Welcome login | signup
Language en es fr
OccupyForum

Forum Post: SS Ripoff Iteration n++

Posted 10 months ago on Jan. 31, 2018, 9:47 a.m. EST by agkaiser (2239) from Fredericksburg, TX
This content is user submitted and not an official statement

In SOTU 2018, Trump boasted that, because of "tax reform," no American married couple will pay income tax on the first $24,000 of earnings. In 2013 none of the 43% of households making less than $30,000 paid federal income tax.(1)

Low income households have always paid Social Security Payroll tax on all of their income.(2) Higher income "earners" pay relatively little into the Social Security Trust Fund. Republicans have borrowed and spent the Trust Fund on military contractors, tax cuts that overwhelmingly benefit the billionaire class that own the government and other frauds and scams. Such welfare benefits political donors, fraternity brothers, friends and relatives.

They've been saying all along that the SS and Medicare benefits must be cut to balance the budget and save the trust fund.(3) But that is insurance the (SS payroll) tax on the poor has prepaid. What we get in return is our share of the tax cut. We will only pay federal income tax on the first $24,000. That's down from $30,000 a few years ago.

(1) A little more than 43% of U.S. households - or 70 million homes - will end up owing no federal income taxes for 2013. ... The households with zero income tax liability are not evenly distributed across income groups. The majority this year - nearly 67% - have incomes below $30,000.

http://money.cnn.com/2013/08/29/pf/taxes/who-doesnt-pay-federal-income-taxes/index.html

(2) Social Security's Old-Age, Survivors, and Disability Insurance (OASDI) program limits the amount of earnings subject to taxation for a given year. … We call this annual limit the contribution and benefit base. For earnings in 2018, this base is $128,700.

https://www.ssa.gov/oact/cola/cbbdet.html https://www.ssa.gov/oact/cola/cbb.html

(3) As a result of changes to Social Security enacted in 1983, benefits are now expected to be payable in full on a timely basis until 2037, when the trust fund reserves are projected to become exhausted. ... immediate reduction in benefits of about 13 percent, or an immediate increase in the combined payroll tax rate from 12.4 percent to 14.4 percent, or some combination of these changes, would be sufficient to allow full payment of the scheduled benefits for the next 75 years.

https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html

5 Comments

5 Comments


Read the Rules
[-] 3 points by DKAtoday (33686) from Coon Rapids, MN 10 months ago

The attack on SS by this current Presidency & administration takes an operational page from 100's (thousands?) of CorpoRat-ions. Take your employee retirement program and empty it in2 a restructuring of t business U r actively funneling all of t money out of! Enron anyone?

[-] 2 points by agkaiser (2239) from Fredericksburg, TX 10 months ago

yeah! GM gutted the pension fund in 2009 then declared bankruptcy after selling off the lucrative finance section (GMAC) to the same shareholders that supposedly got stiffed along with the unions in the "we're broke!" fraud. All with the blessing of the courts and the RepuDems. Of course they all bow to their corpoRATe/Republican masters.

[-] 3 points by DKAtoday (33686) from Coon Rapids, MN 10 months ago

Private Retirement Programs whenever I have looked at them have always seemed to me to be a scam orchestrated by employers to never be solvent to begin with (never fully funded from day 1) and set-up in such a way as to be another slush fund that the business could access for it's own use and leave the employee holding nothing. This is what the corpoRats want to do to SS = remove it's REAL value to American Citizens and set it up as a slush fund for anything OTHER than a Social Safety Net for retirement support for the working poor!

[-] 1 points by ImNotMe (1488) 10 months ago

''Social Security is Strong'' by Sen. Bernie Sanders (I-Vt.)

respice, adspice, prospice....

[-] 1 points by grapes (5223) 10 months ago

Income taxes on individuals are actually totally UNNECESSARY because the other side of the transactions is the businesses. We can simply impose a large enough National Consumption (good incentive for government to manage the economy well) Tax on all businesses and a high enough inheritance (mortality rates are eminently predictable by the death insurance companies so the revenue stream due to taxing inheritance is quite predictable as well) tax to balance the books. It's as simple as healthcare reform could have been. It's complicated only because an extremely arrogant and stupid people, "I am American!" has pretended to do it, with "help" from the vested interest groups.

I propose outsourcing our national healthcare expenditure to Canada and let Canada handle it for great economy of scale (we can probably save a trillion dollars every year eventually once the transition to the better system has been completed). Sarah Palin, as "American" as she was, went over to Canada to have her family taken care of. Oh, by the way, I am also "American," a nationalist (everyone is entitled to a nationality and a champion) flying-turkey member of my extremely arrogant and stupid people. I can also "see Russia from my [poo-tin-ium] house" as Sarah Palin claimed that she could from hers. British Pride, U.S. Brown Maw - both well deserved.

We had caravans of our senior citizens crossing borders to go to Canada to buy the cheaper medical drugs there. What's NAFTA good for if not for these trans-border free trades? Pay Canada to handle Medicare and Social Security, too. "And on the seventh day, Macondom saw that it was good." How did He get into labor?

From now on, "American" shall mean "extremely arrogant and stupid." Fly, Turkey, fly. The season for driving off the authoritarian Turkey is now open. Turkey has NO legitimate jurisdiction in Syria (fighting ISIL doesn't include fighting the Kurds because Kurds are not ISIL). They didn't even respect the U.S. sovereignty in our Capital (they beat up U.S. demonstrators exercising their right to free speech under the First Amendment of the U.S. Constitution). We need a Thanksgiving. Go, Kurds, go. Freedom beckons. To our troops in the field, we started as freedom fighters to protect our constitutional rights against ALL enemies, foreign and domestic. Remember that. "America First!" Turkey dinner is delicious for Thanksgiving. Hope you'll be home with that Big Bird. Turkey, a NATO member, could trigger an all-out nuclear war between NATO and Russia, potentially extremely devastating to all. It's probably safer to eat it early rather than be roasted by it when it spits fire to ignite a nuclear war. Authoritarianism is out of control worldwide. Trump failed to protect the U.S. Constitution's First Amendment and should be impeached and forced to resign for traitorous behavior - lying under oath while assuming the Office of the U.S. Presidency to deceive the World. So sock him God.

It's NEVER smart to play politics with the administration of justice anywhere anytime.

Does the person have the proper level of security clearance? Does the person have the need to know?

Aren't we all New Yorkers?

Following the urethra of the U.S. Pissing (of course, there'll be GOLD in them cannon shots at Liberty Park from {glans-powered} Battery Park! - whew, so many naked/violent Korean siblings) Service, on the number 6 ({subway} train), Long Don Orange should have made it all the way down to Foley Square at least once by now (unless his babysitter was still molesting him uptown?). Could Macondom be the (kidney stone) problem? He could be the Bush-it Thomas Paine (Korean birthing) Park, too.