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.
Yeah, so you’re wealthy. You don’t need any social security (but you still benefit from it)
Moving it to a private account means a tiny group of millionares would make billions off our tax dollars. I am not on board with that.
I don’t benefit from it. It provides zero value to me
Yes, you do. A healthy country benefits all citizens.
There’s a financial burden we all bare when people can’t afford to live. We’re spared part of that burden through the underprivileged receiving social security
No I don’t. It’s just a wealth transfer which doesn’t build wealth. It provides zero benefit to me.
You must really like crime, because what you’re advocating for is the worsening of economic outcomes for Americans and therefore crime.
There you go again.
Yes, you do. Trickle down economics is a proven disaster that has eroded the middle class. It’s much better for the country to help bring the bottom up than to further increase wealth inequality by further funding the rich with our tax dollars.
You’re against wealth transfer but you’re proposing another one…this time to the wealthiest people in the country. And you’re fine with that because you get some more scraps out of it.
I’d be more sympathetic to your plight if you paid your fair share in taxes…but you richer you are, the less you contribute proportionally. You’re not the 1% but your attitude is why there’s so much anger toward the rich.
I am not suggesting a wealth transfer. Keeping my own money is not a transfer. Trickle down didn’t hurt the middle class. That’s some weird liberal re-write of history. If that was the issue then why didn’t the democrats fix it? NAFTA and other trades agreements are what destroyed the middle class. When companies could move jobs to China or Mexico , that removed the factory jobs many middle class people depended on.
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.
https://itep.org/55-profitable-corporations-zero-corporate-tax/
And? Use your words.
If you can’t put two and two together that’s on you.
It’s your weird argument. Don’t expect me to understand your illogical arguments.
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.
https://taxfoundation.org/data/all/global/corporate-tax-rates-by-country-2022/#Highest
Keep up.
That decision brought the country’s statutory corporate income tax rate from the fourth highest in the world
If we raised it as people are suggesting. We’d be back to one of the highest rates. Compared to most of our peers, we already have high taxation.
What kind of insane conservative nonsense is this? “We used to have something” means we still have it? Or people wanting to do something means it already exists?
That is the topic. Increasing the taxes. SMH.
We should be middle of the road for taxes. That’s what we receive in return.
We already have some of the highest corporate taxes in the world. Your solution is to tax them more
Maybe you don’t understand how the word “already” works?
Hell no. USA #1. We should have a 50% tax rate or higher. Especially for companies that only make money by manipulating money.
So you’d be fine being taxed at 50%? I wouldn’t. In most other countries the citizens pay a higher burden than the corporations. So you’d be fine with 50% of your wages gone?
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I am paid well for my job. I make over 400k a year.
The only group stealing my money is the government.
I make over 400k a year
Between that, and you owning several houses, no wonder you can’t fathom the failures of housing market.
I don’t see a failure. The housing market is strong.
Dont worry, we noticed you cant see failure some comments ago :)
Then explain how the market has failed. I’d love to hear how you think it’s failed.
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.
Those tax breaks do benefit you. You don’t think wages benefit the employees ?
You’re still in that fantasy land where you think trickle down works.
Worked great for me.
All your masters had to do was throw you a slightly bigger bone than the other dogs in the yard to distract you from the fact that they’re eating steak in orbit instead of sharing the wealth.
I’m not worried with what others are doing. Jealousy is a trait of the left. I’m worried about what I’m doing.
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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.
Reasonable leftis get a bad rep when it comes to economics. When I read garbage like this, I am reminded that this is just a lie.
When the first “real” argument is to think of the Government as a business, you miss the point entirely.
The Government is not a business. And that is a good thing.
Not sure I even want to read further in, because it is, like always, just down the hill from there.
No wonder all the posts are downvoted so much, when this is the best that is offered.
Edit: Read further in. And spelling.
Do not recommend if you value critical analysis.
Currently, everyone earning less than $168,600 ALREADY pays social security tax on all their income.
So… what? 90% of wage earners?
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%.
Yes a Ponzi scheme.
That will break under the boomers unless we lift the cap.
Let it. Social security is a sunk cost fallacy.
It’s not worth saving.
If social security collapses, millions of seniors will be destitute, and those of us who have been paying into it all our adult lives will get nothing and riot in the streets.
You don’t fully comprehend the ramifications of what you’re calling for.
I’d rather take the pay increase then continue funding a Ponzi scheme.
