The problem is the constant increase.in Federal spending with little regard to the danger that will impose on entitlement programs like SS. It's always make'em happy now, worry about the eventual problems later.
Social Security
- Thread starter moreluck
- Start date
rod
Retired 22 years
We used to hit it in October back in the 70's
Thebrownblob
Well-Known Member
I agree, and it doesn’t seem like either side really wants fiscal responsibility. That’s gone out the window many years ago.
rod
Retired 22 years
How can you possibly call it an "entitlement program"? That is money you and your employer has contributed for you. How come nobody ever say " make the cuts in the welfare programs"? LEAVE VETERANS PROGRAMS AND SS ALONE.
Thebrownblob
Well-Known Member
The problem with that is entitlement has been turned into a dirty word by those who want to end SS and Medicare. Entitlement means you contributed to the program all of your working life and thus are entitled to a payment from the program. It does not mean someone who hasn't done anything to earn something but feels entitled to something anyways. Those legitimately receiving payments from the system aren't leeches on the system but are getting what they were promised in exchange for contributing to the system during their working lives. And as such the part of the Federal budget that covers SS and Medicare is called entitlement spending which means they are required under Federal law to budget for and pay it out.
Settle down
Thebrownblob
Well-Known Member
As rough as it’s been here for you at Brown café the last decade?
If Trump gets reelected it'll definitely be a much better decade.
Wally
BrownCafe Innovator & King of Puns
From Money.com
How to fix Social Security
Here are five ways Social Security's financial challenges could be addressed so that it can pay out all scheduled benefits, according to the actuaries' report:1. Increase payroll taxes
The payroll tax for Social Security, which is paid by workers and employers, could be hiked 25% in 2034 to make up the difference. That would be an increase from the current rate of 6.2% up to 7.75%. However, the report notes that this could be unaffordable for low-income Americans without additional changes to their federal income taxes. Gradual payroll tax increases, therefore, would be less disruptive.2. Tax high earners more
Americans with high incomes do not pay Social Security taxes after a certain point — for 2023, the threshold is $160,200. The actuaries note Congress could consider the option of taxing all earned income. Removing this cap, however, would only make up for 78% of the projected shortfall.3. Add new tax sources
The report floats the possibility of taxing investment income to fund Social Security or increasing estate and gift taxes. But it points out that not only has this not been done before, it also is likely to face resistance.4. Reduce benefits for high earners
Congress has long adhered to a tradition of not cutting benefits for people already getting paid, but the report details several options to potentially reduce benefits for high-earning Americans who are not yet eligible for Social Security. However, these measures would be insufficient to fix the 2034 shortfall.5. Raise the retirement age
Americans become eligible to take Social Security at 62, though benefits increase the longer you wait until age 70. The report considers several ideas for increasing retirement ages to address the shortfall, including gradual approaches that (theoretically) wouldn't feel grossly unfair to people in different age cohorts. But raising the retirement age would be especially painful for low-income Americans and anyone who works a physically demanding job.
Wally
BrownCafe Innovator & King of Puns
About number 4. Be aware they are talking about you Teamsters if you are getting lots of overtime. Number 5 should be first.
Up In Smoke
Well-Known Member
He did take his Presidential pay, but donated the pre-tax amount to government programs. I'm pretty sure, like other rich people, he doesn't receive an "income" from businesses. He most likely borrows against his assets and repays the loan and interest with next years loans. As long as the assets grow in proportion to the loans, everything flows and taxes are minimal as capital gains taxes are offset by interest deductions.
Wally
BrownCafe Innovator & King of Puns
Republican Task Force Proposes Reforms to Prevent Cuts to Social Security Benefits
A GOP study committee has proposed staving off a looming 23 percent cut to Social Security benefits by program reforms, including raising the retirement age.
PT Car Washer
Banned
I agree. Keep them out there delivering until they are 70.
Wally
BrownCafe Innovator & King of Puns
Your choice. Personally, I would save more in my working years so the transition to retirement is painless in those years before I collect the social security supplement.
Which is just another way to say Trump didn't take his pay. My understanding was he donated to veteran causes. And the VA.
Up In Smoke
Well-Known Member
No, he took it for the tax deductions. Here's where the dollars went. He retain his last quarters income
Sportello
Well-Known Member
He's now collecting a pension, too.
We will never know if he actually made those donations, but it appears he did. He doesn't pay income tax, so know way of knowing if they are carried forward or even exist.
Never mind the millions he made and continues to make from charging the Secret Service for rooms charged above the government rate at properties he owns.
We will never know if he actually made those donations, but it appears he did. He doesn't pay income tax, so know way of knowing if they are carried forward or even exist.
Never mind the millions he made and continues to make from charging the Secret Service for rooms charged above the government rate at properties he owns.
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Commercial Inside Release
Well-Known Member
About 1.5-2 years ago, France tried to raise their retirement age, resulting in firey riots for months. About that time, a friend of mine passed away at 54yo. She was sweet, worked hard all her life, and left a family behind that still needed her.
Don't be so eager to raise the retirement age. Gen-X and millennials have probably been exposed to more chemicals and various diseases than any humans yet on earth... Are you sure you're going to make it?
