Feenstra introduces social security bill
- Thread starter THE_DEVIL
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That’s fine and it’s your choice. If you can live on your projected retirement income then go for it,
I will absolutely agree with you on disability. 💯 agree. It should be harder to get and once you’re on it should be reviewed more often. There should be a list of conditions that automatically qualify and then others you can apply.
The rich don’t pay 99% of taxes. Not even close. If you include all taxes it isn’t even close to 50%. The right trots this rich pays the majority of taxes when they want to cut for the rich but they conveniently only include one specific set of tax, federal income tax. Ignoring all the regressive taxes that the non rich pay
They make most of the money. They have most of the real assets. Sounds perfectly fair to me.
First part of your post I heartily agree with .
As to the second part about “the rich” they still pay a hugely disproportionate share of the total revenue and they are only using every legal deduction and avenue of deferment the current laws allow. If you don’t like that then work to get the laws changed or support one of the various fair tax alternatives.
People love to throw out the Warren Buffett Secretary story which he cleverly threw out there but if you wanna see some screaming then just wait until someone introduces a bill to tax unearned/deferred/passive income.
They live better that 99.999% of the worlds population...they should be paying 90% of the fvcking taxes
All income should be taxed when realized. All taxes should apply.
Federal Income tax is "always" what Biden and his ilk are referring to when they spout off about raising taxes.
Income should be taxed when realized as active.
You do know the difference?
Newsflash skippy…YOU live better than about 98% of the world’s population.
The dems like to complain that wealthy people pay less in taxes that their secretary, housekeeper, etc. That is untrue. People in American as required by the Constitution, only pay taxes on income. So if someone owns a lot of stocks or other assets, may be considered rich on paper but they only pay taxes on any income they make. That is how Buffet claims his secretary makes less than him, everything she makes is income where Buffet doesn't pay taxes on his investment gains unless they are realized. So the left's newest attempt to change America is to try and tax unearned income. Like gains from the market or an increase in value of real estate holdings, etc. Those are not taxable per the Constitution, unless and until that income is realized. It is also completely unworkable, so if ones stock portfolio goes down, can he/she get a credit from the IRS for their unearned loss?
My comment about the rich not paying taxes on borrowed money. This is one area where the rich have a advantage. They can borrow money against stock or real estate holdings and that money is considered a loan not income so they avoid taxes. But again, anyone can do that but most people don't have enough personal wealth to take advantage. But they have to pay interest, etc. as well.
Not at the percent the middle class pays. They remain billionaires while a lot of the middle class lives paycheck to paycheck. Yet here Republican voters are, wanting to take away their own SS. Damn, again, the wealthy love the way you think.
They want us to work until we die. Every other country people work to live. Here, Republicans want us to live to work. We get a lot wrong all in the name of making wealthy people more money.
Just because they live longer doesn’t mean they are able to work. People pay into that since they were teenagers. Ridiculous to make them work until they are frail and losing it mentally.
What’s amusing is you use the phrase ‘take it away’, as though the Ponzi would’ve worked if only the proceeds hadn’t been absconded with.
Newsflash, the Ponzi was never solvent from the day it was created. That’s why the early generations made out like… bandits.
Yea, I know...and I paid more in fvcking taxes than your boy Trump, for example, in a number of years
You’re right.
Much wiser to abolish the tax and establish a tax free savings account that people put 10% of their income into. Then they’ll have a property right to the asset, the economy will have the benefit of real savings, and the beneficiary can enjoy real returns on their investment.
Far superior to the empty promises waiting at the end of FDR’s Ponzi.
Im trying to find a rich lawyer to pay my tax debts like Hunter did.
I am willing to just take the cap off and leave the rate untouched and find out where that gets us.
If it doesn't get us far enough than we certainly should start looking for additional income. I might consider a capital gains surcharge or something like that so that the nation's billionares can contribute personally to social security. Since most of them don't make much money in terms of wages, they likely don't contribute a lot personally to SS. That is one place where we might be able to get additional income.
I'm not entirely opposed to raising the rate on money over a certain amount either but I'm not sure it would be necessary to do that.
I don't think that's true. I think he was saying the tax RATE he paid on his taxable income was lower than his secretary.
The majority of Buffet's income (I'm guessing here) is probably qualified dividends and capital gains. Those are taxed at 15%-20%.
His secretary, if single, starts paying at the 22% rate at just $44,000. Besides that she has to pay 7.65% social security and Medicare tax on her salary. So, she is paying at a rate close to 30%.
I've not heard a reference to paying income tax on unrealized capital gains, but I have heard of a Wealth Tax - a tax on Net Worth. And you are right I believe, there is nothing in the Constitution that says you can tax wealth. Although I don't think there is anything in the Constitution about sales tax, or gas tax or even real estate tax, but we certainly have those.
I've never thought of a loan as some sort of tax avoidance technique, for the simple reason you have to pay it back.
Under the current SS system, increasing the cap (or taxing other income) would also raise the benefit for those people. So, it might help short term but in the long term we'd probably be in a similar position.
I would say adjust it, maybe increase their benefits a bit but not so much that they arn't a net addition.
We paid over 50k in just federal income tax last year. I can assure you my wife and I are paying my fair share as well as a few others thank you very much.
What you have been told isnt true. You are buying into manufactured data pimped by the democrat party.
What you have been told isnt true. You are buying into manufactured data pimped by the democrat party.
Wow dude. An anecdote. You're good at debate.
If all your money comes from capital gains then perhaps this is true. But this isnt the case for almost all normal Americans. And that is who is asked to pay the taxes.
Define 'rich' for me and define 'fair share' and we can discuss. But these amorphous terms are good for a sound bite but have no actual meaning. Which is the goal honestly.
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When the system (SS) pays out more to you than you ever put in, the fund is bound to run out.
Should people only get back as much as they contributed with lets say a 1% Government match?
Trump? Administrations have been diverting those funds for decades.
Are you one of the idiots that believes corporations pay taxes? LOL! Corporations only collect taxes, they never actually pay taxes. Taxes are always added into the price of their product, it does not come out of their income. I worked in accounting at Rockwell, every time we priced any product, we had a line item for taxes. We never reduced out income to cover additional tax rate hikes.
The purpose of corporate taxes is so that moron democrats don't realize they are getting screwed.
Most democrats I know actually like being morons, because when I tell them ho bad they are getting screwed by all these taxes, it makes them feel bad. Democrats hate when they hear the truth.
Trump is not my boy but you know that.
Bringing his name in is also so tired and worn out I could scream. Who cares? A lot of people paid less in taxes than you…or me. .
Jeezus Tom you are a sad fellow. I’m glad you can blow a whistle and bounce a ball.
Yell it all you want but they are hiring accountants and tax lawyers who help them find deductions that have been put in place by our government.
Tell me you don’t know that? Do I think it’s swell? No but I’m not a millionaire either.
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