Home
Forums
New posts
Search forums
What's new
New posts
Latest activity
Members
Current visitors
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Brown Cafe Community Center
Current Events
Your $$$$$ "I.O.U.S.A"
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="klein" data-source="post: 714519" data-attributes="member: 23950"><p>Baba, that amount does not include the Social Security funds, the feds have "borrowed" and spent :</p><p> </p><p>The Social Security Trust Fund took in more revenue through payroll taxes leveraged on Baby Boomers than it needed. Ideally, this money should have be invested to be available when the Boomers retire. In reality, the Fund was "loaned" to the government to finance increased deficit spending. This interest-free loan helped keep Treasury Bond interest rates low, allowing more debt financing. </p><p> </p><p>However, it is not a real "loan" since it can only be repaid by increased taxes when the Boomers do retire.</p><p> </p><p>Over the next 20 years, the Social Security funds must be paid back as the Baby Boomers retire. Since this money has been spent, resources need to be identified to repay this loan. That would mean higher taxes, since the high U.S. debt means further loans from other countries have been maxed out. Unfortunately, it is most likely that these benefits will be curtailed, either to retirees younger than 70, or to those who are high income and therefore theoretically don't need Social Security. </p><p> </p><p>The federal obligations are a record <strong>$546,668</strong> per household in 2008, according to the USA TODAY analysis. That's quadruple what the average U.S. household owes for all mortgages, car loans, credit cards and other debt combined. </p><p> </p><p><img src="http://www.ncpa.org/images/1856.jpg" alt="" class="fr-fic fr-dii fr-draggable " style="" /></p><p> </p><p><strong>Can Higher Taxes Solve the Prob&shy;lem?</strong> If federal income tax rates are adjusted to allow the government to continue its current level of activity and balance its budget:</p><ul> <li data-xf-list-type="ul">The lowest marginal income tax rate of 10 percent would have to rise to 26 percent.</li> <li data-xf-list-type="ul">The 25 percent marginal tax rate would increase to 66 percent.</li> <li data-xf-list-type="ul">The current highest marginal tax rate (35 percent) would rise to 92 percent!</li> </ul></blockquote><p></p>
[QUOTE="klein, post: 714519, member: 23950"] Baba, that amount does not include the Social Security funds, the feds have "borrowed" and spent : The Social Security Trust Fund took in more revenue through payroll taxes leveraged on Baby Boomers than it needed. Ideally, this money should have be invested to be available when the Boomers retire. In reality, the Fund was "loaned" to the government to finance increased deficit spending. This interest-free loan helped keep Treasury Bond interest rates low, allowing more debt financing. However, it is not a real "loan" since it can only be repaid by increased taxes when the Boomers do retire. Over the next 20 years, the Social Security funds must be paid back as the Baby Boomers retire. Since this money has been spent, resources need to be identified to repay this loan. That would mean higher taxes, since the high U.S. debt means further loans from other countries have been maxed out. Unfortunately, it is most likely that these benefits will be curtailed, either to retirees younger than 70, or to those who are high income and therefore theoretically don't need Social Security. The federal obligations are a record [B]$546,668[/B] per household in 2008, according to the USA TODAY analysis. That's quadruple what the average U.S. household owes for all mortgages, car loans, credit cards and other debt combined. [IMG]http://www.ncpa.org/images/1856.jpg[/IMG] [B]Can Higher Taxes Solve the Prob­lem?[/B] If federal income tax rates are adjusted to allow the government to continue its current level of activity and balance its budget: [LIST] [*]The lowest marginal income tax rate of 10 percent would have to rise to 26 percent. [*]The 25 percent marginal tax rate would increase to 66 percent. [*]The current highest marginal tax rate (35 percent) would rise to 92 percent! [/LIST] [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Brown Cafe Community Center
Current Events
Your $$$$$ "I.O.U.S.A"
Top