Skip to comments.Obama seeks deal, proposes cuts to Social Security
Posted on 04/06/2013 1:10:26 AM PDT by Olog-hai
Seeking an elusive middle ground, President Barack Obama is proposing a 2014 budget that embraces tax increases abhorred by Republicans as well as reductions, loathed by liberals, in the growth of Social Security and other benefit programs.
The plan, if ever enacted, could touch almost all Americans. The rich would see tax increases, the poor and the elderly would get smaller annual increases in their benefits, and middle income taxpayers would slip into higher tax brackets despite Obamas repeated vows not to add to the tax burden of the middle class. His proposed changes, once phased in, would mean a cut in Social Security benefits of nearly $1,000 a year for an average 85-year-old, smaller cuts for younger retirees.
Obamas proposal, however, includes calls for increased spending. It proposes $50 billion for public works projects. It also would make preschool available to more children by increasing the tax on tobacco.
(Excerpt) Read more at bigstory.ap.org ...
No, this is our money that we entrusted to the government as a retirement benefit.
Here’s what I don’t understand about the “cap” on the IRAs of the wealthy.
When you contribute to an IRA, you get a deferred tax break for contributing (but that’s capped somewhere in the $2k range, I believe, that an individual can write off on their taxes.) Also I thought there was a limit you could contribute every year, and if so, how did these folks get all that money in their IRAs, (investment income?)
So the extra revenue he’s planning on getting comes from what? Making those above the “limit” immediately bring down their IRA to the limit allowance, thus making the money withdrawn taxable? And if that’s so, are they going to charge a 10% fee for early withdrawal, like they do for most retirement funds when you withdraw them before you’re of retirement age, if they’re forcing you to withdraw it.
Somebody explain to me where the revenue comes from, I’m just not clear on this.
Demonize him for "attacking the elderly."
Offer instead the elimination of entire cabinet departments, like Ed and Energy.
When pressed on SS, offer younger people the opportunity to manage their own SS accounts.
But first of all, demonize him. He deserves it. It will weaken the faith of the drones. And the DP can be tagged as being "opposed to SS."
He's not demanding anything from "his own" people.
He’s not even demanding they do fewer crimes.
Ain’t this sock-puppet a prince?
This is how the IRA cap would work, from what I read:
you save the maximum in your 401k, invest wisely over your 35-40 year career. It ends up with more than $3M. You roll it over to an IRA so you can have direct control of the money and how it is invested. Presto, with this law change, you must immediately withdraw all monies in excess of the cap, and pay the highest possible marginal tax rate.
Next year, the cap stays at $3M. The stock market is up 20%, you must immediately withdraw all your earnings and pay the highest possible marginal income tax rate.
Punish all producers who have the gall to attempt to earn more than the $200k/yr that the government thinks is enough for you.
No, I "entrusted" my money to my IRA and even my bank. I have some personal recourse and control. I can even take them to court if I am cheated.
On the contrary, our Social Security money was not "entrusted". It was taxed from you at the point of a gun and then squandered by the same crooks to buy votes. Naturally, the crooks gave you all sorts of promises to keep you quiet, which they broke when it suited their purposes. You have no recourse and no control over this money. You can't take them to court to get it. You are at their total mercy. It is gone. Al Gore's Lock Box has long been emptied.
In other words, we were suckered and then screwed. It was done with the sure knowledge of said crooks and they spent it on themselves and for their friends - the moochers and looters.
Now these same crooks want us to "trust" them they won't take our guns next. Fat chance.
Social Security was frozen for 3 years under Obama.....But certainly not the prices of everyday things, like gasoline & electricity and food.
We finally got an increase——
Mine was a whole $18 a month. My auto insurance & my land line only phone bill has already eaten up $14 of that $18.
I am working on a very special place to celebrate with the remaining $4.
Hear, hear, If there was no disability, SS would be in great shape and those trust funds in the lockbox would keep those checks coming until 2045.
Disability is the devil
That’s right and if you own your home your SS check will reflect that. Don’t like it? Rent out some rooms to Holders people. By the way if you don’t rent out a room to us we will cut your medicare
Every time Obama’s name comes up the word deal is always included.
[[War on the Elderly. He hates retired people! He wants to kill your grandma and grandpa!! He wants to push them off the fiscal cliff!!!]]
I expect we’ll be seeing the republicans taking out ads about htis soon- holding my breath... running out of air... passed out.....
Yep- Republicans- the party that allows the left to walk all over them and us-
[[Its a way to pay for Disability.]]
He’s cuttign dissability too-
[[Is there any doubt this dork is brainless?]]
He’s not brainless- He simpyl hates White America
I think both parties are fearful of the coming shortfalls in SocSec and Medicare and realize the Death Panels are the best way to improve the financials of both.
Years ago politicians didn’t dare touch or mess with SS- now because htere is a black man in office, the press doesn’t dare call him to the carpet for hatign on old people- he and his ilk will get cushy cost of livign increases EVERY SINGLE YEAR to the tuines of tens of thousands of dollars, but he’ll deny old folks a 20-30 dollar a month icnreaswe to keep help stave off rapidly rising costs? And Amerca voted twice for such an antiamerican?
[[Social Security was frozen for 3 years under Obama.....But certainly not the prices of everyday things, like gasoline & electricity and food.]]
SS was frozen BUT politicians made damn sure they got THEIR Cost of Living icnreases to the tune of tens of thousands of dolalrs yearly bonuses
[[So the only “cut” Obambi is proposing is 130-100 billion = 30 billion over 10 years from the so-called chained CPI. ]]
Yes- but hte press is LYING claimign that the plan will save 4.3 trillion dollars over 10 years (While old people and dissabled people succumb to lack of nutrition, freeze to death or die because they can’t get theirm deicines anyl onger)