Posted on 10/28/2008 3:37:05 AM PDT by Sergeant Tim
In 1950 there were 16 workers for every retiree. Today, it is 3.3 and by 2030 it will be two. SS is a Ponzi scheme. It is a pay as you go system. The SS Trust Fund represents an unfunded liabilty, which is why it is included in our $10 trillion national debt under “Intragovernmental Holdings.” Medicare is in far worse shape.
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It’s not clear whether this program would be mandatory or voluntary for workers. It might be harder to get a mandatory version through congress.
The fact that liberals want to get their grubby little paws on our retirement money is chilling indeed.
If she endorses McCain...Oprah would probably shun her.
The idea first gained national attention during the first Klintoon administration. They wanted to rake 15-20% RIGHT OFF THE TOP!...............
Do we refine wealth at that point by what tools you own, what you can fix to keep running and how you can feed yourself, because to fix this we either increase Marginal Tax Rates to the mid 80's or devalue the currency.
We will see the very rich moving out of this country, at least on paper, to places like Monaco and other tax havens.
There is? I think that there will be a groundswell of concern if people are told that their retirement plans will only earn 3%, that their investments will be backed by trillions of debt and administered by the same yo-yos that watch over Fannie Mae and the Social Security system.
Are IRAs next?!
This is another attempt to equalize the peasants and ensure that there is plenty of money for the aristocracy. Keep your hands on your wallets, America.
Excellent point. No need to write wills any more because there will nothing left for your heirs.
I want to invest at tax rates I know about, not unknown rates in 30+ years. By the time I retire, the tax rates could be 90% on investment income.
Agreed, which is why the Roth 401k is gaining popularity. After-tax contributions, tax free at redemption. I’m sure that Barry, Barney, Harry and Nancy are looking for ways to scuttle that benefit as well.
They can't GWB signed the law that Rangel wrote. Greater than 600k in assets gets assessed at a tax rate of either 30 or 50% on the way out...
Do you have the number/name of the law?
'Stroke of the pen, law of the land, pretty cool Huh ???'...
Sadly, the new deal gave us socialism, even called it by name, Social security, and We The People fell right in line...
'Powers' expanded, 'Rights' were crushed, and We The People played by the rules and lost ground the whole journey to this point today...
At my age, Ive given away my earnings into all manner of gov backed ponzi schemes from workday one...for 'my' retirement...25 yrs later, im worth more $$$ [to my family] dead than alive...
at what point will I be allowed to keep enough today in my pocket to maintain my family until retirement ???
Ive said for many years that if I could just opt out of the system, they could just keep my 'charity' and call it even...
But NO,the leeches wont allow that to happen, instead they seek and find new ways to squeeze more...
the commies have carefully placed each piece for 60+ yrs, and indeed are feelin their oats for the 'final solution'...DECISION time is here indeed...
LFOD...
Mark was full of 'Clinton' with comments like that! She probably believed him. LOL!
Go here:
http://www.cfainstitute.org/memresources/communications/privatewealth/sept08/article_5.html
From the Link:
"On 17 June 2008, President Bush signed into law a $1.2 billion military tax relief package that includes an “exit tax” on U.S. citizens and long-term green card holders who expatriate from the United States. The exit tax is part of the Heroes Earnings Assistance and Relief Tax (HEART) Act of 2008. Although the exit tax had been seriously considered by Congress in the past, until now, the measure had never been approved by both houses of Congress, usually because of disputes over the provisions the exit tax was meant to fund."
BTTT
Mark played her like a fiddle yesterday.
L
Thanks for the ping, Sgt. Tim!
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