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Democrats have been passing working poor tax credits on the premise that they pay onerous payroll taxes to fund Social Security and Medicare for their retirement years and deserve a refund of those taxes. This amounts to somewhere between 80 to 110 billion dollars being siphoned out of these two funds each year. Social Security would easily be wholly funded if it weren't obligated to pay benefits to these people as they're not contributing to the program.
The 14 trillion dollars in debt owed by the government at the end of this fiscal year is already twice the unfunded liability for Social Security for the next 75 years.
I did not bring up Social Security. I brought up Medicare and Medicaid. If those programs are allowed to continue as is they will bankrupt us. The unfunded liabilities of them are at least 50 trillion dollars from what I last read. Having these two programs eventually take up 15%-20% of our GDP is not sustainable.
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Originally Posted by lchoro
The costs for servicing this debt over the next 75 years already dwarf the 33 trillion dollar shortfall expected for Medicare.
And the excessive costs of the entitlement programs sure as hell won't help either.
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Originally Posted by lchoro
The problem is the rest of the government is primarily funded by income taxes, and that tax revenue has fallen far short of funding the increased spending.
Oh yeah, it would be stealing to expect the rich to pay the same percentage as the rest of us.
There is a cap on Social Security taxes for a reason; because there is a cap on total benefits. You pay about 6% on the first $106,000 of your income and none after that. The most you can get is like what....$2,100 a month or so?
Somebody who made a million last year having to pay 6% on ALL of their income is having a very large amount of money taken from them and they will not receive any increase in their monthly benefit. It is stealing from rich people plain and simple.
It is a FLAT TAX, except for the rich, and the money goes to the General Fund. I see no problem with them living within the minimums and maximums set by law.
Many of the poor and lower middle class don't pay it at all. The earned income credit is over $5,000 and applies to AGI as high as $43,000. There are various other tax credits that can be used to reduce the FICA tax as well as the income tax.
It is a FLAT TAX, except for the rich, and the money goes to the General Fund. I see no problem with them living within the minimums and maximums set by law.
Actually SS tax goes into the SS trust fund and then the benefits are paid out of that fund. What is left over (not much anymore) is put into non-tradable inter-governmental bonds, then the funds are used for the general budget.
Lets not forget about medicaid besides Social security and medicare. Actuallu medicare and medicaid are in far worswe shape according to the commisiin on just msocial security. Jusra few years ago democrats were saying soical security was fine;how times change.
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