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  • #31
    Originally posted by Jarid in Cedar View Post
    Bump payroll taxes 10% to pay for SS and I bet a few more younger people would take interest in voting. We outnumber them for hells sake.
    So I have paid in a ton in SS taxes. Paid in since I was eighteen, except the missionary years. I have looked at what I am going to get and I don't think I will come close to ever getting my money back.

    Now, are you saying to me tough luck. OK, but let's spread the tough luck. Remember, I never had a choice whether to participate or not in the thing.

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    • #32
      If it's technically not a Ponzi scheme then it certainly comes close (Social Security (United States) - Wikipedia, the free encyclopedia):

      The first reported Social Security payment was to Ernest Ackerman, who retired only one day after Social Security began. Five cents were withheld from his pay during that period, and he received a lump-sum payout of seventeen cents from Social Security.[23]

      The first monthly payment was issued on January 31, 1940 to Ida May Fuller of Ludlow, Vermont. In 1937, 1938 and 1939 she paid a total of $24.75 into the Social Security System. Her first check was for $22.54. After her second check, Fuller already had received more than she contributed over the three-year period. She lived to be 100 and collected a total of $22,888.92
      Last edited by BigFatMeanie; 04-13-2010, 09:59 AM. Reason: remove the link parsing

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      • #33
        Originally posted by byu71 View Post
        So I have paid in a ton in SS taxes. Paid in since I was eighteen, except the missionary years. I have looked at what I am going to get and I don't think I will come close to ever getting my money back.

        Now, are you saying to me tough luck. OK, but let's spread the tough luck. Remember, I never had a choice whether to participate or not in the thing.
        Sounds like every government program. I'm still waiting on my tank.

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        • #34
          Originally posted by BigFatMeanie View Post
          If it's technically not a Ponzi scheme then it certainly comes close (Social Security (United States) - Wikipedia, the free encyclopedia):
          No kidding. Progessives like FDR sell this stuff by calling it other names.

          Why doesn't Obama come out and just state to the country the financial mess we are in. Then say we are confiscating anyones assets in excess of $1million dollars to pay down the defecit and take care of the poor.

          Then we can let the policticans screw everything up again over the next 50 years.

          Also, don't let anyone leave the country with their money.

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          • #35
            Originally posted by RC Vikings View Post
            It's time for a Fair Tax.
            This deserves its own thread.
            Visca Catalunya Lliure

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            • #36
              Originally posted by SloanHater View Post
              Sounds like every government program. I'm still waiting on my tank.
              Yea, that is why I am so excited about health care reform.

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              • #37
                Originally posted by SloanHater View Post
                I agree with all your points.

                I'd also add that we need to lose this pretense that you are entitled to get back everything that you pay in. They should label it the 'American Dream' Clause. If you lived the American Dream and are rich* at retirement, no soup Social Security for you!

                *(assets excluding primary residence in excess of $1 mil pegged to inflation, sorry I knew the question was coming from Indy.)
                Uh, this already happens...to a degree. SS benefits are taxed up to 85% depending on your income level.

                For instance, if you had $1 million in the bank and had an interest rate of 5% that would give you income of $50,000 a year. At this level, your SS benefits are taxed at 85%. This increased tax is on top of the already progressive benefit calculation.

                I guess you could choose to put your $1 million dollars into deferred income investments (i.e. real estate) and live off of SS without the 85% tax, but I imagine most people that have beaucoup investments want to sustain some level of their previous lifestyle.
                "Discipleship is not a spectator sport. We cannot expect to experience the blessing of faith by standing inactive on the sidelines any more than we can experience the benefits of health by sitting on a sofa watching sporting events on television and giving advice to the athletes. And yet for some, “spectator discipleship” is a preferred if not primary way of worshipping." -Pres. Uchtdorf

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                • #38
                  Originally posted by byu71 View Post
                  I hear over and over from the dems. that is a lie as all wage earners are paying Social Security "TAX". I thought Social Security was a forced savings plan by the government to provide a safety net.

                  My understanding is that your retirement benefit from the system is based on how much you put into the system. In other words, if I pay twice as much in SS taxes through the years, isn't what I get when I retire supposed to be more?

                  So, if the Dems say withhold social security on millionaires on their full income, aren't they creating a higher burden to pay out when these folks retire.

                  Or, is what we are being told now by progressives that Social Security is indeed not a retirement plan or safety net, but a method of redistributing wealth and we need to "tax the rich" more to insure redistribution in the retirement years too.
                  '71 with your big salary, SS nets out to be what 2% of your gross?

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                  • #39
                    Originally posted by Eddie Jones View Post
                    Uh, this already happens...to a degree. SS benefits are taxed up to 85% depending on your income level.

                    For instance, if you had $1 million in the bank and had an interest rate of 5% that would give you income of $50,000 a year. At this level, your SS benefits are taxed at 85%. This increased tax is on top of the already progressive benefit calculation.

                    I guess you could choose to put your $1 million dollars into deferred income investments (i.e. real estate) and live off of SS without the 85% tax, but I imagine most people that have beaucoup investments want to sustain some level of their previous lifestyle.
                    Isn't there some group that doesn't have their retirement subject to this tax. I don't mean group by income level, but by who they work for. They aren't in the SS system.

                    Comment


                    • #40
                      Originally posted by Eddie Jones View Post
                      Uh, this already happens...to a degree. SS benefits are taxed up to 85% depending on your income level.

                      For instance, if you had $1 million in the bank and had an interest rate of 5% that would give you income of $50,000 a year. At this level, your SS benefits are taxed at 85%. This increased tax is on top of the already progressive benefit calculation.

                      I guess you could choose to put your $1 million dollars into deferred income investments (i.e. real estate) and live off of SS without the 85% tax, but I imagine most people that have beaucoup investments want to sustain some level of their previous lifestyle.
                      So people who put all their monies in muni's should still collect SS?

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                      • #41
                        Originally posted by byu71 View Post
                        So I have paid in a ton in SS taxes. Paid in since I was eighteen, except the missionary years. I have looked at what I am going to get and I don't think I will come close to ever getting my money back.

                        Now, are you saying to me tough luck. OK, but let's spread the tough luck. Remember, I never had a choice whether to participate or not in the thing.
                        I would like nothing more than to have you and my father receive what you have invested into the system. That is why I suggested raising the ceiling of contributions to $200,000. I think raising the ceiling does more than raising the rate and will be better received by the working masses.


                        I have no delusions that I will see one dime of the SS money that I have put into the system or will put in the future.
                        "The first thing I learned upon becoming a head coach after fifteen years as an assistant was the enormous difference between making a suggestion and making a decision."

                        "They talk about the economy this year. Hey, my hairline is in recession, my waistline is in inflation. Altogether, I'm in a depression."

                        "I like to bike. I could beat Lance Armstrong, only because he couldn't pass me if he was behind me."

                        -Rick Majerus

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                        • #42
                          Originally posted by jay santos View Post
                          '71 with your big salary, SS nets out to be what 2% of your gross?
                          LOL, I came clean with everyone a long time ago and told everyone I was faking the rich guy mantra. I can be forgiven, I was trying to attact a trophy wife via the sports boards. Now that I no longer am interested in doing that, I came clean a while ago.

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                          • #43
                            Originally posted by byu71 View Post
                            Isn't there some group that doesn't have their retirement subject to this tax. I don't mean group by income level, but by who they work for. They aren't in the SS system.
                            Congress, federal judges, POTUS, and some others (other federally employees maybe?) were originally exempt. That changed a while back and I think everyone is included except for a small few. If you are a student and work at a qualified educational institution you don't pay FICA. I never paid FICA when I worked for BYU during my student days. There might be others but that is the only one I know.

                            Oh, and you don't pay FICA if you get paid in cash under the table, but then again those people also don't directly receive SS benefits.
                            "Discipleship is not a spectator sport. We cannot expect to experience the blessing of faith by standing inactive on the sidelines any more than we can experience the benefits of health by sitting on a sofa watching sporting events on television and giving advice to the athletes. And yet for some, “spectator discipleship” is a preferred if not primary way of worshipping." -Pres. Uchtdorf

                            Comment


                            • #44
                              Originally posted by SloanHater View Post
                              So people who put all their monies in muni's should still collect SS?
                              Why shouldn't they? Do you know what a muni is?

                              If you are saying they should count it as part of their total income for computing the SS tax, then I agree with you.

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                              • #45
                                Originally posted by Jarid in Cedar View Post
                                I would like nothing more than to have you and my father receive what you have invested into the system. That is why I suggested raising the ceiling of contributions to $200,000. I think raising the ceiling does more than raising the rate and will be better received by the working masses.


                                I have no delusions that I will see one dime of the SS money that I have put into the system or will put in the future.
                                I have no problem with raising the ceiling and in fact making me wait until I am 70 to get Social Security. I have no problem taxing SS on people above a certain income level.

                                However, I want some guarantee's for my kids and you. Going forward the money has to go into a retirement fund and not some general fund to be drained so we get to the same place all over again.

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