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.
I understand this. The joke was that Reagan called it a " revenue enhancement" and it was, given his admin deficit spent every cent of SS collected under his 2 terms.
Congress has only taken the surplus each month. And until the pot dried up last year no one gave a damn..not Republicans and not Democrats.
The yelling and hand waving started when there was no more monthly FICA surplus for them to "borrow".
"The budget deal passed by the U.S. Senate today would raise taxes on 77.1 percent of U.S. households, mostly because of the expiration of a payroll tax cut, according to preliminary estimates from the nonpartisan Tax Policy Center in Washington. More than 80 percent of households with incomes between $50,000 and $200,000 would pay higher taxes. Among the households facing higher taxes, the average increase would be $1,635, the policy center said. A 2 percent payroll tax cut, enacted during the economic slowdown, is being allowed to expire as of yesterday."
So, which of you "rich guys" in households making more than $50,000 are okay with your tax increase? You know you single guys are probably going to pay the most in this group.
Wrong again!!! Every working tax person must pay this and single people normally do not receive the generous child tax credit of $1,000.
It's a week's vacation for some, car insurance payments for others, and perhaps pocket money to go out to eat.
Which ever way, it's money that will not be going into the economy.
Since when has the RW been so concerned about low-income people? Usually we hear, "it's their fault they have no skills, therefore have to work these minimum wage jobs".
Quote:
Originally Posted by 2e1m5a
I make less than $50,000 and my social security taxes went up about $60 a Month.
I'm 26 and will most likely never see any social security. Why should I be obligated to fund it?
You should quit drinking the Limbaugh/Beck/Paul Ryan koolaid about SS. Even our ultraconservative financial advisor thinks there will always be some type of SS around. Their blather is just a way to stir up 'generational warfare'.
Many posters on CD seem to believe this 47% pay NO taxes whatsoever. Thanks for apprising them otherwise.
I don't see that. I see the distinction between federal and payroll and state sales taxes pointed out frequently.
Many liberals here still think SS is a savings account and they are simply getting back what they paid in. Couldn't be further from the truth. First, there is no legal obligation to pay you anything. There is no trust fund and you have no right to your payroll tax dollars. Second, most will get back more than they paid or would have earned in a private savings account. It is really more of a self-funded welfare account than a savings account.
The actuarial and funding models are skewed to favor the low income at the expense of the upper income. This is fully disclosed on the SS website. This isn't necessarily a bad thing. It's just how most people understand the program.
What kind of a LALA land do you live in? You think it's fair for someone making 1M to pay the same percentage as someone scraping by on 40K with kids? No wonder your party is losing more and more.
No reality.
Of course. Same percentage does not equal same amount.
My wife and I combine for 150+. Im raising two children, have mortgage and all the bills that come with a growing family. I dont like it but its not going to break me. The thing that bothers me is less than 10 years ago I was making poverty level putting my wife and i through school and was eligible for alot of benes, especially with the kids. If there is one thing I know for certain is we do not need to pile on even more welfare than what is there. My wife and I lived OK while we got our degrees and are now taxpaying citizens. There is no need for MORE, I know this through first hand excperience. Obamascare was not needed just more welfare more taxes. Liberals screaming the sky is falling as they tax the snot out of those who will work and hand it to alot of waste fraud and abuse who dont need more
enough is enough
Get on assistance, get your hand up and get off. The safety net is plenty sufficient
I don't see that. I see the distinction between federal and payroll and state sales taxes pointed out frequently.
Many liberals here still think SS is a savings account and they are simply getting back what they paid in. Couldn't be further from the truth. First, there is no legal obligation to pay you anything. There is no trust fund and you have no right to your payroll tax dollars. Second, most will get back more than they paid or would have earned in a private savings account. It is really more of a self-funded welfare account than a savings account.
The actuarial and funding models are skewed to favor the low income at the expense of the upper income. This is fully disclosed on the SS website. This isn't necessarily a bad thing. It's just how most people understand the program.
Here are a couple posts about 47% paying NO taxes. There are surely more; I just don't feel like digging through the posts with CD's sucky search engine.
Quote:
Originally Posted by Ivorytickler
It's not just the tax rates (and they are insanely high when you consider that 47% of all people pay no taxes and many of them get supplemented with tax returns for money they did not pay into the system). If a person making $25K pays no taxes and gets their income supplemented while a person making $75K pays 28%, has school loans to pay off (remember they run up debt getting that education), has to save for their own retiremend and save for their kids to go to college, the actual buying power of those incomes is closer than you think.
All things considered, an education may not be worth it. If you opt not to get one, you start working and earning on day one. If you opt to get one, you delay working and earning by 4-6 years (unless you go on for a PhD and then it's longer). During those 4-6 years, you amasse debt unless you're fortunate enough to have parents who can pay your way. Then after you get out of school, they want to slap you with higher taxes because you make more yet they don't consider all the years you made nothing getting that education that allows you to make more.
If you look at the two people I noted above, the one earning $25K (not counting any taxes they get back they didn't pay into the system) earns $250,000 in the first ten years they work. The one making $75K doesn't start earning until year 7 and earns $225,000 minus taxes, student loan payments and savings for retirement during the same 10 year period. The one who earns less during that 10 year period is the one who pays more taxes.
If you compare a college grad to a non grad, while the non grad earns half as much, they pay far less in taxes, do not pay back student loans and are required to pay as much towards retirement or their own children's educations. As a result, the higher wage earner isn't nearly as far ahead as you think they are. I was rather shocked when I graduated from college. I tripled my wages by going to school but paid many times more than that in taxes. The government doesn't even consider that I gave up 4 years of income to get that first degree. They just stand there with their hand out.
Quote:
Originally Posted by Ivorytickler
They can't. You'd have to be a fool not to realize that taxes have to increase for ALL OF US. INCLUDING the 47% who now pay no taxes. The question isn't whether our taxes will go up, it's how much they're going to go up.
Seems the new term I have heard is it is "TOO COMPLEX", which meant to me that they weren't going to try to reform anything. JMO
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.
