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Belchertown Bowman said:
Did you guys know that only the first 137,700 of income is required to be taxed to fund SS?

So if I make 50 million I only pay into the fund up to the 137,700,.. all the millions after that are not taxed.

You could solve the Social Security crises by having the wealthy pay the same amount of tax on "all" their income,.. same as happens to me.

The way it works now is bull taco.

So to solve this they are going to cut bennies? Um how about raising the taxed amount to a million,.. or all your income?????

Here are the rules direct from our gov

https://www.ssa.gov/planners/maxtax.html

The rich make the rules and you and I live by them.
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Ha ha ha, I am far from rich, actually live on a very modest income, but this Robin Hood theory of tax the rich and give to the poor absolutely cracks me up!! Most rich people earn their money just as us hard working modest(middle) income people do. Why the heck should they be taxed any harder?
 
bowhunternw said:
I think that is a terrible idea. So I pay for all the people who are retired now. Then I get to retirement and no one is longer contributing, as all the younger people now get to keep their money.
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So you are saying, we are so deep into this mess, that we can't fix it, and the younger generation needs to continue to pay into the mess? Privatized accounts of SS would pay on average (4-6% more in interest and generate more retirement income than the current system. The current interest rate on SS income is less than 3%
 
ksgobbler said:
I wish they would allow me to not pay into social security and invest the money myself. Its just a huge govt ponzi scheme.
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My point exactly in an earlier post. Also keep in mind the increased $$$ flow into the market if this was allowed. Odds are 100% that you would earn more with equity exposure over 40 years than with all bond/fixed income porftolio.
 
Yeah Im not reading every post of this topic. I just pop in on it from time to time.
 
Nova said:
. Why the heck should they be taxed any harder?
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They actually already are taxed harder. We do not have a flat tax system, it is a progressive tax system. The higher the income the higher the percentage it is taxed at.

For those that make <$137,000, their income is taxed at 24%, those that make more than $137,000, their income is taxed at 32%. Once your income exceeds $510,000, the tax rate is 37%.
 
bwoods11 said:
So you are saying, we are so deep into this mess, that we can't fix it, and the younger generation needs to continue to pay into the mess? Privatized accounts of SS would pay on average (4-6% more in interest and generate more retirement income than the current system. The current interest rate on SS income is less than 3%
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I don't know can I stop paying in and get a refund? Im in the age group that would get shafted by that proposal.
 
If you look at the job that the government has done with managing social security, how good a job do you think they would do with controlling all healthcare. Medicare is also in trouble.
 
As a rule for myself: if the government is involved I don't want anything to do with it. Name one thing the government has their hands in that works? They tell us one thing and then do another---nothing new. How can you tell if a politician is lying? his lips are moving. Just my opinion
 
jsasker007 said:
As a rule for myself: if the government is involved I don't want anything to do with it. Name one thing the government has their hands in that works? They tell us one thing and then do another---nothing new. How can you tell if a politician is lying? his lips are moving. Just my opinion
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We have a pretty good military ... just sayin :emoji_wink:
 
I would have to agree the military is actually a force again after Trump got in. I stand corrected.
 
bwoods11 said:
Age 25 or younger now, set up a fund that allows each worker/wage earner to set aside his or her money in a portfolio of investments--similar to a 401k.
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They have that. It's called an IRA. A 401k, 403b, SEP IRA, Roth IRA, etc. are among the many options for young people. The problem is a lack of education/information. Personally, I have real estate, and I'm in the process of setting up a Roth IRA. I don't trust any government to take care of me, especially when I'm old or otherwise vulnerable.
 
Catscratch said:
Telemarketers, I don't know you but I figure you've had one interesting life! I picture you as the guy in the commercials. Your avatar signature needs to say "stay thirsty my friends".

Sent from my SM-N960U using Tapatalk
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I have certainly seen and done a lot. It has its drawbacks, but it has been a hell of an adventure. I wish we had more time on this planet. There's way too much out there to take in everything in one lifetime.
 
ToddG said:
If you look at the job that the government has done with managing social security, how good a job do you think they would do with controlling all healthcare. Medicare is also in trouble.
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Look how well they ran the VA
 
Maybe they should stop all the social engineering and concentrate on things that really matter.
 
Belchertown Bowman said:
Did you guys know that only the first 137,700 of income is required to be taxed to fund SS?

So if I make 50 million I only pay into the fund up to the 137,700,.. all the millions after that are not taxed.
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everyone with an S corporation would be screwed. S Corp rules let companies of under 100 owners (think family business not public stock traded corporations) be taxed similar to partnerships. Basically the company passes earnings on to the owners at tax time and usually (always) funds the tax burden Because the owners don’t actually keep the earnings, they are reinvested into the company to continue funding labor, inventory, carrying cost, marketing, electric, rent, equipment etc.

so the government decided it would be better to cut off the amount that’s taxed rather than make the company eliminate jobs to pay the tax burden. if FICA tax was applied to everything small business would basically be being taxed on profit they reinvested into the business. that would be like taxing you for the $ you pay on your mortgage. Bernie doesn’t know what tax law is.

It’s not a perfect system and all small businesses would like a better one. but like trump said during the election. I don’t make the rules, I just play by them..
 
Who jerked this thing into the social security weeds?

Social security is an accounting joke. The wealthy are already on the hook for all of social security anyway. The program has off-budget revenue, meaning that it's supposed to be a separate program from the federal government budget. However, it is an on-budget expenditure, meaning that it's now part of the core government budget. So whether those dollars flow in as SS payroll tax, or good old federal income taxation, the program feeds off the entire federal tit.

If you did a deep dive on the progressive nature of the tax system, it doesn't just go up with rate increases. Throw in subsidies, refundable tax credits, non-refundable tax credits, partial taxation of SS benefits, the medicare surcharge, and AMT, tax rates goes from zero to about -150% to well north of 70%.
 
SD51555 said:
Who jerked this thing into the social security weeds?

.
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I know. We're starting to get off track. :emoji_stuck_out_tongue_winking_eye:

I just went through all 16 pages...and here is a summary of where this thread has taken us. This might be one for the books. I think we may have to pin it.

1) Coronavirus
2) Pros and cons of China's government and trade
3) The joys of travel
4) Conspiracy theories about Coronavirus
5) Illegal immigration
6) Coronavirus vs. the flu
7) More about Chinese imports and trade
8) The "uselessness" of millennials
9) Liberalism vs. Conservatism
10) Cloth diapers as cleaning rags for firearms
11) Democratic primary
12) More about coronavirus
13) Opinions about Trump and Bernie
14) Stock markets
15) More about illegals
16) The dangers of unprotected sex with farm animals
17) Social security pros, cons, and rates
 
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