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About This Page: This is a discussion on Politics within the LetsGoKings.com forums, at Los Angeles Kings Hockey Fan Forum. Government benefit programs in trouble - Yahoo! News
While the Social Security trust fund will have resources until 2041, the more critical date in terms of government revenues will occur
While the Social Security trust fund will have resources until 2041, the more critical date in terms of government revenues will occur in 2017. In that year, Social Security, which has been providing billions of dollars in surpluses to the government for over two decades, will start having to pay out more in benefits than it will receive that year in payroll taxes.
At that point, the government will have to start replacing the money it has borrowed from the Social Security trust fund. It can do that only by increasing borrowing from the public, raising taxes or cutting other government programs. The elimination of the Social Security surplus is a key reason that experts are projecting sizable budget deficits in future years.
Medicare is in even worse condition.
Quote:
But the trustees warned that financial pressures will begin much sooner when the programs begin paying out more in benefits each year than they collect in payroll taxes. For Medicare, that threshold is projected to be reached this year...
How do we fix this?
__________________ Hockey's original bad boy. The "Cowboy" Howie Young
Last edited by KINGS17; March 25th, 2008 at 04:11 PM.
The way it works is that you (AND you employer) pay 7.65% (each) on gross income below $100K or so (this goes up every year). Then above that amount only 1.4% (each) for Medicare is taxed. I think the limit should just be raised to $200K or so. It's LAME but what else can you do at this point?
That being said, this "system" is a joke to begin with. First of all the tax itself is a REGRESSIVE tax, plus it is a DOUBLE tax and later, if your income in retirement is too high, you get taxed AGAIN. The SS and MC tax is easily the worst tax ever created.
How is it after all of this robbery where did the money go? How can the reserves run out? Was Uncle using the money for OTHER purposes...nah...that would neeeeever happen....would it?
jom
__________________ Old men's room wall saying: Flush hard, it's a long way to Washington
I think FISA taxes go up to your first 96k income only. AT least that was the last time I checked.
Anyway... I heard a good idea too I think would be good. Rather than increasing it and hurting a lot of middle class families that might make combined incomes of 100-120k annually.... put a break it in. YOu continue paying FISA on say your first 100k, or whatever... then it stops and you pay no more unless you earn over the 200, or 250k... Then it picks back up again at said amount for the rest of your income. I like it. That way then the uber rich who CAN AFFORD IT pay more without squeezing hte the rest of us.
Just one of a million great democratic ideas, but I like that one. At least it would work best for my wife & I.
Quote:
Originally Posted by jom
I think we need to raise the limit on the SS Tax.
The way it works is that you (AND you employer) pay 7.65% (each) on gross income below $100K or so (this goes up every year). Then above that amount only 1.4% (each) for Medicare is taxed. I think the limit should just be raised to $200K or so. It's LAME but what else can you do at this point?
That being said, this "system" is a joke to begin with. First of all the tax itself is a REGRESSIVE tax, plus it is a DOUBLE tax and later, if your income in retirement is too high, you get taxed AGAIN. The SS and MC tax is easily the worst tax ever created.
How is it after all of this robbery where did the money go? How can the reserves run out? Was Uncle using the money for OTHER purposes...nah...that would neeeeever happen....would it?
jom
Last edited by Semper-Fi; March 25th, 2008 at 04:42 PM.
The way it works is that you (AND you employer) pay 7.65% (each) on gross income below $100K or so (this goes up every year). Then above that amount only 1.4% (each) for Medicare is taxed. I think the limit should just be raised to $200K or so. It's LAME but what else can you do at this point?
That being said, this "system" is a joke to begin with. First of all the tax itself is a REGRESSIVE tax, plus it is a DOUBLE tax and later, if your income in retirement is too high, you get taxed AGAIN. The SS and MC tax is easily the worst tax ever created.
How is it after all of this robbery where did the money go? How can the reserves run out? Was Uncle using the money for OTHER purposes...nah...that would neeeeever happen....would it?
jom
Absolutly, no reason a % of money paid into SS shouldnt be eligible for private investment. And when SS goes belly up will they dissolve the program entirely or simply ask for more? To steal your line Jom...hat would neeeeever happen....would it?
__________________ "The ultimate result of shielding men from the effects of folly is to fill the world with fools."
Last edited by Hipcheck; March 26th, 2008 at 07:32 AM.
__________________ I haven't crapped Obediah's pants since December 15th, 2007, stay away from the nachos at Champps. Tonga ate all of my mac and cheese, you bastard.
Just raise the cap and peg it to inflation and the problem goes away. Oh and read Greenspan's Fraud. It tells you why were are here. Unlike that article.
Good point. Current president has a budget surplus, and the last president spent massively into the red every year.
Wait a sec...
budget surplus or deficit, SS coffers keep getting raided by congress. this is not a new thing, this is not a democrat or republican thing. this is a really ugly thing.
budget surplus or deficit, SS coffers keep getting raided by congress. this is not a new thing, this is not a democrat or republican thing. this is a really ugly thing.
I think FISA taxes go up to your first 96k income only. AT least that was the last time I checked.
Anyway... I heard a good idea too I think would be good. Rather than increasing it and hurting a lot of middle class families that might make combined incomes of 100-120k annually.... put a break it in. YOu continue paying FISA on say your first 100k, or whatever... then it stops and you pay no more unless you earn over the 200, or 250k... Then it picks back up again at said amount for the rest of your income. I like it. That way then the uber rich who CAN AFFORD IT pay more without squeezing hte the rest of us.
Just one of a million great democratic ideas, but I like that one. At least it would work best for my wife & I.
why should it be convenient for you and not someone else? Yeah, that's a GREAT idea as long as *I* don't get inconvenienced?
is 100-120K middle class? I thought the average family income in the US was still under 40K...?
Absolutly, no reason a % of money paid into SS shouldnt be eligible for private investment. And when SS goes belly up will the dissolve the program entirely or simply ask for more? To steal your line Jom...hat would neeeeever happen....would it?
Whether you privatize it or not the govt should, by law, keep their hands out of it. Of course, many assumed that this was supposed to be the case originally but it turns out it wasn't. Nor did they inact the promise of getting a write-off on your contributions hence the double tax I alluded to earlier.
Privatizing it is fine but what happens when someone loses a ton of dough right before retirement? Would the govt still have to bail them out?
Another problem I have with the privatization was the govt COST. The main reason I was against Bush's proposal was the estimated TRILLION dollar cost. That is absurd. Why not just allow me to put the money in an account at, say, Vanguard or Fidelity. That can't possibly cost anywhere near that amount. Of course, the cost is really coming from govt oversight and other typical govt bloat. The less the govt involved the better. But again....it'll never happen. Govt needs to have their hands in everything.
Another solution: What if we keep the estate tax and allot that money toward the SS system?
I don't like the E Tax idea but if the lower end (the write-off if you will) can be raised (and annually with inflation) AND put the money (where it can't be touched by Uncle) toward SS, I'd favor that rather than the gross income limit raise.
KINGS17
Social Security will soon pay out more than it takes in 
