Posted on 02/03/2019 7:09:40 PM PST by Theoria
It’s not a handout, it is an entitlement. I am entitled to the money BECAUSE IT IS MINE. They just borrowed it interest free for decades.
So true. It is a tax, and we get our money back, There’s nothing free about it.
Also for the uniformed they need to know that when you do get it will need to be reported as income on your tax return....
Current rules . In essence a tax upon a tax.......
You will pay tax on only 85 percent of your Social Security benefits, based on Internal Revenue Service (IRS) rules. If you:
file a federal tax return as an “individual” and your combined income* is
between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.
more than $34,000, up to 85 percent of your benefits may be taxable.
Hows that for a “ help you “ scam.
We would be better off just investing it ourselves.
Yeah, back then I was making around 85K and had been close to that for at least ten years.
I still laugh when people say the Employee and Employer each pay half of the SS and Medicare Taxes. The Employer pays all of it as part of their Employee Total Compensation costs.
I used to get an annual Statement outlining what I really was Paid and it was close to $100,000 when those Payroll Taxes, Healthcare, Pension and matching 401-K Employer contributions were added in.
That ridiculous $15 an hour minimum wage crappola costs the Employer closer to $18 an hour and the idiots pushing it have no idea how it impacts the evil Employers, nor would they care if they did know.
If you make too much money they also increase your monthly Medicare Premium. Nothing like some double Taxation to make your day.
SS wasn’t privatized because the Powers That Be (the Inside the Evil Beltway Establishment Swamp Critters!) that maintain the existing the power/control/wealth axis and lust for more power/control/wealth cannot allow We the People to control our own destiny!
Theory? Fact? Doesn’t matter:
What’s theirs is theirs and they are going to keep it!
What’s ours is theirs if they can get it!
POTUS is upsetting their apple cart!
He is breaking their rice bowl!
He is not one of them!
Therefore POTUS must be destroyed!
That is why We the People cover his six, and not ever elect a Democrat or a Rino to office again!
“I am entitled to the money BECAUSE IT IS MINE.“
Incorrect. See Fleming v Nestor.
L
You write the check for the “employee’s contribution," and I don’t have to tell you that.OTOH your customer is who ponied up all that money “in the first place.” I put quotes around “first” because in fact of course, money circulates, and there is no “first.”
No man is an island, entire of itself; every man is a piece of the continent, a part of the main. If a clod be washed away by the sea, Europe is the less, as well as if a promontory were, as well as if a manor of thy friend's or of thine own were: any man's death diminishes me, because I am involved in mankind, and therefore never send to know for whom the bells tolls; it tolls for thee.” - John Donne (1572-1631)Same with taxes, they affect the whole economy - not just the guy who is writing the check to the government.Milton Friedman made the point that the actual burden of the government on the economy, tho, is not defined by its taxes. The actual burden of the government on the economy is what the government spends.
But I would add the caveat that setting any tax rate above the peak of the Laffer Curve (or even close to it) is a burden on the economy over and above the revenue the tax produces.
Way I look at it, the government borrowed the Social Security taxes at the point of a gun, then spent it. The government documented that by printing IOUs to itself to nominally - not actually but nominally - create a fund to pay the money back. But of course, if the government ever tries to use the IOUs (instead of securely squirreling them away) they constitute a demand on the Treasury exactly equal to the dollars that the government claimed to be “investing in safe government bonds” but in fact simply spent. So the “Social Security Trust Fund” has no actual economic effect - the government claimed it was “borrowing” the money - but when you and I draw from it, what we are taking is revenue from payroll taxes paid by our own children and grandchildren. That was always baked in the Social Security cake.
There are people who refuse to draw social security, but I don’t see it that way at all. Rather, if you can, try to hand down to succeeding generations enough money to keep your children whole. Limit the effect of the Social Security ponzi scheme on their prospects.
If you want to give up all the money you paid into SS, go for it. I’ll be at the SS office the second I am eligible.
Half ALL of the SS bill is paid by the EMPLOYER.
You write the check for the “employee’s contribution,” and I don’t have to tell you that.
OTOH your customer is who ponied up all that money “in the first place.” I put quotes around “first” because in fact of course, money circulates, and there is no “first.”
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Blah blah blah. I wrote the check, I had to pay the bill
If I didn’t write the check the IRS would come after me.
When I draw SS it will be a tax cut since I will still be working.
I never said I wanted to give it up. I’m merely pointing out that you are factually incorrect. That money isn’t yours anymore. Your are not entitled to it in any legal sense whatsoever.
Go read the decision for yourself. Congress can alter or abolish SS anytime they have the votes to and they’re ain’t squat you can do about it.
Don’t get mad at me. Get mad at the ***holes who’ve been lying to you all these years.
L
Go read the decision for yourself. Congress can alter or abolish SS anytime they have the votes to and they’re ain’t squat you can do about it.
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Congress COULD do it if they wanted to never get elected to anything ever again so it is irrelevant.
“Congress COULD do it if they wanted to never get elected to anything ever again so it is irrelevant.”
Pretty much what they said about Obamacare.
L
By any means necessary.
The gov’t blocked this as it made more money for the people and gov’t could not steal the money.
How Three Texas Counties Created Personal Social Security Accounts and Prospered
https://www.forbes.com/sites/merrillmatthews/2011/05/12/how-three-texas-counties-created-personal-social-security-accounts-and-prospered/#493164cb3283
How Privatized Social Security Works in Galveston
https://www.nytimes.com/2011/09/18/us/how-privatized-social-security-works-in-galveston.html
Anyone saying I’m *NOT* entitled to it, or even suggesting any plan that diminishes what I’m getting deserves 9 grams in the cerebellum. End of story.
#52 He got a shave and a haircut when he retired....
Heh. Yeah, he’s always good for that
Someone once said it’s not important that
you succeed, but that your friends fail.
Now, that’s cynical but I find that no matter
how cynical I get, it’s never enough. ;)
You're in denial. You're a socialist.
Social security is included in every budget, though it is “self-funding” and for years the excess was put into the general fund and “IOUs” are given to the social security trust fund.
Of course that’s equivalent to someone starting a college fund and putting money into a cookie jar on top of their refrigerator, then at the end of each month taking the money our and spending it on their bills, then placing a paper IOU to replace the money. Once the child is old enough to go to college your just going to have a bunch of paper with IOU written on it and will either have to borrow the money for college, sell your possessions, or work a ton of overtime to replace it.
Well if your raise revenue, and keep spending the same, you will eventually have a surplus. As far as people moving their money, I know bank transactions have gotten easier since the 50s, 60s, and 70s, but we had much higher tax rates then and a lot smaller deficit and debt.
As far as cutting spending, what do you suggest we cut? As I stated in a previous post, social security, medicare and Medicaid, defense, and interest on the debt make up 72% of the federal budget. Even if you completely got rid of the other 28% of spending we would still have to borrow to be able to completely cover that 72%.
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