"It is us against America."
Posted on 04/14/2015 10:23:49 AM PDT by reaganaut1
MANCHESTER, N.H. (AP) -- Framing himself as a politician who's unafraid to share "hard truths" with the American people, New Jersey Gov. Chris Christie is proposing an income cap on Social Security benefits as part of major restructuring plan announced ahead of a likely presidential bid.
The Republican is set to deliver a speech Tuesday in New Hampshire outlining his ideas on reforming Social Security, Medicare and Medicaid — so-called entitlement programs.
As part of the plan, he'll propose phasing out Social Security payments for those making more than $80,000 in other income and eliminating them for those making $200,000 or more a year.
"I'm suggesting that Americans pay into this system throughout the course of their life knowing that it will be there if they need it to support them. So that seniors will not grow old in back-breaking poverty. But if you are fortunate enough not to need it, you will have paid into a system that will continue to help Americans who need it most," he says, according to an excerpt released by his political action committee, Leadership Matters for America. "That is what we have always done for each other through private charity and good government."
Christie will also propose raising the retirement ages for Social Security and Medicare eligibility and eliminating the payroll tax for seniors who stay in the workforce past age 62.
(Excerpt) Read more at finance.yahoo.com ...
We are in a mess because people are not saving enough. This plan would discourage saving.
Rich people can maneuver to reduce their taxable income, by owning municipal bonds instead of corporate bonds and non-dividend-paying stocks instead of dividend payers. I don't think SS benefits should depend on how you invest.
Are we going to means-test the benefits of government retirees, too? No one "needs" a pension more than $100K.
It’s my money, Donut Boy.
Means testing social security means at a certain threshold of savings, enough to provide an annuity of $80 K a year, the effective marginal income tax during your work years is increased. Means testing social security is a disincentive to save.
“From each according to his ability, to each according to his need.” - Karl Marx Christie
"It is us against America."
My Lird! First they force you into SSec. Then they take your money away from you your whole working life but promise you a pension when you retire . Then they threaten to confiscate your pension ? Outright robbery. Theft. Lies lies lies lies lies. Go to Hellllll, Christie! GTH!
Overt thievery of money forcefully taken from me that I will in all likelihood never see.
No it isn't. The government took your money, just like your other taxes.
It’s my money. Let me be clear: IT’S MY MONEY.
SSA already “means tests”.....especially for those who try to recoup what they paid in at 62 for what they have already paid. SSA also monitors income to quickly assess penalties for making too much to dock you more for your Medicare (Part B and for Part D) regardless of whether you have a great retirement plan that doesn’t expose the SS one cent beyond that same exposure they’d have with its recipients still on SNAP (yes, they have that for single oldsters, too), EITC and all the rest.
He can choke on his lard.
Social Security isn’t a pension.
Actually I think that while you are working and paying into Social security there is a CAP on paying Social Security after you make so much in a year..........I think you should have to pay on all that you make in the course of the year. http://money.cnn.com/magazines/moneymag/money101/lesson18/index4.htm
Yes, This is just a just income redistribution under a different name.
That’s all for him then.
The drive-bys will destroy him faster than if he had called for the legalization of child cannibalism.
The only way this system is ever gonna be “fixed” is with tax hikes, because they SCREAM BLOODY MURDER if you even try and touch one penny on the benefits side.
Agreed. Not only then does SS become a huge and grossly-unfair tax on both individuals and companies, it punishes many who've sacrificed and saved all their lives.
“It’s my money, Donut Boy.”
Exactly! What needs to be done is for the Feds to “repay” the monies that they’ve stolen from the SS Trust Fund as a first step. SS is not an “entitlement, nor welfare,” it’s a “retirement plan” that’s been raided by the government. I am at least owed my own money back plus nominal interest on it. Screw Crispy!
Yes, but that's all Social Security has ever been. It is not some private pension account you've been paying into. Your money has been used to pay the benefits of people oder than you, and your benefits will come from people younger than you.
There is a cap on the income subject to payroll tax because there is also a cap on benefits received. Promised future benefit rise with the amount of payroll taxes paid, but less than proportionally.
“We are in a mess because people are not saving enough. This plan would discourage saving.”
Yes, Sir.
And no one I know will see their 401k savings at retirement. The Government will “absorb” those accounts in the next 15-20 years to “fill the gap” and “even the playing field.” I guarantee that.
I suggest making all income made via a traditional savings account tax free for the next 25 years.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.