Can anyone justify NOT having the Wall?

[Vol Horn 4 Life]

Why? SS is socialism. People should pay for it.

We do. With paying in for almost 50 years that should generate more of a return than $1,800 a month. If the govt didn't run a Ponzi scheme there would be plenty of money to pay for it. Pass a law to mandate the funds not be touched for any other purpose except SS payments and investing for that and I would consider a real proposal with an increase as long as I see it directly relates to a better return for me.

I max out SS tax payments every year and I will never see anything near what I've put into it even given I'm also paying for someone who has never put money into it.

 

[mchammer]

We do. With paying in for almost 50 years that should generate more of a return than $1,800 a month. If the govt didn't run a Ponzi scheme there would be plenty of money to pay for it. Pass a law to mandate the funds not be touched for any other purpose except SS payments and investing for that and I would consider a real proposal with an increase as long as I see it directly relates to a better return for me.

I max out SS tax payments every year and I will never see anything near what I've put into it even given I'm also paying for someone who has never put money into it.

People will only care about it if you increase the payroll tax. Besides it’s a flat tax that I support in general.

 

[Garmel]

Raise payroll tax to 10% (8% SS and 2% Medicare). May eventually need to go 10% SS.

We need to cut the tax on SS, not raise the payroll %.

I also believe that the retirement age needs to go up a few years.

 

[Vol Horn 4 Life]

People will only care about it if you increase the payroll tax. Besides it’s a flat tax that I support in general.

People are dumb.

 

[mchammer]

We need to cut tax on SS, not raise the %.

I also believe that the retirement age needs to go up a few years.

No, flat taxes need to go up and income taxes go down.

 

[mchammer]

 

[militaryhorn]

People will only care about it if you increase the payroll tax. Besides it’s a flat tax that I support in general.

What do you mean it's a flat tax? In essence, the less fortunate pay a larger percentage of their income than someone like Vol Horn does.

If Vol Horn makes $500,000 gross on his earnings, he stops paying on his social security after $176,100 in earnings and pays nothing on the remaining $323,900 for 2025.

The current rate is 6.2% which would work out to $31,000 if he paid on the full 500k amount but instead he only pays $10,918 based on $176,100. Which means he saves $20,082 in taxes and only has a 2.2% SS tax rate relative to his total earnings, whereas someone who makes $50,000 a year pays the full rate of 6.2%.

In my opinion it is not a flat tax rate.

 

[Sangre Naranjada]

He won't be paid for all that excess on which he didn't pay in either. Benefits are capped just as the taxable proportion is.

But that's not the point being made. People from every income group should pay in to the government, if for no other reason than to make poorer folks just as angry and dissatisfied with government as those who get screwed under so-called progressive tax schemes.

Sales taxes do such a job, because they apply to all above the table purchases.

 

[Vol Horn 4 Life]

If Vol Horn makes $500,000 gross on his earnings,

Hey, how did you guess how much I make?

 

[militaryhorn]

Hey, how did you guess how much I make?

 

[mchammer]

What do you mean it's a flat tax? In essence, the less fortunate pay a larger percentage of their income than someone like Vol Horn does.

If Vol Horn makes $500,000 gross on his earnings, he stops paying on his social security after $176,100 in earnings and pays nothing on the remaining $323,900 for 2025.

The current rate is 6.2% which would work out to $31,000 if he paid on the full 500k amount but instead he only pays $10,918 based on $176,100. Which means he saves $20,082 in taxes and only has a 2.2% SS tax rate relative to his total earnings, whereas someone who makes $50,000 a year pays the full rate of 6.2%.

In my opinion it is not a flat tax rate.

Even better! Anyway, it’s a flat tax when you consider the benefits are capped too. In fact, even though the SS tax is capped, the rich is still subsidizing others.

 

[HornHuskerDad]

I was not too good at instilling the economic facts to my kids but am proud to say I have with the Grandkids. Everyone has their own Roth or reg IRA established with their first employment.

Good going, nash. I did the same - when my older granddaughter graduated from UNT, my gift to her was her IRA. I paid to establish it, and she has put money in regularly. I will do the same for my next granddaughter when she graduates. Probably the best gift we can give our grandchildren.

 

[Monahorns]

We need to cut the tax on SS, not raise the payroll %.

I also believe that the retirement age needs to go up a few years.

Cut the tax to phase it out over time. Pay those who really live off of it, but remove for others.

 

[HornHuskerDad]

People from every income group should pay in to the government, if for no other reason than to make poorer folks just as angry and dissatisfied with government as those who get screwed under so-called progressive tax schemes.

Great point, Sangre. I agree - everyone should have some skin in the game. Otherwise we'll have two categories - the "givers" who pay taxes and gripe about the giveaway programs and the "takers" who gripe because the government isn't giving them more money for luxuries.