No taxes on OT!!!! To good to be true!

[OutdoorDad]

Wonder how that works for retired folks? Better still no income taxes on social security. Wasn't there a time when that was true? I think old bite me Biden pushed to tax ss payments. I could be wrong.

Ronnie did that.

 

[Ingomike]

I think the people do care. That's how the courts get involved. But the issuer of the EO's is still throwing up a big middle finger to the people and the Constitution. But they keep doing it because it takes time for everything to work through the courts before the eventual (if we're lucky) judicial smackdown.

If it was the kiss of death from the people to give that middle finger to the constitution they wouldn’t do it but alas they likely will not lose significant support. There is a subset of us that care but if it is what some want they don’t care if the constitution is followed or not. Many believe we need to redo it because we are so much smarter…

 

[sapper83]

In 2005, Bush Jr. tried to tie social security to the stock market. He was lambasted for "Privatizing," social security. If we had made that choice, the system would be solvent. Social security is a Ponzi scheme and that has been known since it inception as a benefit for war widows. The retired community is stealing money because money was stolen form them. With sincere respect, I sympathize, but when do we decide to stop stealing from the future to pay for the past? There is no lock box, the money is gone. This is where "thou shalt not steal," becomes much bigger conundrum. Obviously some kind of phase out would be necessary based on what was contributed with an appropriate adjustments for inflation and a reasonable interest rate. But there simply are not enough grandchildren to continue the system as is.

Not only.ia it the biggest ponzi scheme they misappropriated all the money taken! If it was never touched and invested like when it was first set up there would be trillions up on trillions in the fund!!! More then our deficit!

 

[Ingomike]

Not only.ia it the biggest ponzi scheme they misappropriated all the money taken! If it was never touched and invested like when it was first set up there would be trillions up on trillions in the fund!!! More then our deficit!

Oh no, every penny is accounted for, they invested it in more government…

 

[Tradesylver]

Ronnie did that.

In 1993, Joe Biden was the deciding vote in raising taxes on social security from 50% to 85%. Now he wants to tax our 401k’s and IRA’s (page 78, Dems’ platform)”

 

[sapper83]

This is 100% wrong. It lead to sustained middle class that fed into the 90’s. It sure as hell doesn’t trickle up. To create jobs there needs to be incentives to invest the work and or money to create good jobs and productivity. That is why I support no corporate taxes, 0, zilch. It is double taxation. I would also lower capital gains to 10%.

If that was done it would drive capital and bust the US at unprecedented rates. My only fear is it might just work so good that it could cause war.

Good ole dependable mike, always way out there! At least you're consistent

 

[sapper83]

It wasn't a promise, it was a lie. Anyone familiar with economics should have known it from the start. It was a lie everyone was forced into. At some point the math will assert itself. Everyone is just hoping they will die before the bill comes due.

That is why they keep raising the damn age!!! It will 85 before I can collect if it is still there!

I say give me back what i paid with a modest interest of 4% compounded!!! Write me the check! And i will be set

 

[Ingomike]

Good ole dependable mike, always way out there! At least you're consistent

WTF do you think is way out there in my post? Do you not see that corporate taxation is a double tax? How do you build anything without capital? What exactly is wrong in my post? Why are you against financial freedoms?

I would prefer stiff consumption taxes to fund necessary government and an economy that paid 10% on savings accounts because the money was s valuable as capital to build with. I am 100% for as unfettered of a capitalist system as possible…

 

[OutdoorDad]

In 1993, Joe Biden was the deciding vote in raising taxes on social security from 50% to 85%. Now he wants to tax our 401k’s and IRA’s (page 78, Dems’ platform)”

ronnie's tax reform act of 1983 took taxation from zero to a positive integer.
your ira and 401k has always been taxed.
biden isn't running

 

[Ingomike]

That is why they keep raising the damn age!!! It will 85 before I can collect if it is still there!

I say give me back what i paid with a modest interest of 4% compounded!!! Write me the check! And i will be set

I’d take that near million I have paid in over my life.

 

[sapper83]

ronnie's tax reform act of 1983 took taxation from zero to a positive integer.
your ira and 401k has always been taxed.
biden isn't running

I think they meant obama and biden both advocated to tax your 401k pretax contributions then also tax them later, they also kicked around yearly taxation on unrealized gains in the 401k and an extreme idea of even taking them and creating another program like social security.

 

[Ingomike]

I think they meant obama and biden both advocated to tax your 401k pretax contributions then also tax them later, they also kicked around yearly taxation on unrealized gains in the 401k and an extreme idea of even taking them and creating another program like social security.

I have long suspected they will create something like super social security and the ante price is retirement accounts. That is likely the largest pool of money in the world. Politicians want that in their hands….

 

[OutdoorDad]

I think they meant obama and biden both advocated to tax your 401k pretax contributions then also tax them later, they also kicked around yearly taxation on unrealized gains in the 401k and an extreme idea of even taking them and creating another program like social security.

interesting... when did that happen? have a source? i'm uninformed on that proposal.

 

[sapper83]

interesting... when did that happen? have a source? i'm uninformed on that proposal.

I will have to look it up, i remember our union who actually donates to dems had made a post on it.

 

[Ingomike]

interesting... when did that happen? have a source? i'm uninformed on that proposal.

Cackles has now picked up the tax on unrealized gains…

 

[oze]

Yea, I to hated that $2.05 a gallon gas, those 2-3% mortgages, making good money on my investments.....

Did you mean to quote my post with your response? Because one has absolutely nothing to do with the other.

 

[OutdoorDad]

That is why they keep raising the damn age!!! It will 85 before I can collect if it is still there!

I say give me back what i paid with a modest interest of 4% compounded!!! Write me the check! And i will be set

Well, that isn't going to happen for you or me. Wish as we might.


For those maxing out, think of it as a half a million dollar annuity. You can't take cash option. Your spouse(s) get half your benefit. Your benefit grows at 8% guaranteed until you begin taking it.

If you don't want your benefit, I'll gladly take it.

And... it isn't designed for those who are maxing out. It is a security net.
I'll never get back what I put in.

It's designed to allow the elderly to retire with a sense of dignity and control over their future.

As the Boomers die off, the stress on an unfunded pension will be less. The issue with SS isn't a math problem. Its a political problem.

 

[OutdoorDad]

I will have to look it up, i remember our union who actually donates to dems had made a post on it.

lmk

 

[Creedmoor]

You're not very familiar with unions.I take it? So it's called profit sharing really. So they take our earnings per share for the year, plug that into some equation with safety numbers, And some other metrics to get a percentage For the bonus. Then they take whatever you grossed last year and use that percentage as your bonus. It was like 10.6% percent last year. Hell there were some guys that got over fifty thousand dollar bonus because they made a half million dollars.

I assume you work for a company as an employee, Under the umbrella of a Union Contract.

 

[OutdoorDad]

Cackles has now picked up the tax on unrealized gains…

Had a buddy who used to say "I have a rope at home" when someone would interject with a random comment.

So I'm going with "I have a rope at home"