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When social security was first created, it was meant to be a tax. Over time, instead of providing revenue it has been providing a huge expense and burden on Americans which will only get worse over time. One problem with government programs is that the politicians are looking for short term benefits to themselves and dont care about future harm to Americans later on. Tax deferred programs are an issue because as the government finances get worse, the temptation to capture that revenue will be too great. I do not like them. We should simply be looking to remove the government from as much of the process as possible since they solutions never end well.
When social security was first created, it was meant to be a tax. Over time, instead of providing revenue it has been providing a huge expense and burden on Americans which will only get worse over time. One problem with government programs is that the politicians are looking for short term benefits to themselves and dont care about future harm to Americans later on. Tax deferred programs are an issue because as the government finances get worse, the temptation to capture that revenue will be too great. I do not like them. We should simply be looking to remove the government from as much of the process as possible since they solutions never end well.
I'm afraid government involvement is here to stay.
I'm afraid government involvement is here to stay.
Sure but we should recognize that asking for government action to use its might to try to influence the behavior of people typically backfires.
I find it impressive that most people dont even realize that SS was created for no other reason than to be a tax. People seem to assume some sort of good intentions when it comes to government but a lot of times they are just trying to trick people into letting them do something that they otherwise wouldnt be allowed to do honestly.
401Ks (or SIMPLE IRAs) are better than nothing, but the funds they have to invest in are often poor. High fees and loads. A standard, self-directed IRA is a better choice, you can invest in funds with those companies taking a fraction of the money.
Snap reaction to OP without reading rest of thread, NO.
Quote:
Originally Posted by Freesponge
As a mechanism to make it more attractive for employees to contribute savings towards their own retirement, while also helping those Americans later on have solvency , while also helping them today take courses of action which will help them reduce their own tax burden by deferring more income
And by not doing these things, a penalty tax will be an additional source of Govt revenue to pay the national debt. It probably would be hated but actually very constructive especially that it forces Americans to take retirement more seriously
What could be done is any American with a job offering a 401k benefit who contributes less than 7% of pretax income to the 401k, maybe make it 25% of the amount of the pretax money retained by thwarting those contributions must be paid to IRS annually using After-tax dollars …. So more like a 50% of savings pinch
What don't you get about individual freedom that you are always coming up with these concepts of government control and dictates on the lives of the American People?
It’s not a communist plan because it’s Govt enforcing individuals to save the money that is yours to make sure it goes to you
Read what you wrote! "Save the money that is yours!" YOURS/MINE whatever. My money is for me to do with how I want.
Gov forcing people to use their money how the gov wants them to use it IS part of communism!
What is up with these people wanting us to be forced to do things. Plenty of other country's you can move to if you like being forced to do things by your overlords. Not here!
Yes. All the extra money flowing into securities would allow us to increase the compensation of starving CEOs, pay for more corporate yachts and jets, underwrite space travel for the wealthy etc. Musk could use another 100 billion or so in share value to buy up social media outlets to be sure we get his truth, I'm sure.
Musk creates, CEO of some Wall Street bank, takes.
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