With another four years of Bidenomics, you can be certain that, at the individual and corporate level, a perpetuity tax on Social Security will become front and center.
That’s a hard pass for me. I’d rather opt out of social security. It’s a ponzi scam. If the government had put that into a private account, I’d have millions of dollars in there.
If the government had put that into a private account, I’d have millions of dollars in there.
I assumed you started working in 1977 for $120k/year (that's $630k in today's value btw) and retired today, contributing 6.2% monthly from the start and put it in a 6% monthly compounding savings account, you'd be just shy of millions ($1.9m).
I did not account for raises because if you've made over $7m in your lifetime, you don't need the cash payout from social security anyway. It's a safety net for people who can't afford to save for retirement - and they've been paying into it their whole lives, too.
I'm not a fan of how social security has been handled (or that I'm not going to benefit as much as boomers have) but social security for everyone benefits the country.
I started working in 1988. I haven’t made less than 100k since 2000. I’ve averaged since about 2010 over 400k a year.
Increasing how much I pay into the system; doesn’t increase the amount I receive. That isn’t in the design.
401k allows about double social security with the cap. I have about 5 million in my 401k which shows social would have done better in a private account.
Gotta jack that corporate tax rate way up Morty. Get it way up there. Financial services, insurance and landlords are like 20% of the GDP alone. Tax the ever living fuck out of those leaches.
We already have some of the highest corporate taxes in the world. Your solution is to tax them more when they can just move to a lower tax income country?
We already have some of the highest corporate taxes in the world.
Ahhhh, the classic "I'm just going to say nonsense and hope people don't notice."
America's taxes are below the global average and rank the 81st highest in the world, which is a bizzare definition of some of the highest in the world.
You're living in a fantasy world if you think US cooperations pay "some of the highest corporate taxes in the world".
And YES. I'd pass a law mandating that anyone wanting to draw profit from the U.S. market has to pay U.S. taxes. Fuck those corporate freeloaders. Their tax breaks don't benefit me at all.
The difference between Social Security and a Ponzi Scheme is the Ponzi lures people in with promises of high rate of return. Social Security is involuntary and promises flat returns (not even rate since deduction amounts are different based on earnings).
Social security is no different. It’s claim much more than the average person puts in and the government isn’t generating any real interest to pay for it.
It’s why the system is in trouble. It’s a ponzi design. I have no interest in it. It steals wealth from people.
If they increase the cap or remove it. It’s more of my wages stolen.
You’re correct. It’s a small group but as I am part of that group, as such I don’t more of my wages stolen.
We live in the same neck of the woods. Do you think our cost of living has went up over the past few years or stayed the same? I’ve seen drastic increases and would like to keep more of my money.
Removing the cap helps ensure SSI stability, so overall, that would be a good thing even if it means 10% of high wage earners have to pay the same rate as the other 90%.