Posted on 11/25/2019 10:43:08 AM PST by ChicagoConservative27
Mayor Pete Buttigieg wants to raise taxes on the more wealthy Social Security earnings, as part of a plan to save it from bankruptcy, according to a plan released Monday. Buttigieg announced individuals earning above $250,000 (Families earning over $500,000) would face higher Social Security taxes if he is elected president.
(Excerpt) Read more at breitbart.com ...
The surplus has always been invested in interest bearing US securities.
It’s step 1.
Next, estates of $250 K...
Here’s a thought. Only award SS benefits to people who contributed to it and their survivors.
Sounds good. Also any politician should have their retirement lowered for every $100,000 of income they make.
Peter, Peter, preparing the battlefield. GOVERNMENT SPOKESMEN’S ATTACK on the republic continues.
While I am not in favor of this, as an independent measure, the reality is the IOU’s the Treasury gave the Social Security fund are now needed to be cashed for baby boomer’s SS retirements, and even without that demand the federal general funds are already in deficit; so the cash SS needs WILL have to come from somewhere.
I have contended for some years now that sooner or later people will have to accept (a) downward adjusted SS starting benefits, (b) later starting age for full SS benefits, (c) slower annual COLA adjustments for SS benefits, (d) higher payroll taxes for workers paying into SS, (e) higher federal general (income) taxes, and even (f) taxes on SS benefits paid to retired persons with the highest personal income, or any combination of (a) through (f), to help SS survive past the baby boomer’s retirement bulge. Something WILL have to be done, and anything Congress can agree to will make some folks unhappy.
The problem is that the problem is in the past, and the past cannot be changed, leaving a mess for our generation and our descendants to fix.
SS should have never been structured to pay FICA taxes received above what was needed to be paid out to be given to the treasury, dumped into the general fund, spent by Congress and the Presidents leaving SS with IOUs to be paid back (somehow) in the future. That money should have been fully invested outside the government in conservative investment funds, where it would have grown in value since the inception of SS and been there today to be drawn on when needed, like a true “trust fund” would have been.
Instead, it is time to pay the piper and someone is going to pay.
If Congress would return the money it has stolen from SS it would be more than solvent and could even give SS patrons a raise to a living wage.
While I’m pipe-dreaming if the Federal government would live within it’s income while paying off its debt the whole nation would be better. But that would mean that the politicians and their cronies would have to live like the rest of us so that isn’t going to happen until they are washed in thee blood.
Why must we suffer this deviant human? This letter people phenomenal is extremely detrimental to a healthy society.
Yes, remember it was under Bill Clinton that Soc Sec started being taxed.
It was a welfare account for the first recipients who hadn’t contributed
It’s subsequently become a “retirement account” since it’s been politicized to the point of impending insolvency
We’ve known this since at least the 1960s
There has never been an actual repository of cash for SS, which belies your contention that it was at some point a retirement account.
Nor cash instruments other than US bonds, payable by the taxpayer.
The sleazy ass politicians took my money. I do not give a rip if they had a lock box or not. It is owed to me, with interest.
“If social security funds (created by taxes on workers) had invested the earnings properly, we’d be getting a lot more return on our bucks.”
It was “invested” in US Treasuries. Payable by the taxpayer.
Thus, a welfare program.
Yup. Mention anything about touching Social Security in any negative way and you’ve lost the 55+ age group for ever. Petey Buttplug is going to find out big time.
I spent most of a day at the local SS office to get my wife signed up for Medicare.
A large percentage were Indians with their parents signing up for SS.
That’s why it’s in quotes
My point is, it’s been politicized to the point that people believe it’s their “money” in their “retirement account”
How many times have you heard “I paid for it, I’m entitled to it”?
“if he is elected president”
When hell freezes over.
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