Social Security - your thoughts?

#252
#252
BigOrangeMojo said:
It's a pure return of capital which should not be subject to taxation....

I buy AMZN for 100,000 and sell it for $110,000. I don't pay taxes on all 110,000 since 100K is return of capital
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FWIW: I receved $49k in SS this year. Paid taxes on $41k of that.

If employed your employer paid half of your SS payments.

"In this world nothing can be said to be certain, except death and taxes." Ben Franklin

Taxes weren't meant to be fair. They were meant to collect taxes.
 
#253
#253
Go aeiou said:
FWIW: I receved $49k in SS this year. Paid taxes on $41k of that.

If employed your employer paid half of your SS payments.

"In this world nothing can be said to be certain, except death and taxes." Ben Franklin

Taxes weren't meant to be fair. They were meant to collect taxes.
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They are meant to control behavior.
 
#255
#255
hog88 said:
How does one "game" the system? Are you implying they are using illegal methods to avoid paying taxes?
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He's one of those that got pizzed when Warren Buffet paid a lower rate than his secretary. He STILL paid millions more than she did, but by stating his rate was lower they can virtue signal.
 
#256
#256
We give government trillions of dollars and they abuse it. Spend it to where it will become insolvent one day. And some peoples solution is "we'll give them more." Idiots.

It should be a new treatment for alcoholism. My wife's a drunk. So I'm going to keep feeding her booze until she's so sick she will choose to never drink again. Brilliant!
 
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#258
#258
volfanhill said:
We give government trillions of dollars and they abuse it. Spend it to where it will become insolvent one day. And some peoples solution is "we'll give them more." Idiots.

It should be a new treatment for alcoholism. My wife's a drunk. So I'm going to keep feeding her booze until she's so sick she will choose to never drink again. Brilliant!
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That actually was a form of treatment for years.

But yea, the fascination with “more revenue” as a solution. It’s a borderline sickness.
 
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#260
#260
Google Micheal Sailor. Many videos of him explaining the true value of Bitcoin.

USA , China and Russia all have Bitcoin
. Doesn't that seem kind of strange?? It's almost like they "need" it. Like air or water. Sleep.


The USA government has quite a bit. Then there's all the American institutions hoarding it.

People saying it's back by nothing, need to research it's blockchain and it's scarcity proponent.

Warren Buffett who was against it just 2 years ago is changing his toon.

Step
1) Get a trading platform.
2) Gather as much information as possible regarding Bitcoin.
3) Buy some Bitcoin
4) Buy a hard wallet that you can save your Bitcoin into.
5) Wait 6 years and then start your own bank backed your Bitcoin.

The dollar is not going to disappear even within the next 20 years. So your saving the Bitcoin because of its value and leverage you will need in the future when it's heavily desired.
 
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#261
#261
SpaceCoastVol said:
He's one of those that got pizzed when Warren Buffet paid a lower rate than his secretary. He STILL paid millions more than she did, but by stating his rate was lower they can virtue signal.
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That's my point regarding rates. A flat rate, with no deductions, exceptions, deferrals, etc., would never pass because the super wealthy that fund campaigns orchestrated those to avoid paying the rate they otherwise would.
 
#262
#262
lawgator1 said:
That's my point regarding rates. A flat rate, with no deductions, exceptions, deferrals, etc., would never pass because the super wealthy that fund campaigns orchestrated those to avoid paying the rate they otherwise would.
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Funding all of those campaigns didn’t do chit since everybody pays too much tax. Sales. Income. Payroll. Usage. Excise. Property. Etc. The government and elected officials need to get as creative on the spending side of the ledger as they are at creating the endless schemes to take more and more wealth away from the people.
 
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#263
#263
lawgator1 said:
That's my point regarding rates. A flat rate, with no deductions, exceptions, deferrals, etc., would never pass because the super wealthy that fund campaigns politicians who use those techniques found in the tax code to avoid paying the rate they otherwise would.
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fyp
 
#264
#264
turbovol said:
The debt doesn't affect your life--so why do you and others pretend that it does? It's the same with right-wingers who are always
prattling about the GOVERNMENT limiting their "freedom." More nonsense.
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oh yes it does. you are too naive to realize it.

just because you are ignoring how it impacts you doesn't mean it doesn't.

has your local government had to cut any local programs, or not been able to expand needed programs? Thats because of the debt. Local police forces are a great place to look, even in red states they are hemmed in by smaller budgets.

are all your roads paved to level satisfactory to you? If not, blame debt.
is all your local infrastructure up to par and future ready? If not, blame debt.
are you facing inflation when you try to buy anything these days, that is a direct result of the debt hampering the economy and not allowing it to respond correctly.
 
#265
#265
McDad said:
fyp
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The politicians do not come up with those complicated exemptions on their own. Have you listened to them speak? They can barely tie their own shoelaces.

Don't be naive, or intentionally obtuse, as to who is behind changes to the tax code.
 
#266
#266
lawgator1 said:
The politicians do not come up with those complicated exemptions on their own. Have you listened to them speak? They can barely tie their own shoelaces.

Don't be naive, or intentionally obtuse, as to who is behind changes to the tax code.
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Oh, I see. Now they are idiots and morons with the inablity to tie their own shoes. And yet, you continue to troll here advocating those newly classified morons do something on gun control, immigration, SS, taxing investments, have a hand in global politics.

You are unserious.
 
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#269
#269
The safest investment (or one of the safest) are bank CDs.

Our hypothetical employee having $150 per week (employee and employer portion) sent to the government, who put that money ($600 per month) into a CD at 1.5% interest, which doesn't even keep up with inflation, would have almost $500,000 at 65.
Even the most abysmal instrument for rate of return but is no risk is better than our current SS system.
 
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#271
#271
lawgator1 said:
Smart isn't a guarantee. There is still risk, and if that comes to pass for tens of millions of people in a particular age bracket, all at the same time, its a difficult gamble to justify.
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its all a gamble. SS is a gamble. look at this conversation. SS is going to have to cut benefits, some how some way. why aren't you upset about the current 60 years getting ready to retire who are going to face the same issue.

I forget where the cutoff lies exactly, but if you make more than 60kish a year, you LOSE money on SS. privatization removes that loss.

the losses you are talking about are temporary. If you invest for the 47 years and at retirement the market absolutely 1920s/30s tanks, you will still have MADE money if you have invested over your entire life. you are buying consistently over time at the current market prices are, overtime they always go up, even with the temporary drops it never gets as bad to go negative from 47 years previous.

in this case even if there was a realized loss after 47 years, you don't have to pull out all your money. you would only realize losses on the money you pull out at that time. the rest of it sits in the market while it goes back up as your retirement continues.

as I started off with, no system is without risk, and the drawbacks on "government guarentees" far outweighs any implied benefit.
 
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#272
#272
lawgator1 said:
7 % is "very safe?" Where can I get that when I reitre ?

And you are talking long term, ignoring the disaster for 5 years when it's negative, just as a retiree needs it.
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VUG/VOO/VONG/VIOO/VCR to name just a few. I have an account that has only those to prove this very point. (I am fighting to remove my wife's trust from a custodian that has basically done bupkus for the last 20 years) YTD it is up 9.4%. If you look back thru inception of those funds, the aggregate average return is well over your benchmark 7%.

You're welcome, but dyodd.
 
#274
#274
#275
#275
McDad said:
Oh, I see. Now they are idiots and morons with the inablity to tie their own shoes. And yet, you continue to troll here advocating those newly classified morons do something on gun control, immigration, SS, taxing investments, have a hand in global politics.

You are unserious.
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Thank you for dragging him. He continues to vote for the biggest idiots in politics.
 
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