Chained CPI......

[Ariadne22]

^^How awful. In WI, we have sales tax and income tax. But there is no sales tax on food at the grocery store, unless it is hot food from the deli. Lots of retired and low-income people here pay no state income tax, even get a refund on their property taxes in the form of Homestead Tax Relief. I'm not in that category, but I would be significantly upset if I had to pay sales tax on food. I spend maybe $4500/yr. x 5.6% tax = $252 - almost three week's groceries.

[Midpack]

Originally Posted by newenglandgirl

Oh come now, how about eliminating the billions annually in corporate welfare? (which BTW many corporations say they do not need). Why are American elders such mice when it comes to their interests? Why does the elderly person on average SS and little income growth over the rest of his/her lifetime so readily volunteer (or should I ask, why do the well-off retirees so readily volunteer them).

OK, eliminating ALL corporate welfare would have reduced the 2011 deficit by less than 8%. Where would you propose the other 92% gap be made up?

My Cato Institute colleague Tad DeHaven has published a new study, “Corporate Welfare in the Federal Budget,” on business subsidies, which he figures to cost about $100 billion a year.

Where to Cut the Federal Budget? Start by Killing Corporate Welfare - Forbes

[freemkt]

Originally Posted by mathjak107

not true, the products are forever rotating and changing. there are always substitutions regardless of income ..

you may be eating apples today instead of grapes but next month grapes may be cheaper then apples. you may be living on peanut butter and beans but if they rise you will sub them for something else.

its on going and has nothing to do with already being at the lowest level you can purchase at.

i like ice cream but i refuse to buy klondikes at over 6 bucks but when they are on sale at 2 for 5 bucks i switch back. its on going and its dynamic.

im a big grape eater too but at 4 bucks a lb i buy other products. im always switching around our mix.

I rent a freaking ROOM, which I project will cost about half my income, Exactly WTF am I expected to substitute for my housing? NOW tell me chained CPI does not represent a cut in my purchasing poiwer.

[mathjak107]

maybe a nice refrigerator carton?

[marc515]

Originally Posted by Ariadne22

Write the White House and complain. I do it all the time, for what good it does:

Submit Questions & Comments | The White House

I write the White House and my elected officials on a regular basis; what we need is others to do the same.

The chained CPI will only hurt those who need it the most, while increasing the income tax rate on social security benefits will affect those who have higher incomes, and I have not heard that suggestion come up at all.

[mathjak107]

let us know how that works out for ya!

[Escort Rider]

Originally Posted by marc515

The chained CPI will only hurt those who need it the most, while increasing the income tax rate on social security benefits will affect those who have higher incomes, and I have not heard that suggestion come up at all.

I would have no personal objection to paying federal income tax on 100% of my Social Security retirement benefit, rather than the current 85%. However, our politicians, bless their short-sighted and disingenuous hearts, are very sensitive to political fallout.

Large portions of the general public are so ignorant that the minute such a proposal was put forth, there would be mis-informed outrage on the part of people who think it applies to everyone receiving SS benefits, rather than just to those with substantial income outside of SS. Those are the people who get their information from emails forwarded and re-forwarded and who believe the same.

Actually, the brou-ha-ha about chained CPI is to some extent mis-informed as well, because the "hurt" would be so miniscule as to be negligible, as detailed upthread by others.

[TuborgP]

Originally Posted by marc515

I write the White House and my elected officials on a regular basis; what we need is others to do the same.

The chained CPI will only hurt those who need it the most, while increasing the income tax rate on social security benefits will affect those who have higher incomes, and I have not heard that suggestion come up at all.

Perhaps that is because that would be an increased NEW tax on those between 110K-250K that Obama promised wouldn't happen. The payroll tax holiday ending is not a new tax. Also that would be a lot of active citizens at the state an local level who are very much in moving the country forward in many ways. Talk about a hit on discretionary spending. So the person who makes 1 million a year would pay how much more in SS taxes a year to get how much in the way of eventual benefits and be expected not to contribute heavily to the Paul Ryan 2016 presidential bid? Corporations would have to now pay SS on the amount above the current cap and that would be such a shot in the arm for job creation. Might encourage many to move corporate headquarters to Singapore. Speaking of making a lot of money. Many of those with high incomes are corporate executives, finance industry and entertainers. Now how many of them could relocate elsewhere renounce their citizenship and be free of it all?
Why Gerard Depardieu became a Russisan citizen (+video) - CSMonitor.com

Gerard Depardieu, the French actor, is opposed to paying 75 percent of his earnings above $1.33 million to the French government. Depardieu may avoid the proposed French tax hike if he is a Russian citizen.

Putin has granted him Russian citizenship. Wouldn't Putin love to get a few American Millionaires and Billionaires? First he has to compete with Singapore and Belize. That could be the Obama legacy for hundreds of years to come. Wealthy citizens and corporations flee the United states for Russia to escape wealth transfer and government control of their corporations and financial activities.

http://ambergriscaye.com/economics/immigration.html

Belize's new "retiree law" makes this country's program the best in the world

"Now any qualified individual can live and work tax-free in Belize-not just retired people"
A few weeks ago (September 15). Belize's new retiree legislation became law-meaning that Belize now offers what we believe to be the most attractive incentive program anywhere for foreign retirees. If you're looking for tax-free living, put Belize at the top of your list.

The law aims to encourage and promote the inflow of foreign capital into Belize by offering certain tax exemptions and incentives to qualified Retired Persons. It's a win-win situation for you and for the Belize government. Similar to Costa Rica's now-defunct pensionado program, the new Belize law targets North American and UK nationals who would spend part or all of the year in Belize, maintain a residence there, and bring their hard-earned dollars

Sorta like retirees not leaving the country trying to find the lowest tax environment. So let me get this right. A company or individual relocates to Belize and because of ECommerce finds operating their business operations there easy will now not have to pay payroll taxes and can instead invest said money in their OWN retirement account. Hmmmmmmm! Maybe thats why taking the cap off isn't getting much play.

But you could direct foreign-business activities and operations from within Belize and still maintain your tax-free status.

You don't have to be a "retiree" to benefit
Given the evolution in the world economy toward e-commerce, "virtual" businesses, and the use of the Internet, it is conceivable that almost any business could operate as a Belizean MC. And now any qualifying individual can live and work on a tax-free basis in Belize. So it is fair to say that the law is not only for retired people but also for any other qualified individual wishing to lead a "tax-free" life.