"It is us against America."
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!
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
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.
“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.
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We always knew Christie was a marxist thief; this is simply his confession.
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Nothing new here as Jack Anderson, formerly of the Washington Post, proposed this in print back in the late 1980’s when I was in the DC area. So let’s see, a problem has persisted for over 30 years and our politicians have yet to act on it. Seems the only time politicians react quickly is when they’re trying to hide something from the general public and it must be passed before you can see what’s in it.
That seems wrong to me as well. It smacks of just another form of class warfare.
Beyond that, the U.S. spends SO much money on useless and/or very questionable projects, it would be smarter to address that before turning our back on the seniors.
Governor Christie is right to address the issue, but wrong on his solution.
Why doesn’t crispy cream announce plans for a major restructuring of welfare?