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cooter50 Profile
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Re: What has this stuff got to do with taxes?


You mis-interpret being Entitled to YOUR OWN money to being privileged as entitled to FREE money due to a program benefit. Or being one of the 'Entitled' that expects all to be given, not Just SSI or Medicare that had been paid for.

A little history:
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It is NOT due strictly to less inputs into the system that it is failing on paper. The lack of higher end middle class workforce positions and those continuing to decline is the curse.

The EPA and our Tax structure has done much of that in.
Politicians seeing a cash cow began taxing to excess on industry to pad social programs from the 60's on, industry looked for alternate sources with less costs to support profit lines, thus the foreign ventures, add to that the EPA, the influx of structured excessive emissions controls and release limits drove bad facilities to close, the regulations and systems function were dubiously noted as having worked so more regulations followed further facilities closed. The EPA accounts for release and emissions levels drops due to the structured emissions controls laws and required mechanisms, they totally discount the fact that most heavy industries just ceased to operate and left.
So too the jobs that fed SSI and Medicare. Service sector will not feed that level, cannot feed to that level, will not feed to that level as the increases to feed to the level of success drive inflationary rises countering the increases.
A self eating watermelon. Eats to get bigger while forcibly killing itself in the process. Will eventually die of its own efforts.
12/18/2017, 8:05 pm Link to this post PM cooter50 Blog
 
shiftless2 Profile
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Re: What has this stuff got to do with taxes?


What part of Social Security and Medicare taxes have never been high enough to pay the promised benefits did you miss?

And, to repeat, there is no pot of money out there marked "property of Cooter" - the Trust Fund is just one common pot of money - when it's gone either either benefits will have to be cut or taxes will have to be raised (or both). And quite probably the retirement age will have to be raised.

And the longer the gov't waits to do something the more drastic those actions will have to be.

12/18/2017, 11:08 pm Link to this post PM shiftless2 Blog
 
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Re: What has this stuff got to do with taxes?


Have to say, I didn't even realize this was in the tax bill ...

Actor Robert Redford Just Exposed Trump’s Massive “Scam” In Brutal Op-Ed

As the vote on Trump’s tax plan approaches, Academy Award-winning actor, director and environmentalist Robert Redford has slammed the Republicans rewrite of the tax laws a “scam” and “a dirty deal.”

Redford, now 81-years-old and still active on the big screen, is particularly incensed that tucked into the 500-page giveaway to the rich and big corporations is a section opening up the Arctic National Wildlife Refuge to oil and gas drilling for the first time since it was designated as a national park half a century ago by then-President Dwight Eisenhower.

]MORE>
12/19/2017, 4:11 am Link to this post PM shiftless2 Blog
 
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Re: What has this stuff got to do with taxes?


Fact #10: Relatively modest changes would place Social Security on sound financial footing.

Since the mid-1980s, Social Security has collected more in taxes and other income each year than it pays out in benefits and has amassed combined trust funds of $2.8 trillion, invested in interest-bearing Treasury securities. But Social Security’s costs will grow in coming years as baby boomers retire.

The trustees estimate that, if policymakers took no further action, Social Security’s combined Old-Age and Survivors Insurance (OASI) and Disability Insurance trust funds will be exhausted in 2034. After 2034, even if policymakers took no further action, Social Security could still pay three-fourths of scheduled benefits, relying on Social Security taxes as they are collected. Alarmists who claim that Social Security won’t be around when today’s young workers retire either misunderstand or misrepresent the projections. The long-term gap between Social Security’s projected income and promised benefits is estimated at 1 percent of gross domestic product (GDP) over the next 75 years (and 1.5 percent of GDP in the 75th year).

Policymakers should address Social Security’s long-term shortfall primarily by increasing Social Security’s tax revenues. Social Security will necessarily require an increasing share of our nation’s resources in the coming decades as the population ages, and polls show a widespread willingness to support it through higher tax contributions. Recent trends also justify boosting Social Security’s payroll tax revenue: Social Security’s tax base has eroded since the last time policymakers addressed solvency in 1983, largely due to increased inequality and the rising cost of non-taxed fringe benefits, such as health insurance.

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“I do not believe in the general promiscuous toting of guns. I think it should be sharply restricted and only under licenses.” - NRA president Karl T. Frederick, 1938
12/19/2017, 3:11 pm Link to this post PM John1959 Blog
 
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Re: What has this stuff got to do with taxes?


So a 20-30% increase in SS taxes is "modest" - don't think too many people would agree with you

A SS tax of 16.4 percent would mean that a full sixth of taxable payroll would be going towards SS - and that's not counting what would have to be done to Medicare taxes to keep that program afloat.

------------------------------

When the OASDI trust fund is exhausted, beneficiaries will face an across-the-board 23 percent benefit cut, the equivalent of about $5,800 per year in today’s dollars for a typical beneficiary reaching the full retirement age in 2033. This cut would be immediate and would affect all beneficiaries regardless of age, income, health or wellbeing. The size of the cut would also grow over time, reaching 27 percent by 2091.

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Avoiding these abrupt cuts and making Social Security solvent would require the equivalent of immediately raising the Social Security payroll taxes by 22 percent, from 12.4 to about 15.2 percent of payroll; reducing benefits for all current and future beneficiaries by about 17 percent; reducing benefits for all new beneficiaries by 20 percent; or some combination of the three.

The necessary benefit cuts or tax increases only become larger the longer that policymakers delay action. If policymakers wait until 2034 to make any changes, they will have to increase the payroll tax by 32 percent (to 16.4 percent) or cut benefits for all new and existing beneficiaries by 23 percent to attain solvency, and even eliminating benefits for new beneficiaries would not be enough to avoid insolvency. A much smarter course of action would begin changes much earlier so they can be spread among more generations and phased in more gradually with more warning to affected beneficiaries.

Importantly, even with an immediate payroll tax increase large enough to make the program solvent, cash-flow deficits would return by 2029 – meaning further changes would be necessary to make the program sustainable over the long term. That is why policymakers should look beyond simply keeping the program solvent for 75 years and pursue “sustainable solvency,” which ensures the program raises about as much as it pays out over the long run.

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12/19/2017, 8:43 pm Link to this post PM shiftless2 Blog
 
cooter50 Profile
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Re: What has this stuff got to do with taxes?


All your charts, forecasts, any and all the doom and gloom from the left leaner's is round file fodder should employment continue to rise, stocks continue to rise and heaven forbid bonds ever turn to the hard positive. Then all bets are off as to the doom and gloom.
12/22/2017, 7:14 pm Link to this post PM cooter50 Blog
 
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Re: What has this stuff got to do with taxes?


What did all those CEO's have to say about where their money was going to the WSJ interviewer, to their shareholders. People are working and have been, the economy has been rolling, the Dow has been in an upward strong string for years now and there is no such thing as a trickle down economy.
12/22/2017, 8:14 pm Link to this post PM katie5445 Blog
 
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quote:

katie5445 wrote:

What did all those CEO's have to say about where their money was going to the WSJ interviewer, to their shareholders. People are working and have been, the economy has been rolling, the Dow has been in an upward strong string for years now and there is no such thing as a trickle down economy.



In fairness a few companies have said they'd be investing the money in the company and giving employees bonuses but the majority have said they're either doing share buybacks or paying it to shareholders as dividends.
12/22/2017, 8:35 pm Link to this post PM shiftless2 Blog
 
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Re: What has this stuff got to do with taxes?


quote:

cooter50 wrote:

All your charts, forecasts, any and all the doom and gloom from the left leaner's is round file fodder should employment continue to rise, stocks continue to rise and heaven forbid bonds ever turn to the hard positive. Then all bets are off as to the doom and gloom.



As long as Trump doesn't manage to screw up the economy he inherited from Obama the charts will look fine.

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Of course the deficit is going to go thru the roof along with the debt (and the average taxpayer will be shafted but who's paying attention to details)
12/22/2017, 10:42 pm Link to this post PM shiftless2 Blog
 
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Re: What has this stuff got to do with taxes?


I really love when you can spot the eccentricities in charts, they built this one to show exponentially so the later rises 'Appear' lower or slower than those of the previous POTUS.
12/22/2017, 11:44 pm Link to this post PM cooter50 Blog
 
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Re: What has this stuff got to do with taxes?


Robert Reich illustrates our situation ...



12/23/2017, 2:23 am Link to this post PM birdcharm Blog
 
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Re: What has this stuff got to do with taxes?


quote:

cooter50 wrote:

I really love when you can spot the eccentricities in charts, they built this one to show exponentially so the later rises 'Appear' lower or slower than those of the previous POTUS.



Even if you make it a linear scale fact is all that it's showing is a continuation of the gains under Obama.
12/23/2017, 3:56 am Link to this post PM shiftless2 Blog
 


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