Not going to tax the middle class

[paul young]

look at how SS works. How it actualy works. Then look up ponzie scheme. Then ask yourself. Why is the government able to do something they put that Bernie Madeoff guy in jail for?????? And the PURE Waste in SS, I see it every day. UGH!!

You're a working stiff like me, Ken. Without SS we have 4 options:

-work till we die (not my choice, i don't know about you...)
-manage to save at least $1.75 million before we retire (with SS we need half that much). This is my personal choice as that should be attainable.
-hit lotto
-become "takers" and be a burden to society.-Paul

[Golddogs]

Definitely should not have been cut in the first place. What would save us more money in the long run would be to open up drilling in Alaska and out west to lower oil prices. Get us back to what gas was costing when Obama took office in 08 and we'd have a lot more in our pockets than what the 2% cut is Social Security taxes gave us.

Just paid $2.89 yesterday less .03 for having a savings card with that operator and being Tuesday, double coupon day for a .20 reduction. $2.66 a gallon. What a treat!

Keystone pipeline needs to get started too.

Looking at Energy Independence Regards

[huntinman]

Just paid $2.89 yesterday less .03 for having a savings card with that operator and being Tuesday, double coupon day for a .20 reduction. $2.66 a gallon. What a treat!

Keystone pipeline needs to get started too.

Looking at Energy Independence Regards

How far we've come...

[Marvin S]

The payroll tax (social security) as presently managed, should NEVER have been cut in the first place. That program is underfunded even at 6.2%.-Paul

The program will always be an issue until private accounts with some of an individual's contribution are allowed.

I am an attorney and work with income and estate tax matters frequently. Most of my "wealthy" clients pay absolutely obscene amounts in taxes, and despite popular misconceptions there are no silver bullets. Some can utilize the lower capital gains rates for a portion of their income, but even then the vast majority are paying more far more as a % of their income than the vast majority of the middle class. However, even with lower tax rates the middle class is saddled with a very heavy tax load, since with their levels of income they are working much closer to the margin. I am not for any tax increases without accompanying spending cuts, but in this case I am glad to see FICA go up to its normal rate, since it "feels" like a tax increase to all Americans, even to the 47% who have no skin in the game when it comes to federal income tax. If nothing else it might possibly make people think a little before they blindly support tax increases that don't affect them.

Thanks for contributing. Not everyone who participates here understands taxes . Recently read an article that places taxpayers at more like 87% when SS & FICA are included.

You're a working stiff like me, Ken. Without SS we have 4 options:

-work till we die (not my choice, i don't know about you...)
-manage to save at least $1.75 million before we retire (with SS we need half that much). This is my personal choice as that should be attainable.
-hit lotto
-become "takers" and be a burden to society.-Paul

I believe we all would be classified as working stiffs .

IMO - anyone who retires without a 4 legged stool is not too smart -

SS - not real lucrative but buys beer, goes up a little every year, a portion of which goes to pay for the increase in medicare charges.

Job retirement - mine has never gone up since retirement (while I can think that would be nice, I can also see the company's side - a lot of money into someone whose lived too long .) But did invest the 401K & have gotten a decent return on that. One only need recognize that any one bad model could bankrupt the company I worked for - while I don't think that to be the case having watched the process for years, it is still a possibility.

Fixed Income - we have been in a ZIRP environment for so long that that well has dried up. High rate bonds have been called or matured & CD's that pay anything are just not there. So right now the stool has 3 legs.

Investing - Most on this forum know I invest & encourage everyone with the right temperament to do so. This is the time of year that I tally the score & will tell you that being in the market is the only way to deal with inflation, which is inevitable. To discuss FI & Investing we need a separate thread as it is a serious subject & could be beneficial to those who will probably be leftout in the SS reconfiguration, other than getting to pay & receiving little in return .

[HPL]

To the title;

Who did people honestly think was going to bear the burdon of tax increases???

Are you that naive or just blinded by class hatred??

The "middle class" has, is and always will pay the freight!!


Wealthy folks have tax attorneys they pay more to (in salaries) than the taxes would cost to avoid paying them!!!!!

Haven't I read multiple times over the last few months that in actuality, it is the top 10% or so of the population that pays the greatest portion of income taxes, thus making the wealthy the ones really carrying the burden for the rest of us?

[Buzz]

look at how SS works. How it actualy works. Then look up ponzie scheme. Then ask yourself. Why is the government able to do something they put that Bernie Madeoff guy in jail for?????? And the PURE Waste in SS, I see it every day. UGH!!

I would like to hear more about the waste you see in SS every day.

SS isn't so much the problem as medicare, and medicare is the problem it is because inflation if healthcare costs is so much higher than over-all inflation. I realize that conservatives like to deny this... No matter what we do, if healthcare costs keep rising at the current rate, it will eventually break us.

I'm sure none here will be surprised to hear that I was against lowering payroll taxes and I'm happy to see them going back up. Yup, blame it on Obama.

[Marvin S]

I would like to hear more about the waste you see in SS every day.

SS isn't so much the problem as medicare, and medicare is the problem it is because inflation if healthcare costs is so much higher than over-all inflation. I realize that conservatives like to deny this... No matter what we do, if healthcare costs keep rising at the current rate, it will eventually break us.

I'm sure none here will be surprised to hear that I was against lowering payroll taxes and I'm happy to see them going back up. Yup, blame it on Obama.

Links, please!!!!!!!!!

[road kill]

I would like to hear more about the waste you see in SS every day.

SS isn't so much the problem as medicare, and medicare is the problem it is because inflation if healthcare costs is so much higher than over-all inflation. I realize that conservatives like to deny this... No matter what we do, if healthcare costs keep rising at the current rate, it will eventually break us.

I'm sure none here will be surprised to hear that I was against lowering payroll taxes and I'm happy to see them going back up. Yup, blame it on Obama.

So, who and what are responsible for the current insane increase daily for health care???

[Buzz]

So, who and what are responsible for the current insane increase daily for health care???

Are you saying that it is a new problem?

[caryalsobrook]

Are you saying that it is a new problem?

Yes, just as new as the gov. running healthcare. If you would take a look at the explosion in medicare and ESPECIALLY IN MEDICAID, which has unliminted care and pays NOTHING. Whether you will admit it or not, THE GOV. CAUSED THE PROBLEM and now you expect the gov. to fix it. Dentistry has had the least involvement with the gov. than any of the other healthcare professions AND HAS HAD THE LEAST INFLATION of all. Dentistry has almost no participation in medicare(limited oral surgery) and none in the rest. For years virtually no dentists would participate in madicaid. Healthcare, energy, banking, education, all segments of the economy each growing at a greater rate than GDP, and all highly regulated by the gov. I wonder why liberals ignore this?