Quote:
Originally Posted by urbanlife78
I wish we had more politicians in Congress like this that were willing to stand up to Wall Street.
|
I guess so, since Obama won't stand up to them, and since you refuse to elect anyone who will --- demanding that everyone elect someone instead of you having to do it.
You can wish in one hand and spit in the other see, and see which hand gets something in it first.
Quote:
Originally Posted by nvxplorer
If efficiency gains....
|
....were real or even mattered.
Quote:
Originally Posted by nvxplorer
Since all the gains have gone to the top, I think the average American is much better off with security.
|
No gains have gone to the top.
Study Reality and get back to us, but first, see if you can figure out the difference between Income and Wealth.
Quote:
Originally Posted by HeyJude514
Sanders will put forth two key policy proposals designed to steer economic and political control away from Wall Street and towards the working class.
|
And give you a Recession.
He forgot to mention that part, but then he's as senile as McCan't or Ron Paul.
Quote:
|
Sanders said current rules allow a billionaire to pay the same amount into Social Security as a person who earns $117,000 a year.“This is regressive, this is unfair, this is absurd,” the senator said. “If we lifted this cap and applied the Social Security payroll tax to income above $250,000 — not $117,000, but $250,000 a year, we could not only extend the solvency of Social Security for decades to come, which is what we want to do, but we could also provide the resources necessary to expand Social Security benefits.
|
Can you spot Bernie's Lies?
Let's start with these Lies....yes, plural, as in more than one Lie.
Sanders said current rules allow a billionaire to pay the same amount into Social Security as a person who earns $117,000 a year.“This is regressive, this is unfair, this is absurd,” the senator said.
Lie #1: Social Security is means-tested.
The means-testing thresholds at the 50% level $25,000 for single filers; and $32,000 for joint filers. You must pay tax on 50% of your Social Security Benefits received.
At the 85% Level the thresholds are $0 for separate filers; $34,000 for single filers; and $44,000 for joint filers. You must pay taxes on 85% of your Social Security Benefits received.
Remember that OASI is the Old Age and Survivor's
Insurance Program.
I took the liberty of highlighting the operand for the large number of incredibly Daft, Dumb & Dense who don't have the brains to be able to distinguish insurance from investments, savings or pensions.
For example, during the month of October 2014, Social Security collected $6.95 Billion in means-tested taxes for OASI and $418 Million for OADI.
The Taxation of Benefits is strictly ear-marked for Social Security and not the General Fund.
Lie #2: Earned Income is not the same as Unearned Income.
Apparently, Bernie is getting his economic advice from two of the forum's least competent economists.
Warren Buffet pays no FICA payroll taxes, since Warren Buffet only reports $1 of
Earned Income each year. If Warren Buffet sells $1 Billion stocks or bonds, then he has Unearned Income of $1 Billion. He does not pay FICA payroll tax or personal income taxes, but he would pay Capital Gains taxes.
No one pays FICA payroll taxes on alimony or child support and many other forms of Income such as interest and rents, since those are Unearned Income.
“If we lifted this cap and applied the Social Security payroll tax to income above $250,000 — not $117,000, but $250,000 a year, we could not only extend the solvency of Social Security for decades to come, which is what we want to do, but we could also provide the resources necessary to expand Social Security benefits.
A few Lies here, too.
Lie #3: Lifting the cap does not extend solvency.
Lie #4: Lifting the cap does not permit expanded benefits.
Statistics of Income Bulletin | Winter 2012
Adrian Dungan and Michael Parisi are economists with the Individual Returns Analysis Section. This article was prepared under the direction of Michael Strudler, Chief, Individual Returns Research Section, Internal Revenue Service.
Referring to Page 12
Table 1. Individual Income Tax Returns, Tax Year 2010 Preliminary Data: Selected Income and Tax Items, by Size of Adjusted Gross Income
We are examining
Column 1 Items, specifically lines
#7 Salaries and wages: Number of returns
#8 Amount
For AGI (Adjusted Gross Income) Number of Returns Filed
$100,000 under $200,000 = 2,793,003
$200,000 under $250,000 = 1,401,593
$250,000 or more = 2,435,348
The total number of returns filed for those groups is 16,629,944 returns.
For AGI (Adjusted Gross Income) Salaries and Wages
$100,000 under $200,000 = $1,454,682,235,000
$200,000 under $250,000 = $251,279,279,000
$250,000 or more = $982,361,511,000
The total salaries and wages are $2,688,323,025,000 ($2.688 TRILLION)
Eliminating the cap and taxing 100% of all wages/salaries would yield....
$2,688,323,025,000 * 6.2% = $166,676,027,550 ($166 Billion)
However, a portion of those wages/salaries are already taxed. For simple math, and to give you every possible benefit of doubt, we'll use $100,000 as the "cap." The total amount under the "cap" is....
16,629,944 * $100,000 = $1,662,994,400,000
The amount FICA payroll taxes already collected is...
$1,662,994,400,000 * 6.2% = $103,105,652,800 ($103 Billion)
$166,676,027,550 ($166 Billion)
$103,105,652,800 ($103 Billion) less
-----------------------
$63,570,374,750
So $63.5 Billion is the amount of additional FICA tax revenues raised by eliminating the cap.....
in theory, because....
In particular, the calculation of the necessary tax rate assumes that an increase in payroll taxes results in a small shift of wages and salaries to forms of employee compensation that are not subject to the payroll tax.
...so say the Social Security Trustees (and they are correct).
As you can all see, eliminating the cap will not solve the problem. You will need to raise the FICA tax rate.
I guess I should point out that in November 2012, Social Security paid out $64.98 Billion in benefits.
Does that add a little perspective?
By 2025, Social Security will cost at least $1.7 TRILLION per year......or $4,657,534,246 --- $4.66 Billion per day.
In other words, eliminating the cap will pay for about 2 weeks of Social Security. You still have 50 other weeks to cover.
Lie #5: A Recession within 12 months of lifting the cap.
If you have to ask,
"Why?"then you should probably consider cancelling your voter registration
.
Looks like Bernie's been drinking out of Obama's cup: Lie. Tell people what they want to hear. Lie some more.
Efficiently...
Mircea
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.
