Posted on 07/30/2007 7:31:07 PM PDT by traumer
My fiance and I work from morning until night, every night, going into debt, paying off debt, pulling in more capital, increasing salary, and pouring money into our future.
we are barely in our 30’s.... Why? Because we aren’t lazy liberal babyboomer schlepts.
“What you are is a socialist idiot.”
How exactly is pointing out that many boomers will be retiring house rich, but savings poor in the coming years make me a socialist idiot?
More companies were providing pensions back in the “old days,” that’s true. But only about 35% of workers were covered by a pension plan back in 1980. Now, about 20% are. It was never anything close to a majority.
There was AMT, but it only nailed a very few people. But marginal tax rates were much higher—and usually only the wealthiest could get the writeoffs.
FICA tax was only 6.13% back then. Now it’s 7.65. So, that has definitely been a higher burden on boomers. But it’s going to pay off for you, because you’ll actually get full benefits. Some of us whippersnappers won’t be so lucky.
I just think it’s a ludicrously inaccurate statement to say that the Boomers are THE most highly taxed generation ever, while they enjoyed the past 25 years of mostly falling marginal income and capital gains tax rates.
Seriously,can I have youe autograph ???
You don’t know what I’m talking about?
Really?
I thought it was a fairly straightforward question.
Did you ever pay taxes when the highest marginal rate was 90%, as it was before JFK lowered tax rates a bit? Nowadays, the highest marginal rate is 35%, thanks to Reagan and W.
According to Wikipedia, taxes on SS income began in 1984, with 50% of benefits subject to tax.
Beginning with the 1994 tax year, the portion of benefits potentially subject to tax was increased to 85%.
Here’s why, You and the D’crap Party are VERY willing to point out what any free market citizen can make however you don’t have a problem with taxation of the same profit,which tells me you are a socialist !!!
There seems to be a lot of anger on this thread, don’t be pissed at me anybody. I am 62 years old, born about a year too soon to be a boomer.
I have been retired for 8 years and the only government money I’ve ever seen was 4 years of active duty military pay and damn’d little of that.
The would be good planning but I hate to stiff an honest businessman.
Wow, I had no idea how lucky these boomers are. Sell they're home in Indiana, buy a retirement home in Florida for cash, and have a huge nest egg left over to boot!
Can't complain there.
90%,35% what’s right you tell me. Here’s my suggestion how about 5%, being as the goverment urinates our money away anyhow !!!
Yes, “potentially.”
Some SS benefits above a certain Adjusted Gross Income (AGI) are still taxed at 50%. At a higher income, 85%.
Either way, it sucks. I was taxed all along as I paid in to the system, and now as I draw money out, they tax me again? Thanks for the double dip, Congress.
My retirement fund lost 7K last week. I’m STILL crying!
I wasn’t saying that every person over the age of 55 in the US is tomorrow going to put up their house for sale and move to Florida.
But there is going to be a big percentage that have to downsize due to lack of retirement savings or other less dramatic factors (they simply don’t need or want these big homes anymore), even if its rural dominated states like your basing your argument on where cost of living is much lower.
I’d LOVE it. Of course, you and I know it will NEVER happen. Not in my lifetime, nor in my children’s.
When are you retiring?
What I'd like to know about what you said...
If Mr. Boomer sells to the illegal aliens in Indiana, and moves to Florida, buys retirement home cash, has a huge nest egg left over...Didn't the prices go up in Florida like his home did in Indiana?
Or are you already retired?
You ‘re right, but it pisses me off none the less !!!
Where I am many, maybe most boomers I know have the same plan.. they are big in debt on a house and counting on home price appreciation for the next 10 years. Then they’ll all cash out and have enough to retire on.
The slight problem is they all have the same plan, and the younger generation doesn’t have much money.
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