Taxing wealth vs taxing income (loans, status, paycheck, companies)
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Do you also feel you never own your car because of state vehicle registration fees?
You don't, that is why it can be impounded a kept without due process of law. The real title of a vehicle is a MCO which goes to the State when the vehicle is first purchased, then issues a State Title giving the State jurisdiction over the vehicle.
I appear to know more about everything than you do.
Wrong yet again. The streak continues. There are three benefit bands defined by the so-called bend-points that are used in calculation of a basic benefit (aka, primary insurance amount) from one's average indexed MONTHLY income. The first $767 earns a 90% credit. The next $3,857 earns a 32% credit, and everything above $4.624 earns a 15% credit.
If you take 4,624 and multiply it by 12 you get $55,488. Multiply 767 by 12 you get about 10K.
The number is annual! Seriously how dumb are you, is this trolling or are you actually serious? Honestly I can't tell.
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The rich? Who needs them! They pay NOTHING on their wages above $113,700. In part because of that, those with low incomes receive SS benefits that are a higher percentage of their pre-retirement incomes than those with high incomes do. That's as far as the BIG LIE that poor people "do quite well" under Social Security can be taken. The more money you made in an average month during your working lifetime, the higher your actual benefit will be. Rich people do quite well under Social Security. But they would do even better if we were to allow them to contribute from and thus earn benefits on a larger proportion of their giant incomes.
Here is why the poor do quite well. If you pay only 12% of your income and get 90% back vs. 15% back you are getting a higher return on your tax payments.
The rich get less back as a percentage of their taxes their money is redistributed to the poor. SS is a redistribution scheme and if you make over 50K you are better off saving your taxes and funding retirement with those savings.
If the rich didn't pay anything there would not be enough money to fund SS. DUH!!! If you pay more taxes than you get back its redistribution, just like all taxes.
This is obvious at least to me, but I can actually do math.
You sound kind of pompous I think I put you back in your place, mom's basement.
If you take 4,624 and multiply it by 12 you get $55,488. Multiply 767 by 12 you get about 10K. The number is annual! Seriously how dumb are you, is this trolling or are you actually serious? Honestly I can't tell.
Yet another total face-plant. The number in question is AIME -- Average Indexed MONTHLY Earnings.
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Originally Posted by hartford_renter
Here is why the poor do quite well.
Here is why the rich do quite well. The current average monthly retirement benefit is $1269. Low-income workers of course receive rather less than that. The maximum monthly benefit at full retirement age is $2533 per month. Only high-income workers receive that. And for those who are healthy and wealthy enough to wait until age 70, that swells to $3350 per month. Would you rather have $3350 per month that was a lower percentage of your pre-retirement earnings, or $1000 that was a higher percentage of your pre-retirement earnings? That's what I thought.
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Originally Posted by hartford_renter
This is obvious at least to me, but I can actually do math.
Here is why the rich do quite well. The current average monthly retirement benefit is $1269. Low-income workers of course receive rather less than that. The maximum monthly benefit at full retirement age is $2533 per month. Only high-income workers receive that. And for those who are healthy and wealthy enough to wait until age 70, that swells to $3350 per month. Would you rather have $3350 per month that was a lower percentage of your pre-retirement earnings, or $1000 that was a higher percentage of your pre-retirement earnings? That's what I thought.
Also another way to look at it is the government is around to ensure your wealth, not your income; therefore a government theoretically should tap your wealth for funds and not your income.
I don't think the US citizenry is ready for no income taxes; 1st they need to learn how to stop transferring wealth to the FIRE sector via using credit/debt responsibly.
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Originally Posted by MrRational
Here in NC they do it on cars. The dummies think paying less in LESS excise tax at time of purchase saves them something... then the annual PP assessment bill comes year after year.
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Originally Posted by Velvet Jones
My friend lived in NC for a few years, he complained about it constantly. He said he had to pay taxes on his TV, stereo, even his dog. That is messed up.
The consumer does have a choice about car property tax costs: the more expensive the car, the more tax you pay--seems smart, responsible & fair to me. It's better than the FEDERAL Govt/virtual taxpayer paying for all those so-called necessities!
BTW, North Carolina is trying (or did already?) to pay back the extended unemployment subsidies they received from the USGovt/virtual taxpayers over the last ~5 years--sounds personally responsible to me?
Why don't you try learning how to quote multiple posts/posters, instead of flooding every thread?
It's a free country. You don't have to read what you don't like or can't understand. My own posts otherwise tend to follow silly things being said and claimed by others who haven't a clue as to what they are talking about. Fewer of those sorts of posts would require fewer from me.
I don't think the US citizenry is ready for no income taxes; 1st they need to learn how to stop transferring wealth to the FIRE sector via using credit/debt responsibly.
So people are supposed to run away from finance, insurance, and real estate? That doesn't make much sense at all. As for credit, it's a tool. Much like a chainsaw. If you use either one carelessly, you can create serious problems. That doesn't reduce the value of either one of them as a tool.
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Originally Posted by DSOs
BTW, North Carolina is trying (or did already?) to pay back the extended unemployment subsidies they received from the USGovt/virtual taxpayers over the last ~5 years--sounds personally responsible to me?
Sounds incredibly stupid to me. Maybe they should just try to secede?
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