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Red Steele
Veteran Advisor

Good artilce on social security

Donkey can find something in it to say that the SS system has funds to pull back from the US treasuries that the "surplus" is invested in, until 2055 or so, and the rest of us can read that the system is out of money and running deficits and needs some changes.

 

Taxing the h#ll out of wealthy SS recipients and having all of that tax go back into the system will be a good way to further tweek the system to make it work. I did not realize that was already going on, to a small extent.

 

This way, you would not have to make any cuts to current recipients..you just tax the SS benefits at 100% or so....maybe 110% in Don's case, just because.

11 Replies
kraft-t
Senior Advisor

Re: Good artilce on social security

Some of us are already paying income taxes on our SS benefits. Just saying!

Red Steele
Veteran Advisor

Re: Good artilce on social security

Well, I knew that recipients paid tax on up to 85% of the ss received, so that would be an effective tax of about 19%...ie , you still keep over 80% of the loot, but I did not realize that part of that tax collected is supposed to go back into the ss system.

 

So raising the tax rate to 110%, from about 19%, would generate a lot of money. Your $30,000 would still get deposited each month, but you would have to pay an additional $33,000 in federal taxes so that every other senior would still get theirs.

 

Same way with farm benefits....let those that want to get subsidies still get them, but have them pay back 110% each year to help balance the budget.

 

See how simple all of this is ?

KNAPPer
Senior Contributor

Nonsense on social security

That 110% tax rate makes no sense. 

 

You, a supposed conservative, are advocating a new 10% tax on anyone receiving Social Security plus paying back 100% of the money received. That would be a true waste of money because it would cost tons of money and expand government just to process that program.

 

You make no sense - that's why it's "simple." Go back to your conservative drawing board and start thinking like a real conservative (but then again, maybe that's what you are doing).

schnurrbart
Veteran Advisor

Re: Good artilce on social security

So if a person only has SS benefits and he gets taxed 110% on them,what does he live on or even come up with the extra 10%? Oh, I get get it. He doesn't. He just dies and that takes care of the pesky ol' budget deficit.
kraft-t
Senior Advisor

Re: Nonsense on social security

Nah, He just needed to take a quick shot at old kraft-t. It just bugs him that I am getting benefits after paying in for over 50 years while his business success is severely limited because he has to pay some taxes.

 

Some people just can't tolerate responsibility.  That indicates a lack of maturity.

Samnospam
Advisor

Re: Good artilce on social security

Warren Buffet pays less tax on his social security than his secretary, we have to do something!

ollie2655
Senior Contributor

Re: should operate like us

we pay virtually no ss--dont want to pay to a lot who dont deserve it ---do you --there are a many wayd to avoid ss rip off

schnurrbart
Veteran Advisor

Re: should operate like us

Tell us more Oh great smart***one. In God we trust---All others we monitor!
ollie2655
Senior Contributor

Re:what can i teach you now ????

let me know what you need to know and i will help you