Posted on 04/14/2015 10:23:49 AM PDT by reaganaut1
MANCHESTER, N.H. (AP) -- Framing himself as a politician who's unafraid to share "hard truths" with the American people, New Jersey Gov. Chris Christie is proposing an income cap on Social Security benefits as part of major restructuring plan announced ahead of a likely presidential bid.
The Republican is set to deliver a speech Tuesday in New Hampshire outlining his ideas on reforming Social Security, Medicare and Medicaid — so-called entitlement programs.
As part of the plan, he'll propose phasing out Social Security payments for those making more than $80,000 in other income and eliminating them for those making $200,000 or more a year.
"I'm suggesting that Americans pay into this system throughout the course of their life knowing that it will be there if they need it to support them. So that seniors will not grow old in back-breaking poverty. But if you are fortunate enough not to need it, you will have paid into a system that will continue to help Americans who need it most," he says, according to an excerpt released by his political action committee, Leadership Matters for America. "That is what we have always done for each other through private charity and good government."
Christie will also propose raising the retirement ages for Social Security and Medicare eligibility and eliminating the payroll tax for seniors who stay in the workforce past age 62.
(Excerpt) Read more at finance.yahoo.com ...
People are not saving because a hundred dollars in 1956 savings is worth maybe $10.00 today in purchasing power. The key to stop this nonsense is a solid dollar with salaries that are not inflated to bring the illusion that you are going better than you did before. Wealth is never how many dollars you have but what is the purchasing power of what you have.
Raise minimum wage and prices go up to match the income level of the workers, as a bonus the wage earner continually creeps into a higher tax bracket.
Bingo.....the program was meant to fund a retirement insurance using a wage and employment tax using a long time revenue stream from USA workers and employers. The money was intended to be held in a lockbox.
Then it was expanded and used to help out short term immigrants, illegal and otherwise, people that can’t speak English, or other minor and often self destructive behavior, wars, bailouts for Wall St, and every other thing that the country and general fund spends money on. When the Social Security cash flow was opened to all manner of govt spending it corrupted the intent and the funding.
I don’t think it is right to means test Social Security retirement while other railroad and government retirements are often double and triple dipped and lose nothing.
It says “contribution,” but try not paying it if you work for a living. It’s a tax, by any definition of the word.
“No one “needs” a pension more than $100K.”
I do and I planned accordingly....so speak for yourself.
I paid all of my long working life into SS and so has my wife. We didn’t work, invest, save, sacrifice and plan so that our money could be used to support illegal aliens, fraud, lib BS and crooks.
It’s anti-American.
Definitely presidential material.
I propose that elected officials get no more than $80,000 a year, and that anything they make from books or speeches, over $200,000, be taken away and given to those who work at real jobs.
And that egomaniacs like this be sent to Siberia.
As if I care what SCOTUS says.
Believe me, I don’t.
Just a Progressive that supports wealth redistribution!
Is there any real chance this confiscation could pass and apply to people who are already working? Or retired ? Should Americans sign up to take social security ASAP ? ( contrary to other advice to delay taking it because the pension gets bigger?). We need to be practical about this — we need more facts if we are to have any chance of protecting ourselves from having part or all of what we paid for - stolen right from under us now
[ As part of the plan, he’ll propose phasing out Social Security payments for those making more than $80,000 in other income and eliminating them for those making $200,000 or more a year. ]
Well we have opened another front on the war on success.
Doesn’t matter what you think.
The only thing that matters is how much money the Federales extract from your during your working career and how much they can avoid paying to you after you are retired.
We need “Needs testing” in that people who shouldn’t be needing Social Security benefits before they are 65 or they are an illegal using a stolen SSN number to collect benefits should be immediately deported at 30,000 ft over the ocean.
“Not so, Social Security. It was set up AS A FORCED RETIREMENT SAVINGS PLAN. That was its purpose from the very beginning.”
Not true at all. However, I will admit that this is what it has BECOME, it is not what it was originally intended to be. It was passed as an emergency security blanket for the rare recipient widow that did not work and had her pensioner husband pass away. It was not intended for everyone to see the benefits.
Then it grew and grew and grew and grew and grew and now we have 13% of our productivity stolen from us to pay benefits to current recipients.....
It was theivery then and theivery now. Don’t worry tho, it will soon be surpassed by the fraud called Obamacare! The bonus is that now that we control your healthcare, we can withhold it when you are no longer productive and this will eventually lower the SSIP costs....
No kidding
“Economic RAPE it is.”
So is stealing a 13% portion of the gross pay, for every pay period for an entire lifetime!
Yes, this is the problem... SS was never intended to pay out to anyone other than orphans and widows.... The payout age was 65 when the average life expectancy was less than that when it was introduced.... now folks live to 80, so it actually has to pay out to most everyone who pays in, plus those widows and orphans. Or in other words the pool can’t sustain its obligations.
However, the reality is, it was not supposed to be mean tested either, if you were lucky enough to live long enough you got your cash... its not supposed to be a tax, remember? the C in FICA means “CONTRIBUTION”.
To means test social security removes any illusion that it is just a tax. You Can fix the financial issues with social security tomorrow, just raise the minimal age for payout to 80.
The fact you are less likely to need social security is already factored into the system by the fact if you earn over a certain amount you stop paying into the fund after you hit that amount in earnings.... because you are clearly earning enough that you should not need to be forced to pay into a retirement system.
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