Posted on 02/15/2019 1:00:11 PM PST by Oldeconomybuyer
Amid all the hoopla about Democrats wanting to raise taxes on the rich, they are quietly working on a bill that would increase taxes on every working family in America. Why? To fund expanded benefits for baby boomers hitting retirement.
The Social Security 2100 Act would hike the combined payroll taxes paid by workers and their employers from 12.4% today to 14.8% by 2043. The bill would also apply the payroll tax on incomes over $400,000.
According to the Social Security Administration, in the first 12 years alone, this would amount to a $1.5 trillion tax hike.
Once the tax hike's fully phased in, workers and employers will be paying $340 billion more a year in payroll taxes.
As a share of GDP, Social Security taxes would rise to 6.5%, up from the current 4.5%.
For families making the median income, it means paying an extra $720 a year to Social Security. But that's only half the tax bite. The employer's share effectively comes out of workers' pockets as well, in the form of lower wages. So, the real increase is more like $1,400 a year.
It is, in other words, a staggering tax hike.
(Excerpt) Read more at investors.com ...
So, we will be paying into Social Security until December.
Libertarians prefer leaving Americans to live out their years in poverty once they’re laid off to make way for younger cheaper employees
I’m a first year Boomer (born in 1946) and I have been getting SS since I retired at age 67. I don’t see what the problem is. My check is deposited every month. And I have no complaints about Medicare either.
It’s pretty much how SS was saved in the early 80’, from an earlier death.
If we don’t privatize, what is left to do to keep it running for as long as we can ?
Yep, there is no reason whatsoever that we should pay for all these benefits we’re handing out...and receiving.
It’s a communist plot I tell ya’.
At this rate the country would be solvent in 40 years.
/s
They’re gonna impose a Tobin Tax on Wall Street transactions and use it to fund Social Security.
It will be incredibly popular. Nobody in the GOP
will be able to stop it.
Thanks. had to look that up. scary.
No, cut the rate.
>
They’re gonna impose a Tobin Tax on Wall Street transactions and use it to fund Social Security.
It will be incredibly popular. Nobody in the GOP
will be able to stop it.
>
STOP it?? You might want to scroll up and read a few posts from the “conservatives” around here.
Didn’t take too long before the (L) straw-man was thrown in for good measure.
..but I will definitely start drawing this October....
whenever TPTB talk about SS reform, I know it means somebodys going to have to pay more and work longer...they young get screwed again...
>>I’m a first year Boomer (born in 1946) and I have been getting SS since I retired at age 67. I don’t see what the problem is. My check is deposited every month. And I have no complaints about Medicare either.<<
Ponzi schemes always benefit those at the top of the pyramid. My retirement plan (I am a tail-end boomer) has zero for SS. If it is there in a few years when I am ready to get it, I will use it for vacations and the like.
I’ll be 66 when I start collecting......I’m owed big time for being a hard working tax payer.....I want all those illegals to pay for me.....and btw, THAT has been the objective all along because the federales KNEW decades ago that we needed more low wage earners paying SS to keep the scheme going...
Your Free Healthcare is not free. You pay a monthly premium for Medicare and will need to also pay for private insurance to cover what Medicare does not pay. Wake up and smell the coffee. Nothing is free.
I never thought it was going to be here by the time i got here.
I thought we might have had a shot to privatize under Pres. GWBush, but he really didn’t have his heart in the fight for it.
I’m here, like a lot of us, now what ?
Hell, have a national lottery, like Spain’s EL GORDO and use it to fund only social programs.
2. FREEZE current benefits at the current levels and do not give cost of living increases. Let the states themselves address cost of living issues as it will vary by state anyway.
3. Offer a one-time cash buyout to those within ten years of retirement, (perhaps 50 to 60 thousand dollars might be attractive enough to lure half of this group away from ever receiving social security benefits). In addition to this, anyone taking the buyout is forever exempt from having to pay social security taxes. This makes them attractive, older, experienced, dependable, and CHEAPER to pay for workers to potential employers. These folks will rule the job market when in our current market, they are dispensed with because of the cost they bring. Borrow whatever you need to borrow to fund this as it will more than pay for itself in dollars saved from the reduction in the number of benefits sent out.
4. Those not taking the buyout will be stuck with whatever NEW rates are agreed to by Congress.
5. These new rates will apply to everyone who is within twenty years of retirement. This will give them ample time to build their own supplemental income to offset the new rate decreased pay outs. The rates might be lower but at least these folks will be guaranteed their social security.
6. Those who are more than twenty years away from retirement will NOT receive benefits at all. They will pay social security taxes but at least the amount they have to pay will decrease with time to the point of not having to pay anything as the last recipient dies off. They will completely own their own retirement and can use it as they wish, leave it to their kids, etc.
In forty years or so, the idea that the government can own it's elderly citizens will have been eliminated. That's exactly what social security is. Government ownership of the old. Let's phase it out.
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