GAO: Young Americans to Face Tax Hikes for SSA

Associated Press ^ | 07-28-03

[Libertarianize the GOP]

http://www.freerepublic.com/perl/bump-list

[joesnuffy]

Im still trying to figure out where all the money is coming from for local AIDS foreign AIDS
all the trillions spent on Homieland Deefense and a host of programs pork and etc etc
While you may not have to raise taxes today...you will certainly have to extend the paybacks out for ten-twenty generations to see the debt paid off
Wont you?

[AlaskaErik]

``The squeeze on the federal budget will begin as the baby boom generation starts to retire,'' Comptroller General David Walker, who heads the GAO, said in testimony prepared for a committee hearing Tuesday. ``Actions taken today can ease both these pressures and the pain of future actions.''

Stand by for the greedy socialists at AARP to make sure they get theirs, at the expense of their children, grandchildren and great-grandchildren. There is nothing as mean spirited and vindictive as an old person who thinks their Social Security and Medi-care is in jeopardy. Never mind that today's oldsters will collect far more from Social Security than they ever put in, while the rest of us will never come close to getting back what we put in. Thank you FDR, for your bankrupting Ponzi scheme. But hey, it helped him get reelected. Who cares what happens in the future. Typical Rat indifference.

[KantianBurke]

GIMME GIMME GIMME!! I'M OLD!

[Moonman62]

Now where did I put that lock box?

[upchuck]

Social Security faces a $3.8 trillion deficit during the next 75 years.

Wrong! Wrong! Wrong! The SS Trust Fund is in a lockbox zealously guarded by albore.

As a "bleeding edge" baby boomer (yeah, I'm an old fart!!), I'll believe it when the guvament check clears the bank.

[Moonman62]

Im still trying to figure out where all the money is coming from for local AIDS foreign AIDS all the trillions spent on Homieland Deefense and a host of programs pork and etc etc

Maybe that's why W gave big budget increases to the SEC and the IRS.

[WhiteGuy]

Thank you FDR, for your bankrupting Ponzi scheme. But hey, it helped him get reelected. Who cares what happens in the future. Typical Rat indifference.

---

What has our GOP leadership done about this?

[Uncle Miltie]

Have you heard the one about the demagogue who rallied the poor working youth against the retired fat cats who steal the majority of their earnings?

Not yet, eh?

[Moonman62]

What has our GOP leadership done about this?

Private retirement accounts, but the current GOP leaders can't seem to do anything except make the cost of government grow even faster.

[WhiteGuy]

Unless they liberate the productive taxpayers of the US..............

Our elected officials have failed........

[The Great RJ]

As a member of the baby boom, I have long ago dismissed any possibility of collecting more than a few bucks from all my Social Security taxes. I figure if when I qualify for benefits, currently at age 67, I'll get enough for about a 6-pack of cheap beer per month if it's on sale.

[Dr Warmoose]

Let's not forget our dear illegal aliens who will be also put on the SSA dole by George "W" Bush.

The pincers are closing. As the government keeps actively seeking new and innovative ways to bankrupt the dwindling number of Producers and provide endless bounty to the expanding rolls of Takers, while simultaneously ensuring that the US workforce will be on par with slave labor in China both in education and in pay, we will beg for globalization - and that is what we are going to get.

Eat, Drink and be Merry! Then do like those in Zimbabwe do, loot from the the retired wealthy and kill those who resist.

[jagrmeister]

Private retirement accounts already. Younger Americans like myself are willing to pay more so long as not's part of a failing government program bound to go bankrupt. Bush campaigned on SS reform and won; so did two GOP senators in 2002. Thune ran away from it and lost. It's a winning political issue, but does need to be communicated carefully. An important issue for a lot of young Republicans and hopefully, Bush will take action on this shortly after his re-election.

[tyen]

Younger Americans like myself are willing to pay more so long as not's part of a failing government program bound to go bankrupt.

I would even go beyond that. Let me out of the system now, I'll sign anything that says I won't collect and Congress won't create a future system will ever be imposed upon my assets or income. Keep what Congress has taken to date.

That won't happen however. So I'm likely going to relocate my business offshore, and use the tax savings for funding conservative efforts.

[Kozak]

Eat, Drink and be Merry! Then do like those in Zimbabwe do, loot from the the retired wealthy and kill those who resist.

This old coot will take a Corporals Guard to hell with him.

[Kozak]

My biggest fear is all the money we are socking away in our 401k's and IRA's will prove too big a temptation for the politicians. Already they have floated trial balloons of "one time" taxes on those to "invest in our cities or children". Like flies to Sh#t.

[FlatLandBeer]

If you go back a couple of months you'll find a Business Week article on 401ks and IRAs being a source of new tax revenue. Seems as people cash in their retirement funds they will be paying tax on those funds. The new tax revenue is expected to equal the expected cost of Social Security in the near future.

In other word the tax deferred of yesterday is the taxed in the future. So relax

[Dr Warmoose]

My biggest fear is all the money we are socking away in our 401k's and IRA's will prove too big a temptation for the politicians.

This threat has been on the radar pretty much the same year the 401k laws were passed. How it works is that there is a penalty on early withdrawals, so the "One Time Charge To Save Social Security and Union Pensions" will be slightly smaller percent than the hickey for early withdrawal.

I think that we are OK for now since most people are really upset that their 401ks are so ravaged by the dot bomb lootings. Let's say that "W" wins another term and the GOP finally picks up enough senate seats to actually pass meaningfull legislation. The economy returns its normal growth and all is well. Don't worry then. It won't happen because the media will constantly remind us how awful things are so that we will vote for Hillary in 2008.

When 2008 occurs, and the Clintons return to office (perhaps Bill has made his citzenship switch to Ireland by then and is ready to take a seat as the UN's General Secretary) then the media will be announcing the Third Reich is finally here, a thousand years of peace and prosperity - then when we all feel good, they will say "It is all well except for the Babyboom generation who through their greed is taking SS checks and have this massive 401k plan keeping them well." So the call goes out to loot the 401ks and save Social Security for all time - and there probably might be "means testing" and "color of skin testing" and "age testing" and God only knows what else.

Bottom line. Either do the wise thing, pay the taxes now (since taxes rarely go down) and put your money in a Cayman account. From there you can invest in anything. Actually some of the best investments are not available to US citizens (tax reasons). Either that, or plan to have your accounts sacked and ravaged around 2010, or as late as in Hitlary's second term. (AKA the last American president)