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If only there was another option, like I dunno, rolling back some tax cuts, especially since the promised economic benefits never occurred?
+1
Joe B.
The Social Security tax and Medicare tax will have to be increase to
keep them financially solvent.
May have to even raise the eligibility age also for Social Security and Medicare.
People are taking much more out than they are contributing.
You can’t just keep raising taxes on the rich. That won’t solve the problem.
Keith: Given that taxes have been cut for the rich constantly since Reagan with abysmal failure and Social Security/Medicare were more stable when we taxed them fairly, why not? Seems like rescinding those big tax cuts for the absurdly wealthy would be Option Number 1.
A.T.
Several things.
1). People are living longer ( a good thing )
2). Seniors are an ever bigger percentage of the population and still growing.
Seniors make up a bigger percentage of our population than ever and
growing.
3). People are taking out more Social Security and Medicare than what they
are contributing.
When Social Security was first implemented there were around 12 workers contributing to Social Security to every beneficiary. Plus most people
died within a few short years of receiving S.S. and many never lived to collect
their Social Security.
** Now we are down to around 3 1/2 workers to every beneficiary and shrinking.
Also, Social Security now pays for programs that have nothing to do with retirement
benefits such as mental and physical disabilities. Those non retirement
expenditures should be removed from Social Security to help keep
it financially solvent.
We can’t just tax the rich to pull ourselves out of this potential sink hole.
The war on the rich is not a sensible one.
War on the rich?
Go compare the tax rates from 1979 to today and try selling that again.
It’s very simple, Keith.
Not only do we willfully choose to spend more than we take in, we willfully choose to not collect more.
I will have time for the Republicans who claim to care about the deficit … the first time they package rolling back some of their tax cuts along with cuts to spending. Because I don’t have the attention span of a TikTok addled teenager and I remember when they blew up the budget with their “trickle down tax cuts” just a few years ago. Now I’m supposed to listen to them, just because there’s a Democratic president? I’ll pass.
I will point out that the Democratic suggestions to hire more agents to find the people cheating on their taxes … have been attacked by the Republicans who claim they’re hiring all those agents to go after middle class Americans.
But please, keep telling me how the Republicans are the party of the people.
Joe B.
The wealthy pay at much higher rates. Always have under our graduated system.
The wealthy as pay the bulk of the federal income taxes. They pay higher in
in actual receipts and in percentages. Are there some that game the system,
YES.
The Trump tax cuts he gave the upper classes I did NOT agree with. So
I’m not shilling for the rich one bit. But to pretend they don’t pay their fair
share is a falsehood. The wealthy already pay the bulk of the federal
income taxes.
My point to A.T. Was that demonizing the rich will not solve and is not a sensible
strategy to fixing the Social Security and Medicare problems.
Joe B
Both the Republicans and the Democrats are to blame. Both parties
have blown up the bugets. Both parties agree to and sign off on the budgets.
Too blame our budget short falls on just the R’s is false.
We have a spending problem. Not a revenue problem.
87,000 more IRS agents to audit a few thousand more rich
people will solve our deficit problem?? Not by a long shot.
Right now only 50% of the American people are net contributors to
the federal tax base.
The federal tax base must be broadened.
I will never give the Republicans a free pass anymore than the Democrats
regarding our national deficits and debt.
Many programs handled by the federal government
should be returned to the states. Let the states handle financing these
programs.
.
Joe B
Taxing the hell out of everything hadn’t worked out so well either.
A strategy that the Dems go to constantly.
Remember the wealth tax and the windfall tax?? Those didn’t work out very well.
Remember also, wealthy Dem donors benefit from the same tax cuts and loopholes. I would even say more so.
Both parties are to blame.
I’m disgusted with both parties.
Republicans do NOT get a pass from me anymore than the Dems.
p.s. I wish they had an edit button. Make posting easier.
You can blame both parties but only one is willing to use the debt ceiling like a bunch of terrorists.
Again, if you don’t like spending, don’t sign off on the next appropriations bill. That’s your opportunity to be an adult about fixing the problem.
Using the debt ceiling to solve things is as foolish as thinking you’re going to solve your weight problem not by eating less or doing more exercise, but just by not buying bigger pants.
Joe B.
The Dems use their
own brand of gimmicks and shenanigans to obstruct and hold things up also.
The Dems are no more saintly or sensible than the R’s. However, the Dems do
have their sock puppets in the legacy national news media.
Just like when Dems a few years ago wanted to end the filibuster,
Yet the precious year were fighting like hell to preserve it. They even petitioned
Republicans to keep it. Lol….
There we go, it’s the media’s fault.
You are welcome to be wrong but I don’t think the facts hold up in your favor. When it comes to things like the debt ceiling or packing the Supreme Court, Republicans definitely eclipse Democrats.
Now we know why Senate Republicans signed off on a budget deal with the previous lame duck Congress, moving that issue to late 2023, as opposed to waiting for the new House majority to be seated and giving them input.
This manufactured “crisis” in regards to the debt ceiling is tiresome. The debt ceiling extension is to allocate what we’ve already agreed to budget. If they would raise the tax cap on social security (people making over 160k only pay no social security taxes above that amount) this would fund social security for another 75 years give or take. Most people see that the Trump tax cuts were a giveaway for billionaires. Let’s ATTEMPT to level the playing field for the average worker.
agree
Why would they pay more if they don’t get more?
Raising taxes is the other, seldom spoken, option, to cutting expenses, esp SS and MC. Repeal or al least substantially roll-back the Trump tax cuts that disproportionately benefited wealth individuals and the corporate tax rate reduction. Increase the cap gain tax rate to that of ordinary income. Proceed with the extra funding for the IRS to pursue more audits of the wealthy – proven to be a huge net money raiser – and, don’t fret, they won’t be coming for the average Joe making $50,000-$400,000 a year. That said, shoring up SS can be accomplished nearly entirely by eliminating the annual cap on earnings subject to the SS tax. Raise the retirement age to 68 or 69 or 70 over the next 20 years is probably also worth looking at. Means-testing SS for sure.
Ah, yes. The party of the “average American” really pulling through again.
We can print $6T in the last 3 years for a manufactured crisis, cause exorbitant inflation, but we NEED to cut Social Security and Medicare benefits. Oy Vey.
These commissions (Sen. Simpson co-chaired the latest) usually recommend cuts in SS benefits, no mention of raising the SS tax on income to solve the looming financial problem. This is a great country to live and do business. No risk of having your income or property taken by some strong man or armed gang. The wealthiest who enjoy the greatest benefits should happily pay for the many freedoms enjoyed. Another commission proposal was to deny the deduction for mortgage interest expense, no comments on changes to taxes on business. Sen. Sanders has good reason to be opposed to another commission. He’s learned from experience. Others have not. This is a capitalist country. No one should be surprised when the richest capitalists control a good part of the legislative arena.
The Republicans should rethink their stance on strict gun control laws before they attempt cutting Social Security, Medicare, Medicare if they think they can keep their tax cuts for billionaires policies.
Another brilliant Republican plan to begin discussing reduction of SS benefits just as all the baby boomers start receiving those benefits. If the fund had been managed properly instead of the government stealing the money for other uses (almost since its inception) there would be plenty of money in the fund.
Another ridiculous Republican plan to begin discussing reduction of SS benefits just as all the baby boomers start receiving those benefits. If the fund had been managed properly instead of the government stealing the money for other uses (almost since its inception) there would be plenty of money in the fund.
One way to cut Social Security expenses is to remove any none retirement benefits being laid out. None retirement benefits should be reallocated
into different government programs.
Stents can have their young teenage children claim mental disability and receive their monthly financial benefits through Social Security.
Why is this benefit being funded through SS.
I’d say paying 6.2% of every paycheck for my Social Security for 45 years is not, as referred to by Congress an “entitlement”.
An entitlement is a member of Congress receiving a full pension at age 62 with only 5 years of service.