Those making 10 million are in 19% bracket. I and people I know are in a 25% + bracket Sell that somewhere else. Obama and others parroting that line is called misdirection. Don't you question why the uber weathly say that. Duhhhhhhhhh
Posted on 07/31/2015 4:12:00 AM PDT by Biggirl
While engaging in the mundane task of gathering financial statements for a “secure retirement” meeting with my husband’s and my adviser, this Baby Boomer stumbled upon documented proof that our nation does not have the guts to confront one of its most serious economic problems. The realization came when I pulled from my files a document statement innocently titled, “Your Social Security Statement.”
(Excerpt) Read more at nationalreview.com ...
Wife was forced to draw at 62 because of Obamacare. Her health insurance premiums increased by $500 a month and we couldn’t absorb the additional cash outflow. Seems like this is a case of burning the candle at both ends, increased government spending coupled with decreased personal spending. Yeah, that’ll stimulate the economy.
they sit down for it instead.
Bump-
A similar rhetorical statement was recently on a Yahoo message board. While I like the idea in general, I think a couple of things might happen as a result.
One, some idiots would still piss the extra away, or they would spend it on other necessities and have nothing to show for it upon retirement age.
Two, some people would remain unemployed or underemployed, and never contribute to an investment or a savings' plan.
In the first two scenarios, those people might reach retirement age, and have zero savings, and few ways to earn a living without an SS program. I suppose they could still qualify for welfare or other benefits.
In the remaining scenario, I wonder what would happen to the stock market if millions of new investors began putting money into it. You would think an influx of stock-buying would be good for the markets, and share prices would rise. However, wouldn't that have the potential to create over-valued stocks? Companies don't have unlimited growth options; there's an intrinsic value to a share of stock, and once that's reached, anything more is purely speculative.
Productive members have been standing for it and have been too busy working paying everyone’s bills. Middle class tax payers have been paying the way for the criminals, rich, and the poor. D.C. Is nothing more than a low class Las Vegas draped in flags, statues and civil rights legislation (except for the unborn babies.) That bottom layer on that pyramid on the back of that dollar bill is us, THE TAX PAYER supporting everyone else on top of us.
Saying the rich don’t pay their fair share is propaganda BS put out by Obozo and the Left. The top 10% of income earners in 2014 paid 71% of total tax receipts; look it up.
Those making 10 million are in 19% bracket. I and people I know are in a 25% + bracket Sell that somewhere else. Obama and others parroting that line is called misdirection. Don't you question why the uber weathly say that. Duhhhhhhhhh
What do you imagine they should do with it? Open a savings account at the bank? Store cash in a big vault somewhere?
They had to do something with the money and they did what anyone would consider the safest investment. They bought government bonds. That accomplishes the same thing as when you buy a government bond. You give your cash to the treasury for a promise to pay it back with interest in the future.
Whatever you think of SS, and I'm against it, that's not stealing it.
I stand by my statement. After all, 19% of $10 million is $1.9 million in taxes. I don’t care if you’re in the 25%+ tax bracket, I doubt that you contributed $1.9 million in taxes. If you don’t like the IRS code, bitch at the ones who wrote it: Your representatives. Personally, I’d like to see a flat tax (NOT a Fair Tax) of 17%...period...on personal income and 15% on corporate income. No deductions, no write offs, a simple percent. You could file your tax return on a post card and you’d do away with all of the distortions the current IRS code introduces.
Finally, you got sucked in with the ad you posted.
Personally, I’d like to see them forced to hold a lot of bake sales and flea markets...all the while pounding sand.
How ‘bout: Any congressman who votes to pass a budget that leads to a 3% or greater increase in the deficit cannot run for reelection. Maybe then they’d quit giving our money away as fast just so they can keep their jobs. Workfare instead of welfare should be the norm. Look what get in welfare payments in the top three states:
1. Hawaii : $60,590
2. District of Columbia :$50,820
3. Massachusetts : $50,540
for doing nothing. How about, if you collect any gov’t transfer payments, you show up at 7AM to clean toilets, sweep floors, or whatever else needs to be done on public property. Wonder what would happen to welfare roles?
And this even MORE pessimistic.....
Even a pass book savings account started 30 years ago would have generated a huge nest egg.
The issue is really that i am not responsible for your retirement an visa versa.
People have the freedom and liberty to succeed or fail. The federal gov’t is to PROMOTE the General welfare NOT provide it.
They didn’t just buy bonds...some went to highway projects and social welfare programs. The money did not stay in the fund, if it did, it would be there. THEY STOLE IT.
The money has not been stolen from the fund. The fund was used to pay out current benefits and the surplus invested in bonds. The bonds are in the fund. They get redeemed for cash when they are needed to pay benefits.
http://dissidentvoice.org/2009/11/abuse-of-the-social-security-trust-fund-began-in-the-1980s/
And if we would have put it under a rock in the back yard, it would still be there wouldn't it? Better than letting the gov "borrow it" with a worthless IOU...they Stole It!!!
Yes, the government borrowed the surplus. That's exactly what it means when you buy a Treasury bond. The government is borrowing that money from you, which it pays back with interest. It is an investment. The SS surplus has to be invested. You don't bury billions of dollars under a rock. So where is it going to be invested? In government bonds of course!
All this nonsense about stealing it and replacing it with worthless IOUs is just silly.
If the government ever gets to a point where it can't repay its bonds we'll have bigger problems that SS benefits not getting paid. It won't happen. We'll inflate our way out of it first.
“They didn’t just buy bonds...some went to highway projects and social welfare programs. The money did not stay in the fund, if it did, it would be there. THEY STOLE IT.”
The ‘fund”. Was ALWAYS a joke.
SS generates a surplus. Feds take surplus and buy special bonds with money. Money goes into general fund. Money gets spent, bonds go in a file cabinet.
SS starts to run a deficit. Feds redeem bonds with general fund money. Feds run bigger deficit. Feds sell bonds. Money goes into general fund to pay bills. Current biggest buyer of Treasury bonds is tada, the Federal Reserve.
The ENTIRE “fund” has always been the equivalent of writing your self an IOU.
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