Posted on 09/12/2019 10:06:32 AM PDT by C19fan
Sen. Elizabeth Warren on Thursday unveiled a proposal to overhaul and expand Social Security, beefing up benefits with a hike in payroll and investment incomes taxes on some of the country's wealthiest households.
The Massachusetts Democrat's plan would make major changes to the popular entitlement program, which currently provides monthly payments to roughly 64 million Americans. Most significantly, it would immediately boost benefits by $200 a month for every Social Security recipient. If the plan were implemented next year, the typical beneficiary would receive $1,595 a month, rather than $1,395. It would also increase monthly payments by $200 for certain Supplemental Security Income recipients, who are low-income seniors or people with disabilities.
(Excerpt) Read more at cnn.com ...
Cuz it ain’t going broke fast enough for her.
Just expand my check. I can live with that.
A sure fired way to kill investment........................and Social Security at the same time...................
I can't pay my mortgage.
I can't pay my car loan.
I can't pay my credit card bill.
The only solution (obviously) is to borrow more money so that I can finally get out of debt!!
Start down the road to privatization, and take away the focus of this demagoguery for once and for all.
I think she is trying to dig into taxing “ wealth”
That means not waiting for you to take capital gains
Tax the imputed value of your home and investments you hold
Spread the “ wealth”
Shes the worst kind of virtue signaling socialist
I would like a$200 increase. Problem is, by next year my buying power will be less than now.
The only thing to ponder at the Rat Debate is which one is the real Stalin Clause and which ones are just the Bell Ringers.
... and it’s a MAJOR tax increase for those with sizeable investment income.
At the moment the maximum Federal capital gains tax is 23.8% (with the 3.8% funding Obamacare). Add in state taxes, and the “preferred” rate (less than for salary) is around 30%.
Warren would take this to about 45% in one swoop, and if she hit the “preferred treatment” of CGs relative to ordinary income, well past 50% (60% in NYC). The day anything close to this looked like it was going to pass, there would be massive selling and price drops in the market.
Add to that the 2 to 3% wealth tax she wants to impose, and the likely raising of estate taxes, and you will have good reasons for wealthy citizens to flee the country.
As predicted by Yours Truly on these threads here yesterday.
They are going to get Senior Citizens to go along with ending the fiduciary responsibility of corporations they’re invested in by promising SS benefit increases.
I don’t know exactly how bad the new “tax the rich” plan will be once the rich pay for all health care , total illegal alien entitlements including housing, replacement electric cars, retrofitting all existing buildings for climate purposes and expansion of all government programs-——
but I hear Jed Clampett had to abandon the mansion due to poverty and move back to the hill country with his family. In a rented electric van.
True. Good job.
Now please give just a few insider psychic stock tips. We'll need the money for higher taxes in January 2021. Just a few tips.
“The only solution (obviously) is to borrow more money so that I can finally get out of debt”
I agree with your point. I look forward to the day Freepers start applying it to foreign policy as well. We borrowed trillions - trillions - from China to pay for invading Iraq (by Bush) and making war on Libya and Syria (by Obama and Hillary). Few if any in this site objected that paying for these destructive wars required borrowing money or raising taxes. Indeed, not until Trump came along we’re Republicans even allowed to admit out loud that Bush’s Iraq War was a disastrous mistake
Buy many votes bitch?
Being Santa Clause is so easy. Dad when the bill comes is the bad guy.
Count me in! I’m on Social Security! Who doesn’t want free money to bet on the ponies?
Yeah, a program that currently costs $945 billion per year is clearly not big enough.
The worst kind of class warfare, designed to attract the gullible and the jealous.
Warren is essentially means-testing SS. It won't work.
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