73 percent of all federal income taxes needed to fund Medicare and Social Security entitlements

Comments on 2004 Social Security Trustees' Report ^ | 7/23/04 | Mike Thompson

[mft112345]

"According to the Congressional Budget Office, roughly $400 billion over ten years. Trustees say the new permanent entitlement will cost $16.6 trillion.
Try $ 534 billion over ten years - only God knows the ultimate cost for this boondoggle."
OMB says $534 billion, but CBO sticks by its lower estimate.

[mft112345]

"Why don't you post your own thoughts over on the blogs...you set this up to look like it is someone important or something that is something more than just another opinion...We all got opinions but we aren't so desperate as to post our own ramblings as if it were NEWS"

Social Security Trustee Tom Saving's comments had gone unreported in the news. If you don't like the info, don't waste your time responding.

[AFPhys]

I wonder why this guy decided to point out the amount of this obligation in terms of "income taxes" instead of the percentage in terms of the "FICA" which is meant to fund it?

Did he inadvertently get mixed up, or is this just some type of bureaucrat or Demodog dirty trick.

[DannyTN]

"Apologies. To clarify: He said, assuming federal income taxes follow the same trend as they have over the last 50 years, Congress would have to apply 73 percent of income taxes from now until eternity to pay for the two programs."

Haven't income taxes fallen? 50 years ago would be 1954 and that's not long after WWII. In 1954, the top rate was 91% on income over $200,000. Now the top rate is 28%. So if the trend continued either we will be paying negative taxes at the end of another 50 years or single digit taxes depending on whether you extend the trend as a line or as a curve based on %.

[mft112345]

I believe he said income tax rates as a percentage of GDP. You might contact him directly by visiting http://www.ncpa.org/about/tsaving.html

[qam1]

I was away for the weekend, So sorry this is a little late

Xer Ping

Ping list for the discussion of the politics and social aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations (i.e. The Baby Boomers) are doing that Gen-X and Y will end up paying for.

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[taxtruth]

Social Security is a PONZI SCHEME that Greenspan wants to end before it sinks our economy.