Obama should lift the limit on Social Security taxes on incomes over 250K (wage, Baby Boomers)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
This is creepy. Is anybody else getting the impression that there's an unusual amount of boasting going on here - with the "I know how to hide money" stuff and all?
I totally agree with Obama's proposal to lift the limit on Social Security taxes....
The current income limit would stay in effect - and up to 250K no additional taxes would be levied.
However, all wages above 250K/yr would be taxed at the normal tax rate.
I think that would put Social Security on a stable footing for everyone forever...
I support it 100%.. I like this doughnut approach... I like doughnuts
Sorry bub the whole ponzi scheme of social security is failing.
We are not in an economic crisis, we are in an entitlement crisis. That is what has sunk the economy. Giving loans to people who can't afford them, paying pensions to people who worked for 20 years, then get paid to be unproductive for the next 40-50, paying welfare to clowns so they can go out and buy new shoes and tv's, etc. And how are they fighting it? With more entitlements. Welcome Great Depression Part 2.
It is not realistic anymore for people to work for 20-30 years and then have a glorious retirement for the next 30-40 years. The numbers don't add up and never will.
If Social Security was a private financial institution those running it would be in orange jumpsuits doing a perp walk. The whole thing is a scam.
When SS started most people didn't live to 65 and those that made it beyond that didn't live long. You had over 50 people putting in for every one on the dole, now it's almost 2 for 1 and thanks to modern medicine people are living for decades longer. It's an unsustainable system in it's current form.
So people will say let's soak the rich, yeah why not, screw those bastards making over 150K a year. Well guess what? Some of the people that are making those incomes are the ones with small, medium and large businesses and they provide much of the capital and investment and innovation that keeps people EMPLOYED. I already know for a fact with Obama coming in with his tax increases, business owners are already headed for the door and are divesting themselves of assets and people are losing their JOBS. Look at the stock market. People are pulling money out of investment markets as fast as possible. If people out there think that people are going to bust their butt and take risks to build a business, so the government can steal the profits and give them to people to sit on their butt on the porch, they need to snap out of reality.
I am a self employed person. I pay federal, state and local income tax. I pay the WHOLE 15% FICA tax(unlike you W-2 folks out there). I pay sales, use, gas, mobile phone taxes. Soon if I purchase a home, I will pay property tax. Just how much more of my blood do you vultures want?
Sorry bub the whole ponzi scheme of social security is failing.
We are not in an economic crisis, we are in an entitlement crisis. That is what has sunk the economy. Giving loans to people who can't afford them, paying pensions to people who worked for 20 years, then get paid to be unproductive for the next 40-50, paying welfare to clowns so they can go out and buy new shoes and tv's, etc. And how are they fighting it? With more entitlements. Welcome Great Depression Part 2.
It is not realistic anymore for people to work for 20-30 years and then have a glorious retirement for the next 30-40 years. The numbers don't add up and never will.
If Social Security was a private financial institution those running it would be in orange jumpsuits doing a perp walk. The whole thing is a scam.
When SS started most people didn't live to 65 and those that made it beyond that didn't live long. You had over 50 people putting in for every one on the dole, now it's almost 2 for 1 and thanks to modern medicine people are living for decades longer. It's an unsustainable system in it's current form.
So people will say let's soak the rich, yeah why not, screw those bastards making over 150K a year. Well guess what? Some of the people that are making those incomes are the ones with small, medium and large businesses and they provide much of the capital and investment and innovation that keeps people EMPLOYED. I already know for a fact with Obama coming in with his tax increases, business owners are already headed for the door and are divesting themselves of assets and people are losing their JOBS. Look at the stock market. People are pulling money out of investment markets as fast as possible. If people out there think that people are going to bust their butt and take risks to build a business, so the government can steal the profits and give them to people to sit on their butt on the porch, they need to snap out of reality.
I am a self employed person. I pay federal, state and local income tax. I pay the WHOLE 15% FICA tax(unlike you W-2 folks out there). I pay sales, use, gas, mobile phone taxes. Soon if I purchase a home, I will pay property tax. Just how much more of my blood do you vultures want?
Maybe it's not the taxes you pay that is the problem.
Maybe you're just not a successful business person and should sell your business and go get a job somewhere.
will those people making over $250k able to draw a massive amount of social security? you should get out what you put in.
Social Security isn't a personal retirement fund, it was never designed to be one and it isn't today. As quite as it is kept, Social Security is a welfare program without a needs test. For example, current payees into the system may never receive the benefits given to current recipients or even a portion of what they have paid in for that matter, that isn't what the program was devised to do. Of course it was always hoped that the Social Security Trust Fund would be self sustaining to a great degree, but folks in the 30's didn't live nearly as long as current retirees.
so you believe that the federal should set standards on what they perceive to be rich? gotcha. you do know that $250k per year isn't rich if you live in NYC right? I love your regressive ideas. you realize we went to war over abusive taxation right?
Well I live here and I guarantee you it is considered "rich" or "wealthy" or whatever you want to call it. Why must people be so greedy? Who cares if some old lady is eating cat food, I want my 12,000 square foot mansion, millions in the bank, AND my social security payments. Give me a break!
Anyone wanna bet that 250K number comes down and/or the "hole" it creates gets filled by 2012?
250K is almost irrelevant when you factor in location.
In Manhattan, you are lower middle class. In Dallas you are darn near rich.
Dallas house on that income
740 Elk Ridge, Fairview, TX, 75069 - MLS ID#11023277 - Single Family Home Real Estate - REALTOR.com® (http://www.realtor.com/search/listingdetail.aspx?pg=3&srcnt=262&sid=2175c501aeaa 4dbf9e275a811e4d3af7&fhcnt=4&loc=75069&typ=3F&ml=8 &fhpg=1&lid=1100422418&lsn=22 - broken link)
Manhattan apt on that income
47 West 76th Street Unit: 6, New York, NY, 10023 - MLS ID#511838 - Condo/Townhouse/Co-Op Real Estate - REALTOR.com® (http://www.realtor.com/search/listingdetail.aspx?srcnt=26&sid=e5c125b6bc0a49059f b5c7f1db8f8660&fhcnt=4&loc=10023&pg=3&fhpg=1&lid=1 097480660&lsn=21 - broken link)
Same list price.
Note: I dont make a penny on the sale of either or for that matter any home. They are for illustrative purposes.
Like most things - you don't have a clue where I am from...
I'm not far from NYC - I work in Westchester - and it is still feasible to buy even there with an income of 250K... you won't get a big, new house, but if living that close to the city in an affluent town is important to you, you can get a 2200 sf house on an income of 250k... Of course 5 kids can get a bit expensive. I have 3 myself... If you chose to move a little north or into northern Fairfield county Ct, you could easily get a nice home and live very comfortably on 250k...
Why on earth do you think "rich" people should take care of your ilk?
Why on earth do you think "rich" people should take care of your ilk?
My ilk??? Hmmm, me thinks I see a greedy rich person who won't part with one penny even for a good cause...
For your info bro, I will not be helped by any of these changes - I may even be paying more taxes because of them...
I'd gladly do it though - to protect the younger generation - including my kids - who are going to be screwed when they get to retirement age...
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
