hadit]

It's Republicans who want any and all regulations rescinded ... it's Republicans who want to keep stealing from the American Public ...

Look at the railroads today ... dumping toxic garbage everyplace ... Democrats want this to stop, but it will take higher taxes ... so who's against safer railroads? ...

Wow, that's a steaming load that doesn't relate to anything I said.

 

[ReinyDays]

Wow, that's a steaming load that doesn't relate to anything I said.

Aren't you glad I didn't quote you? ... I'm talking about SS taxes ... you're talking about Fantasy Island ... and you're still paying my fair share of the tax load ...

 

[hadit]

Aren't you glad I didn't quote you? ... I'm talking about SS taxes ... you're talking about Fantasy Island ... and you're still paying my fair share of the tax load ...

Care to translate that to English? You quoted my post in yours.

 

[Grumblenuts]

The IRS tells us all the ways to skip-out on paying taxes ... several hundred publications like the one above ... I read p334 when I was a child of a mere 21 years ... so I knew where to be when I reached 36 ... in order to be where I want to be at 51 ... retired ...

I'm just saving the SS checks ... spend a couple weeks in Las Vegas every summer ... you suckers need to keep working to pay for my way of life ... ha ha ha ha ...

Ha hardy har heh. I've worked for myself and been retired longer. My sister retired on her own steam at 35. You ain't really such hot shit. But again, thanks for the link. A nicely paced review of the current regs. Not so detailed that it puts one instantly to sleep. Yes, more should read it at 21. Better yet, teach it to all high school students.

 

[ReinyDays]

Care to translate that to English? You quoted my post in yours.

HEY STUPID ... I quoted Grumble in post # 249 ... fucking moron ...

Go ahead, tell us Republicans are all as honest as driven snow ... assbite ... yellow-bellied coward won't answer my claims in post #243 ... will you? ...

Bubba didn't finish Middle School ...

 

[hadit]

HEY STUPID ... I quoted Grumble in post # 249 ... fucking moron ...

Go ahead, tell us Republicans are all as honest as driven snow ... assbite ... yellow-bellied coward won't answer my claims in post #243 ... will you? ...

Bubba didn't finish Middle School ...

I think someone needs a nap. Do you touch your mother with those fingers?

 

[Hutch Starskey]

#1 A "progressive tax for all wage ranges" has the same "morality" issue that you seem to have a problem with. A progressive tax would also tax high wage earners at a high rate than low and middle range wage earners.

#2 I've come to believe that we need a re-evaluation of SS Taxes in general. The workforce and economy are very different than they were in 1935 when the system was created. Now I'm leaning more toward, making SS Tax applicable to all income the same way it is determined for Income Tax (wage, interest, dividends, short term stock commodities, and long term capital gains) as a new revenue source. As such:

• Current SS tax of 12.4% would remain (6.2% by the EE and 6.2% by the ER).
• Non-wage income would be taxed at a rate equal to 25% of the total FICA rate or another way to say it as 1/2 of the individual EE rate. That would currently be 3.1%.
• Financial institutions would be required to collect the 3.1% at the time of posting, just like employers (ERs) collect it at the time of payment.
• Because the non-wage rate is 25% of the wage rate (3.1% compared to the FICA total of 12.4%), then 25% of non-wage income would be credited to SS Income for that year.
• Current cap of 160K on wage income could remain the same.
• A cap of 160K would also apply to non-wage income.
• The sum of the wage credit and non-wage credit is posted as the total SS Income for the year which is then used to determine SS benefit amounts.

Example:
A high wage earner make $300K in wages, taxes are collected on wages up to $160K for a total of $19,840 in wage tax. Applicable income credited (partial) for the year for future benefits calculations is $160K. If the same person has 100K of passive investment income, the SS Tax would be $3,100 at 3.1%. Total SS Taxes would then be $22,940. 25% of the $100K passive income would be credited to SS Income for the year equaling $25K since the tax rate is 25% of the full FICA rate. So the individuals total SS Income credited for the year would be $160 + $25K = $185K.

WW

No.
Progressive as in each income bracket pays slightly more than the previous one. This maintains equity rather than putting it all at the top.
After all, individual benefits are based on individual contributions. Not contributions from the top.

 

[Hutch Starskey]

What I am saying is, I don't care if they have to use general revenue funds. I don't have anything against any income group, including the extremely wealthy. I do care more about people that paid into the SS system, under the promise by the government, they would be able to count on that return at retirement time, than those that don't need it. I don't care where they get the money, and won't accept the SS money was raided continually, as equal to fulfilling the obligation. It isn't and the government will be held to fulfill it's obligation to those that were forced to pay in, or be voted out of office. It is as simple as that.

I do care more about people that paid into the SS system, under the promise by the government, they would be able to count on that return at retirement time, than those that don't need it.

I’m with you all the way except on the bolded sentiment. Regardless of one’s level of reliance on their SS benefit, everyone paid for their benefits and should receive them.
Robbing Peter to pay Paul is not a solution. Neither did anything wrong nor caused the problem.

 

[Hutch Starskey]

Warren Buffett. "Bernie's" is I assume Bernie Sanders who pays taxes on his nearly 200K Senate salary. He doesn't pay less than his secretary.

Exactly.
Bernie is speaking of the ultra rich. The Bezos types. He keeps his salary locked at $81k/ yr and only pays taxes on that.

 

[hadit]

No.
Progressive as in each income bracket pays slightly more than the previous one. This maintains equity rather than putting it all at the top.
After all, individual benefits are based on individual contributions. Not contributions from the top.

It would be nice if the brackets really did pay "slightly" more, not "crazy much" more.

 

[Hutch Starskey]

It would be nice if the brackets really did pay "slightly" more, not "crazy much" more.

I’m talking about SS. Rather than a flat tax with an “extra” tax from the top as a fix, I’m suggesting everyone pay incrementally more based on their wages.
Certainly a guy making $$80k can afford more than the guy making $60, etc.