Conspiracy Theory: Jesse Ventura Takes On Wall Street -- Part One
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The LSM will probably be running stories non-stop about how the Dems are taking away SS for the old folks.
As proposed, the plan by Chairman Erskine Bowles and former Sen. Alan Simpson, R-Wyo., doesn’t look like it can win support from 14 of the commission’s 18 members to force a debate in Congress.
Erskine Bowles is pushing this? I wonder if he’s working for Hillary, trying to make Obama look bad?
Why no “curbs” on the EPA, DOE, Dept of ed?
I could even support eliminating the mortgage deduction; we need to simplify the tax code. If elimination of deductions could be coupled with a simple flat tax, I'd be for it.
It’s a start. I’m 55 this year, I don’t expect SS to be there when I retire and have never planned on it. I’ve budgeted and saved in other places. Sooner or later, if nothing is done,those funds won’t be there anyway. So, increasing the retirement age for 2050 and 2075 is a good start. Plan early and often. I’d expect that if mortgage interest goes away, it does so with corresponding tax cuts that are phased in over a half a century, not tomorrow. I’m willing to listen.
WHAT A CONCEPT!
Almost none of these proposals will ever go into effect, especially after the GOP has taken control of the House. This is merely a BS plan put into the wind by the Dems so they can try to hang blame on the GOP when very little of this sees the light of day. The Dems anticipated getting an ass-kicking a long time ago and started this commission BS as a long-term strategy to critize the GOP in 2012.
It all looks logical to me. So, not going to happen.
Man.....talk about a “Shadow Government”. Theywant to destroy this country from the inside out. Slowly but surely they are accomplishing their goals and the country doesn’t see it. Hopefully Republicans will get on this as soon as they take office. For the time being, shut down any more changes by the present Congress.
This all stinks of a plan to get everybody riled up over the items that they know will never get past the Commission. All the while, they are cooking up other tax hikes that are going to kick the legs out of what’s left of the economy.
Expect that nobody will be added to SS rolls (illegals excepted)after this year and it will be phased out. The SS tax will NOT be abolished.
As soon as they’re in office, the Republicans could pull a hat trick, here.
Social Security was originally intended *solely* for minimum wage workers with no other form of retirement. Had it remained just for them, it would have been a good retirement for them. However, socialists wanted to expand it to create a national retirement system, and this fouled it up.
So the end result of SS reform should be to return it to its original purpose. That being said, the question is how do we get everybody else off the system with minimal pain? There is an answer.
First thing, only allow new people into the system if they are minimum wage employees. Nobody else who would otherwise enter the system has to pay FICA (which is both for SS and Medicare, which is also on its way out.)
Then, some years ago, it was suggested that there should be “means testing”, so that people with other retirement shouldn’t get SS payments. This was a no-go and was soundly rejected.
But there is an alternative, RIGHT NOW. Because the ending of the W. Bush tax cuts will be an economic disaster, the Republicans want to restore them. But they should hold off, and instead use this as an opportunity to downsize SS - with tax cuts!
That is, offer people who would get SS payments a deal. If they want the money, fine. But, if *they* want, they can get slightly *more* money through tax deductions (though it would appear to be a lot more, as you can only deduct part of a deduction against your taxes.)
The hat trick is that the Republicans would, in effect, be restoring the W. Bush tax cuts, but at the same time reducing the expenditure of SS dollars, which would make the system far more stable, even sound.
Once the people who are actually getting benefits get this deal, then a version of these tax cuts could be extended to those who are still paying into the system. Instead of paying FICA, which would about double many people’s paycheck, they get a tax deduction for the money they already paid in to FICA.
Each year, they get a deduction to pay for the money they put into the system, so in a matter of speaking, they get their money back as a *double* increase in their net income, both by not paying FICA, and by getting a previous year’s FICA-payment in tax deductions.
For someone still working, this would be quite a windfall, and there should be private retirement programs available for them to put this extra money into. Fortunately such programs exist right now.
Now, this all will cause a big hit to the federal revenues, but in turn it creates a great opportunity to replace the federal income tax with some much better alternative.
I didn’t mention Medicare in this, but it will need equally drastic reduction heading to elimination as well. But that will be a much tougher nut to crack.
My question would have to be what cost of living increase for social security?
Well, if they do away with the mortgage interest deduction I’ll dip into an IRA after the first of the year and pay the damn thing off, as it won’t make any sense to keep a mortgage any longer.
Conspiracy Theory: Jesse Ventura Takes On Wall Street -- Part One
Suggestion: Please copy this post and email it to everybody