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Old 05-18-2012, 08:53 PM   #43
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And thus there within lies the problem.
And I'm certain that I'm a minority of one.
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Old 05-18-2012, 08:57 PM   #44
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Interesting thought that Tax rates are at there lowest since 1955, yet people are screaming they want spending cut, due to the fact they are "overtaxed".
Raise taxes, cut spending, cut the bloated Defense budget.
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Old 05-18-2012, 08:58 PM   #45
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And I'm certain that I'm a minority of one.
If you were, there wouldn't be a problem. Sorry not picking on you, just was making a point that many people need to be the solution, not just a few.
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Old 05-18-2012, 09:01 PM   #46
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Tom, would you be in favor of a decrease in SS payments starting at an income of $150,000 and a total elimination of benefits once someone reaches $250,000 in income? I think that may be one way to help reduce the burden somewhat. The obvious one is to increase the retirement age which is probably way overdue. I don't think it is unreasonable for many people to work until they are 70. That's what I plan on doing.

Disability payments have got to become more strict. I have one client who started getting SS disability because he got too fat to work. Now he's too fat to work a job, but he's healthy enough to hook up a fifth wheel and drive to Florida and back every winter.
Why should I have to take a cut in SS benefits just because I work hard and earn more than $150,000.00 dollars a year? Would I then be exempt from SS taxes on my income? I don't think it would be very fair to pay full taxes and then get reduced benefits.
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Old 05-18-2012, 09:02 PM   #47
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At least California has taken the first step towards fiscal responsibility.
CA already has such a huge tax rate, companies and jobs are leaving as fast as they can. Raising taxes even higher as they are is very irresponsible. You can not borrow your way to solvency,
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Old 05-18-2012, 09:10 PM   #48
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We need to not pay SS to people that have never worked and never will. (unless they can't) Too many freeloaders.
You got that right.
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Old 05-18-2012, 09:12 PM   #49
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Interesting thought that Tax rates are at there lowest since 1955, yet people are screaming they want spending cut, due to the fact they are "overtaxed".
It is very hard to compare tax rates from different eras because the deductions have changed so much starting with Reagan. Effective tax paid are up for personal income for those of us who actually pay taxes are up and the number of workers not actually paying taxes continues to climb. Now 49% do not pay federal income taxes and the top 5% pay over 40% of federal income taxes and get hammered daily for not paying their fair share. Spending has gone way, way up (moderator edit) and most of us were doing much better with the lower spending. It is all about redistribution.
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Old 05-18-2012, 09:23 PM   #50
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Money has been illegally taken from the trust fund and used for other purposes over the years. All the gov't has to do is do a "bailout" like they did for private industry. Then, no problem!
Amen! All my life, while taking my money to support the system, the Feds promised me SS would be there when I turned 65. That proved to be a lie when they decided I couldn't get full benefits until I was 66. Now they want to cut my benefits? All because they mismanaged the money they took by dipping into the fund for spending unrelated to SS or to add more benefits without increasing the amount coming in? Had the Feds left that money alone, there wouldn't be a problem now so I say HECK NO! I will NOT be willing to accept a cut in benefits! Any politician who advocates cutting benefits will be committing political suicide.
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Old 05-18-2012, 09:36 PM   #51
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When and if the SS System fails I want the money I put in back. Otherwise I feel the government just stole it from me. I've worked for the US Government most of my adult life and am just sick of what these extremely wealthy politicians are doing to this country
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Old 05-18-2012, 10:00 PM   #52
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If you ever wonder why we, as a nation, are in trouble, then you just need to read through these preceding 50 posts. I think I counted two people that would actually make a sacrifice to help save the system. Wow!!! Don't tax you, don't tax me, tax that guy behind that tree.

So if I make over $150,000 and I'm old enough to draw my SS then I shouldn't have my benefits cut because of.....why? Social Security is administered by the Department of Health, Education and Welfare. So SS is just another form of welfare. Welfare for someone making over $150,000 doesn't seem to be a good prospect, but the logic pushed by past governments is that you paid it in so you can draw it back out, even though they will draw out way more than they paid in.

The system is in trouble because too many people have been added to the roles, people live too long, and there is a ton of abuse within the system. When the system started it was a safety net for those who could not take care of themselves. It has evolved from that to an "entitlement" that some posters apparently are opposed to.

If we want the system to survive, and apparently not everyone does, then we will all have to make changes. As I like to ask my friends who talk about keeping all spending intact I just ask them one simple question.....What are we going to do when the money runs out? Right now the top 5% of taxpayers pay 75% of all taxes and if we go a lot higher some will do just as the one founder of Facebook has done. They just go to where the taxes are lower.

At my income level, which I would hope would be close to what it is now after I retire, I really won't need the full amount of Social Security so I shouldn't be drawing the full amount. I will work at least until I'm 70 so I will be continuing to pay into the system. The current max is just over $110,000 and next year it goes to just over $113,000 based on current projections. Any form of government assistance should be need based, not an entitlement.
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Old 05-18-2012, 10:22 PM   #53
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Tom, would you be in favor of a decrease in SS payments starting at an income of $150,000 and a total elimination of benefits once someone reaches $250,000 in income? I think that may be one way to help reduce the burden somewhat. The obvious one is to increase the retirement age which is probably way overdue. I don't think it is unreasonable for many people to work until they are 70. That's what I plan on doing.

Disability payments have got to become more strict. I have one client who started getting SS disability because he got too fat to work. Now he's too fat to work a job, but he's healthy enough to hook up a fifth wheel and drive to Florida and back every winter.
A couple of items here that really bother me. ALL workers, regardless of income, PAY for Social Security, and therefore have paid for their benefits. You should collect benefits regardless of income.
Second, we MUST stop payments to those who do not, and have never paid into the system.
Third, make sure ALL, including congressmen, etc, are in the system and take away their special, HUGE, retirement benefits. Being an elected congressmen is not a profession, and should not be compensated as such. Congress has set themselves apart as being above and better than the citizens they represent. Their salaries, pensions and health care should all be STOPPED, and they MUST be in the same group as everyone else!
Untile these changes are made social security will be sick and a joke.
JMHO
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Old 05-18-2012, 10:29 PM   #54
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Ahhh

Fix Social Security first by removing the cap on income subject to SS tax.

Why should 100% of my income be subject to SS taxes but if I make 100 times as much I only pay 1% in SS taxes?

Class warfare is just a smoke screen. Class warfare has been around for thousands of years - nothing's different. The rich have always have, and always will, live by taking from the poor. Whether it was Robin Hood, Marie Antoinette, Jesse James, Leona Helsley or whoever the rich have always had all the money. Millions of workers are earning a minimum wage or worse to keep the landed gentry enjoying their inheritances while never working a day in their lives. This idea we taking from the rich and giving it to the poor.....baloney. If you have no money you pay no taxes, if you have millions you pay little or no taxes either. I wish I could be like Frank McCourt and pay no taxes while earning millions.

Remember Leona said it best, "Only the little people pay taxes."
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Old 05-18-2012, 10:31 PM   #55
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If you ever wonder why we, as a nation, are in trouble, then you just need to read through these preceding 50 posts. I think I counted two people that would actually make a sacrifice to help save the system. Wow!!! Don't tax you, don't tax me, tax that guy behind that tree.

So if I make over $150,000 and I'm old enough to draw my SS then I shouldn't have my benefits cut because of.....why? Social Security is administered by the Department of Health, Education and Welfare. So SS is just another form of welfare. Welfare for someone making over $150,000 doesn't seem to be a good prospect, but the logic pushed by past governments is that you paid it in so you can draw it back out, even though they will draw out way more than they paid in.

The system is in trouble because too many people have been added to the roles, people live too long, and there is a ton of abuse within the system. When the system started it was a safety net for those who could not take care of themselves. It has evolved from that to an "entitlement" that some posters apparently are opposed to.

If we want the system to survive, and apparently not everyone does, then we will all have to make changes. As I like to ask my friends who talk about keeping all spending intact I just ask them one simple question.....What are we going to do when the money runs out? Right now the top 5% of taxpayers pay 75% of all taxes and if we go a lot higher some will do just as the one founder of Facebook has done. They just go to where the taxes are lower.

At my income level, which I would hope would be close to what it is now after I retire, I really won't need the full amount of Social Security so I shouldn't be drawing the full amount. I will work at least until I'm 70 so I will be continuing to pay into the system. The current max is just over $110,000 and next year it goes to just over $113,000 based on current projections. Any form of government assistance should be need based, not an entitlement.
If you are a worker and contribute the full amount to social security, you will never get back what you put in the system.
Now the employee contributes directly about 7.5% and your employeer contribtes the same 7.5% for a total of 15% +/-, so for an income of $150,000 per yr x 15%=$22,500 per year. Take this amount over a period of thirty years with compounded interest and you have some serious money.
Taking that lump sum x the maximum monthly benefit and you will not / connot live long enough to collect what you would have accumulated.
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Old 05-18-2012, 10:36 PM   #56
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CA already has such a huge tax rate, companies and jobs are leaving as fast as they can. Raising taxes even higher as they are is very irresponsible. You can not borrow your way to solvency,

And as Europe is finding out, you can't cut your way to prosperity.
Regards to your statement regarding the # of people not paying taxes, the same would hold true with corps. When it comes to actual paid tax, Corporations are paying less today, then they were 30 years ago.
The tax code is a huge part of the problem, too many people, and too many corporations are not paying their fair share.
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