A challenge for the "Tax the rich more" crowd.

[Chuz Life]

SS is no Ponzi scheme. We are guaranteed 80% of promised benefits.
Money in equals money out after the surplus is used up.

Bitcoin just went from $130,000 to $65,000. What do you tell the guys who bought it at $130,000?

For SS to stay solvent, a certain number of people are needed to and even are expected to Die before they draw any of their benefits.

That is the very pattern of a Ponzi scheme.

 

[kyzr]

That doesn't answer my question or the point being made.
You think a company can be expected to simply absorb a 3% drop in their profit margin.
And they might. On paper, that is.
But they are going to make up the difference and in many cases because you just them a reason, incentive and motivation to do so.

Business taxes aren't changing, so stop whining.

 

[Chuz Life]

Business taxes aren't changing, so stop whining.

Neither will the results change either.

(e.g Burdens will be passed down to the consumers)

It is what it is.

No whining required.

 

[kyzr]

For SS to stay solvent, a certain number of people are needed to and even are expected to Die before they draw any of their benefits.
That is the very pattern of a Ponzi scheme.

SS has been "fixed" many times before.
If the cap on earnings is removed SS is fixed.
If retirement ages are raised since people are living longer, SS is fixed.
But to your point, if family formation slows and the population drops, SS benefits will decline, but not go to zero.

 

[Chuz Life]

SS has been "fixed" many times before.
If the cap on earnings is removed SS is fixed.
If retirement ages are raised since people are living longer, SS is fixed.
But to your point, if family formation slows and the population drops, SS benefits will decline, but not go to zero.

Ponzi schemes are not identified or catergorized with a "might drop to zero" requirement.

 

[kyzr]

Neither will the results change either.
(burden passed down to the consumers)
It is what it is. No whining required.

AI may reshape the employment landscape. Businesses will do what they do. Government will do what it does.

 

[Chuz Life]

AI may reshape the employment landscape. Businesses will do what they do. Government will do what it does.

And for every action. . . .

 

[kyzr]

Ponzi schemes are not identified or categorized with a "might drop to zero" requirement.

The Federal government will ensure SS survives. SS is not a Ponzi scheme, its been a lifeline for seniors for 80 years.

If something lives longer than Ponzi its not a Ponzi scheme.

 

[Chuz Life]

The Federal government will ensure SS survives. SS is not a Ponzi scheme, its been a lifeline for seniors for 80 years.

I am on SS right now, myself.

It's not enough to live on, even after I paid into it for near 50 Years.

In about 7 years, I will be drawing out more than I ever paid in. (Not even accounting for inflation)

My disabled wife already IS drawing out more than she ever paid in.

For us to have any of that income at all. . . someone else had to die and never draw a dime.

That sickens me.

I don't call that a lifeline. Not in any kind of a positive way.

 

[kyzr]

I am on SS right now, myself. It's not enough to live on, even after I paid into it for near 50 Years.
In about 7 years, I will be drawing out more than I ever paid in. (Not even accounting for inflation)
My disabled wife already IS drawing out more than she ever paid in.
For us to have any of that income at all. . . someone else had to die and never draw a dime.
That sickens me. I don't call that a lifeline. Not in any kind of a positive way.

No one had to die for you to get your SS.
Your deductions bought US bonds, which probably tripled in value over the 50 years or so you worked.
My wife has a "defined benefit" pension, she gets the exact same monthly payment she got 10-years ago, not a good deal.
At least SS has COLAs so we can keep up with inflation.
We are very appreciative for SS, we would be up Schitts Creek without it and Medicare.

 

[Chuz Life]

No one had to die for you to get your SS.
Your deductions bought US bonds, which probably tripled in value over the 50 years or so you worked.
My wife has a "defined benefit" pension, she gets the exact same monthly payment she got 10-years ago, not a good deal.
At least SS has COLAs so we can keep up with inflation.
We are very appreciative for SS, we would be up Schitts Creek without it and Medicare.

Our combined Cola was $37.

My budgeted electric bill alone has increased $60.

And we will just have to agree to disagree on whether or not SS is a Ponzi Scheme.

It's not like I'm the only one to have made that observation.

https://finance.yahoo.com/news/social-security-ponzi-scheme-warren-170100223.html

 

[Captain Caveman]

A one dollar note costs 6.2 cents to make. The 100 dollar bill costs 14 cents to make. So the difference between being broke and rich is just 8 cents of paper and ink. Money is not about the paper, but about what you know.

 

[kyzr]

Our combined Cola was $37. My budgeted electric bill alone has increased $60.
And we will just have to agree to disagree on whether or not SS is a Ponzi Scheme.
It's not like I'm the only one to have made that observation.

Elon Musk said it was a Ponzi Scheme too, but...

Is Social Security a Ponzi scheme? Fact-checking Elon Musk

In an interview with podcaster Joe Rogan, billionaire businessman and White House adviser Elon Musk resurrected a term t

www.politifact.com

• The Social Security benefits program has crucial differences from a Ponzi scheme, which is an illegal money-making fraud. A Ponzi scheme is based on signing up more and more investors to pay off earlier members, until that becomes impossible.
• Unlike a Ponzi scheme, Social Security is transparent, has multiple layers of oversight and doesn’t promise unrealistic returns. And if there isn’t enough money to pay benefits, mechanisms exist to make it financially sustainable.

 

[Jarlaxle]

Since the left is not responding, these are my numbers:

top tax rate 40%, up from 37%, all others stay the same

Plus, eliminate the "Capital Gains" tax loophole, income is income

Plus, add a new financial transaction tax of 2% whenever they are bought or sold

Plus, fix SS by removing the cap

Plus, stop "Corporate Welfare", aka "subsidies", i.e. giving $billions of taxpayer cash to corporations, buy stock instead and keep it in a Sovereign Fund until needed.

View attachment 1225290

Why should the wealthy pay more? Because they have all the wealth:

View attachment 1225291

So, you want to destroy my retirement. THANKS A FUCKLOAD!

36,70.76, respectively. Based on the tax rates in the 60th's, the time when people could feed and house their family on a single income. Historical Federal Individual Income Tax Rates & Brackets, 1862-2021

Before Reagan convinced the Republican party that lower taxes for the higher incomes causes them to donate their added income to the people they employ.

For the thirtieth time: NOBODY ACTUALLY PAID THAT.

 

[Independent thinker]

All we hear from Democrats regarding the debt is TAX THE EVIL RICH MORE.

They never say what is "rich", and how much of the total tax bill the evil "rich" need to pay for their utopia.

Here is your chance to provide some specifics.


How much? Give is some numbers:

The top 1% should pay _____% of the total income taxes.

The top 10% should pay _____% of the total income taxes.

The top 50 should pay _____% of the total income taxes.

https://www.usdebtclock.org/

Not that I speak for democrats but they did kind of set a yearly income threshold of 400K or more as being "rich". I don't know why you posted a link to the US debt clock as democrats only want to tax the rich more in order to spend more, not pay down the national debt. That can go merrily along.

 

[Nostra]

Because they make the most money, duh. Funny how that works.

One more bone to pick, "that tax cuts generate more tax revenue". It is true that tax cuts spur the economy and generate more tax revenue, BUT what you also need to look at is that the national debt increases because those tax cuts are paid for with borrowed money. If tax cuts generated more tax revenue we wouldn't need to borrow more.

Trump-45 and Mnuchin cut taxes saying that the economy would grow at 5%, it did not, it grew at 2% and Trump-45 exploded the national debt.

Are you that stupid? You admit tax cuts bring in more revenue, but claim that same more revenue results in the debt increasing.


It’s the higher spending that causes even more debt when revenue goes up, dumbass. It’s not that hard. Two components.

 

[Nostra]

36,70.76, respectively. Based on the tax rates in the 60th's, the time when people could feed and house their family on a single income. Historical Federal Individual Income Tax Rates & Brackets, 1862-2021

Before Reagan convinced the Republican party that lower taxes for the higher incomes causes them to donate their added income to the people they employ.

So you want to go back to when the rich paid less of the total tax burden.

Got it.

 

[Nostra]

The same rate on every dollar earned.

A flat tax, huh? Everyone pays the same rate on every dollar.

Got,it.

 

[Nostra]

Not a single answer from any TAX THE RICH proponents.


Makes one think they are full of shit.

 

[Chuz Life]

Elon Musk said it was a Ponzi Scheme too, but...

Is Social Security a Ponzi scheme? Fact-checking Elon Musk

In an interview with podcaster Joe Rogan, billionaire businessman and White House adviser Elon Musk resurrected a term t

www.politifact.com

• The Social Security benefits program has crucial differences from a Ponzi scheme, which is an illegal money-making fraud. A Ponzi scheme is based on signing up more and more investors to pay off earlier members, until that becomes impossible.
• Unlike a Ponzi scheme, Social Security is transparent, has multiple layers of oversight and doesn’t promise unrealistic returns. And if there isn’t enough money to pay benefits, mechanisms exist to make it financially sustainable.

Ponzi or not, it;s a pyramid scheme that relies on more suckers (forced with a threat of prison if they don't pay in) paying in at the bottom to feed the takers taking off the top.