Social Security - your thoughts?

#579
#579
McDad said:
DJT has not proposed cuts in SS benefits. He has proposed making SS payments tax free.

Anybody who thinks Reich is worth repeating should carefully reconsider their ability to be rational.
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well, and as always the math just doesn't work out either.

SS tax cut off is for income over 168k
14.7 trillion in income is taxed every year.
the top 5% income taxes has an income of 187,468. so it looks like the bottom for the cut off is probably around the top 6% of income earners don't "pay their fair share". and that looks like its about 10 Trillion of income that doesn't face SS taxes.
6.2% of 10 Trillion is 620 billion.
SS will pay out a total of just north of 1.5 trillion this year.

so even if you double it for the employers contribution you aren't even paying off a single year of SS by taxing the rich their fair share. Reich is straight up lying about 75 years off a single SS taxable wage increase.

now it would make SS balanced for now if we added the taxes on the rest of the SS income, bringing it to around 1.8-1.9 trillion. assuming the US government actually got the total amount. However, we are projected to need more than that 1.9 trillion in a little more than a decade. but the 75 years thing is just straight up BS.

also it ignores that you just took away 620 billion in income from the normal taxable income. so you are stealing from Peter to pay Paul. and assuming none of that income got put away in a safe place somewhere.
 
#581
#581
VOLLeeann said:
View attachment 705535
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Reich is admitting that SS benefits are not being taken from a so called "trust fund" but in fact the money is being taxed away from people who worked for it, from the people that the money rightfully belongs to and given to those who did not work for it.

Robertson, a former chief actuary of SS once pointed out the truth about the so called trust fund:

"And forget about the “trust funds” supposedly accumulating to pay future benefits. Containing only Treasury debt, the funds, Robertson says bluntly, are “stark naked; there is nothing in them that can be used to pay future benefits.” Their only true asset is the government’s ability to collect taxes in the future."

 
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#588
#588
#589
#589
hog88 said:
I wonder if this will apply to congressional pensions?

But either way, they gotta appease the public sector unions.
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I had 6 good earning years in a state system where I paid no SS tax (had mandatory pension contribution). As of now, it impacts my anticipated SS benefit given those 6 years are replaced in the calculations by earnings/contributions from part time jobs in high school and college. Still, I understand that if I didn't pay in I shouldn't get the benefit of being treated as if I did.
 
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