Social Security: What a Rip-off!

[Nahum]

Social Security, what a rip-off!

It really bothers me that I am paying in to something I will never benefit from.

The latest estimates are that SS is at a deficit of over three TRILLION dollars.

Neither one of the presidential candidates wants to tackle real refom, so SS will go bankrupt - or we will need to keep raising taxes astronomically.

Current indications are that, for SS to stay solvent, the three tax brackets would neeed to be raised as follows.

Low income would be taxed at 25% of income.
Middle class would be taxed at 66% of income.
Wealthy would be taxed at 80% of income.

Insane!

[Baron1710]

Originally Posted by Pastor Poster

Social Security, what a rip-off!

It really bothers me that I am paying in to something I will never benefit from.

The latest estimates are that SS is at a deficit of over three TRILLION dollars.

Neither one of the presidential candidates wants to tackle real refom, so SS will go bankrupt - or we will need to lkeep raising taxes astronomically.

Current indications are that, for SS to stay solvent, the three tax brackets would neeed to be raised as follows.

Low income would be taxed at 25% of income.
Middle class would be taxed at 66% of income.
Wealthy would be taxed at 80% of income.

Insane!

What is low, middle and wealthy? As in how much a year do you have to make to be in those categories?

[Ferd]

Originally Posted by Pastor Poster

Social Security, what a rip-off!

It really bothers me that I am paying in to something I will never benefit from.

The latest estimates are that SS is at a deficit of over three TRILLION dollars.

Neither one of the presidential candidates wants to tackle real refom, so SS will go bankrupt - or we will need to lkeep raising taxes astronomically.

Current indications are that, for SS to stay solvent, the three tax brackets would neeed to be raised as follows.

Low income would be taxed at 25% of income.
Middle class would be taxed at 66% of income.
Wealthy would be taxed at 80% of income.

Insane!

dont worry my brother Barak will get elected and change the world. then SS will just be fixed by the force of his magnetic personality!

LOL!

I have a plan I like to call the Shela Jackson Lee plan. we nationalize the oil industry and use the profits to pay for Social Security!

[Nahum]

Originally Posted by Baron1710

What is low, middle and wealthy? As in how much a year do you have to make to be in those categories?

Wealthy is over $100k.

[Baron1710]

Originally Posted by Pastor Poster

Wealthy is over $100k.

so if you make 100K you are left with 20K ummmm maybe I will take the rest of the year off

[Nahum]

Socialism in America.

[Ron]

Same thing in Canada.
The majority of people don't believe Canada Pension (our equivalent of SS) won't be there when they need it!

[RandyWayne]

Originally Posted by Pastor Poster

Social Security, what a rip-off!

It really bothers me that I am paying in to something I will never benefit from.

The latest estimates are that SS is at a deficit of over three TRILLION dollars.

Neither one of the presidential candidates wants to tackle real refom, so SS will go bankrupt - or we will need to keep raising taxes astronomically.

Current indications are that, for SS to stay solvent, the three tax brackets would neeed to be raised as follows.

Low income would be taxed at 25% of income.
Middle class would be taxed at 66% of income.
Wealthy would be taxed at 80% of income.

Insane!

The problem with those percentages is that they would bring FAR less money into the system than the current ones do!

Virtually all liberal economists base estimated income from taxation on a static model where behavior and wealth generation is unchanged based on tax percentages. They see the same amount of "wealthy" people and those becoming wealthy, who are paying 80% in taxes as does exist with the current 39% bracket. They don't realize that there would be FAR LESS wealth generation with such high taxation.

Imagine if they decided to tax 100% of everyone! Every single dollar and cent that people made would be sent to the government. The government would enjoy a bonanza the first year! But zilch the second... and third... and forth.... The issue is the same with lower tax percentages, but just a bit more hidden.

[Nahum]

Great point Randy.

I just think this taxation has reached a new level of idiocy.

I wonder what the founders would think?

[Rico]

Originally Posted by Pastor Poster

Social Security, what a rip-off!

It really bothers me that I am paying in to something I will never benefit from.

The latest estimates are that SS is at a deficit of over three TRILLION dollars.

Neither one of the presidential candidates wants to tackle real refom, so SS will go bankrupt - or we will need to keep raising taxes astronomically.

Current indications are that, for SS to stay solvent, the three tax brackets would neeed to be raised as follows.

Low income would be taxed at 25% of income.
Middle class would be taxed at 66% of income.
Wealthy would be taxed at 80% of income.

Insane!

Look at the bright side. Us GenXers have made a lot of babies. More than the baby boomers. Babies who will be paying into the system soon. Maybe that will get things turned around. If not, your best bet will be to end up disabled before you reach retirement age.