Are you a Boomer? Congratulations, You Won the Economy!

[WorldWatcher]

My approach to all that is simple....Let them fight!

Everything I own is paid for and they will do very, very, well even with the tax hit.

Sure I try to keep as much from the tax man as I can and hire those that see to it but when the wife and I are taking our dirt nap I won't be in a position to care one way or the other.

My wife was the Executor for her Mom's estate.

The "let them fight" mentality has fractured the relatioships between the siblings. We're committed to NOT letting that happen again.

Facts:

• Federal Estate Tax kick in at around $13 Million for an individual ($27+ Million for a married couple).
• Viginia Estate Tax? Doesn't have one.
• Probate? There is a 1% probate fee and then of course the cost of attoneys'.
• All "Post Tax" assets transfer without taxes.
• Pre-tax assets (401K, 403B, 457, IRA, TSP type accounts) are taxed as "income" for the non-spousal beneficiay and there is a "10 Year Rule" allowing distributions to be income average over that period.

We're currently working with a wonderful Elder Law attorney to finalize out Estate Pland paperwork:

• Post Tax Accounts: All have the children (both in mid-30's) designated as secondary beneficiaries at 50% with POD (Pay on Death).
• Pre Tax Accounts: All have the children (both in mid-30's) designated as secondary beneficiaries at 50%.
• House: We each have "Right of Survivorship" on the house, and the childrlen receive the house 50% each with TOD (Transfer on Death). Which keeps the house out of probate.
• Vehicles: We each have "Right of Survivorship" on the cars, and one child is designated with TOD (Transfer on Death). (You can only do sole survivor on vehciles in Virginia with a TOD title - which keeps the cars our ot probate.)

WW

 

[WorldWatcher]

We just got the biggest tax cut in history

I never thought of Import Taxes on consumers (i.e. Tarrifs) as a tax cut.

WW

 

[Hafar1014]

I never thought of Import Taxes on consumers (i.e. Tarrifs) as a tax cut.

WW

The "One Big Beautiful Bill" (OBBBA), signed in 2025, is designed to deliver significant tax relief for working and middle-class families by making the 2017 Trump tax cuts permanent and introducing new benefits. It features a $1,300 average tax cut for typical families, increased standard deductions, and a $2,500 child tax credit, while targeting no taxes on tips and overtime.

Key Middle-Class Tax Relief Measures:

• Permanency: Makes the 2017 tax cuts, including lower rates and a doubled standard deduction, permanent.
• Targeted Exemptions:Eliminates federal taxes on tips, overtime pay, and auto loan interest for American-made vehicles
  .
• • Child Tax Credit: Boosts the credit to $2,500 for 40 million families.
  • Increased Deductions: Boosts the standard deduction by $750 for single filers and $1,500 for joint filers.
  • Senior Benefits: Introduces a $4,000 deduction for seniors (age 65+) with modified adjusted gross income below $75,000 (single) or $150,000 (joint).
  • SALT Cap Increase: Increases the state and local tax (SALT) deduction cap to $40,000 for taxpayers earning under $500,000.

 

[1srelluc]

My wife was the Executor for her Mom's estate.

The "let them fight" mentality has fractured the relatioships between the siblings. We're committed to NOT letting that happen again.

Facts:

• Federal Estate Tax kick in at around $13 Million for an individual ($27+ Million for a married couple).
• Viginia Estate Tax? Doesn't have one.
• Probate? There is a 1% probate fee and then of course the cost of attoneys'.
• All "Post Tax" assets transfer without taxes.
• Pre-tax assets (401K, 403B, 457, IRA, TSP type accounts) are taxed as "income" for the non-spousal beneficiay and there is a "10 Year Rule" allowing distributions to be income average over that period.

We're currently working with a wonderful Elder Law attorney to finalize out Estate Pland paperwork:

• Post Tax Accounts: All have the children (both in mid-30's) designated as secondary beneficiaries at 50% with POD (Pay on Death).
• Pre Tax Accounts: All have the children (both in mid-30's) designated as secondary beneficiaries at 50%.
• House: We each have "Right of Survivorship" on the house, and the childrlen receive the house 50% each with TOD (Transfer on Death). Which keeps the house out of probate.
• Vehicles: We each have "Right of Survivorship" on the cars, and one child is designated with TOD (Transfer on Death). (You can only do sole survivor on vehciles in Virginia with a TOD title - which keeps the cars our ot probate.)

WW

Meh, nobody is happy when the vultures start circling.

 

[citygator]

Not exactly, the Boomers are looking at 28% cuts to their benefits in just over half a decade.

Most will be in their mid-late 80's by then coasting for the last 20 years on the rest of our generosity allowing them to steal.

 

[citygator]

Anybody’s who’s not a hard right conservative republican is a socialist.

Boomers are socialists. Gub SS pay Gub healthcare... but not for anyone else.

 

[WorldWatcher]

The "One Big Beautiful Bill" (OBBBA), signed in 2025, is designed to deliver significant tax relief for working and middle-class families by making the 2017 Trump tax cuts permanent and introducing new benefits. It features a $1,300 average tax cut for typical families, increased standard deductions, and a $2,500 child tax credit, while targeting no taxes on tips and overtime.

Key Middle-Class Tax Relief Measures:

• Permanency: Makes the 2017 tax cuts, including lower rates and a doubled standard deduction, permanent.
• Targeted Exemptions:Eliminates federal taxes on tips, overtime pay, and auto loan interest for American-made vehicles
  .
• • Child Tax Credit: Boosts the credit to $2,500 for 40 million families.
  • Increased Deductions: Boosts the standard deduction by $750 for single filers and $1,500 for joint filers.
  • Senior Benefits: Introduces a $4,000 deduction for seniors (age 65+) with modified adjusted gross income below $75,000 (single) or $150,000 (joint).
  • SALT Cap Increase: Increases the state and local tax (SALT) deduction cap to $40,000 for taxpayers earning under $500,000.

I know about the OBBB, yes there was some small tax relief for the middle class but the bulk of the tax cut when to the wealthy.

Now factor in Import Taxes that the Administration has implemented as "Tarrifs" that are paid for (the vast majority) be consumers. Which hits middle and lower classes and are considered regressive.

Tarrifs are a tax increase.

WW

 

[citygator]

Take care of your health and keeping paying in, you'll live to collect as well.

Nope. By the time I get there SS will either be defunct or issued in wooden nickels.

 

[WorldWatcher]

Meh, nobody is happy when the vultures start circling.

That's the thing, we're making sure their won't be vultures. Both out children are smart, well educated, and have solid jobs. We've included them in the planning so there will be no surprises.

WW

 

[citygator]

The "One Big Beautiful Bill" (OBBBA), signed in 2025, is designed to deliver significant tax relief for working and middle-class families by making the 2017 Trump tax cuts permanent and introducing new benefits. It features a $1,300 average tax cut for typical families, increased standard deductions, and a $2,500 child tax credit, while targeting no taxes on tips and overtime.

Key Middle-Class Tax Relief Measures:

• Permanency: Makes the 2017 tax cuts, including lower rates and a doubled standard deduction, permanent.
• Targeted Exemptions:Eliminates federal taxes on tips, overtime pay, and auto loan interest for American-made vehicles
  .
• • Child Tax Credit: Boosts the credit to $2,500 for 40 million families.
  • Increased Deductions: Boosts the standard deduction by $750 for single filers and $1,500 for joint filers.
  • Senior Benefits: Introduces a $4,000 deduction for seniors (age 65+) with modified adjusted gross income below $75,000 (single) or $150,000 (joint).
  • SALT Cap Increase: Increases the state and local tax (SALT) deduction cap to $40,000 for taxpayers earning under $500,000.

More Boomer grift!!

 

[Woodznutz]

The elderly are mostly out of the job market and thus need not worry about being replaced by artificial intelligence. The majority own their homes, often debt-free. Everyone worries about health costs, but the elderly have publicly funded Medicare. None of this is true for the younger generations.

Medicare Trust Funds​

Medicare is paid for through 2 trust fund accounts held by the U.S. Treasury. These funds can only be used for Medicare.

Hospital Insurance (HI) Trust Fund​

How is it funded?​

• Payroll taxes paid by most employees, employers, and people who are self-employed
• Other sources, like these:
  • Income taxes paid on Social Security benefits
  • Interest earned on the trust fund investments

 

[1srelluc]

Nope. By the time I get there SS will either be defunct or issued in wooden nickels.

Sucks for you.

 

[marvin martian]

When you dont pay your $30T tab you didnt save any money... you stole it.

No surprise, Boomers are the most leftist of all the generations.

Greed and cruelty are in their DNA.

 

[Hafar1014]

I know about the OBBB, yes there was some small tax relief for the middle class but the bulk of the tax cut when to the wealthy.

Now factor in Import Taxes that the Administration has implemented as "Tarrifs" that are paid for (the vast majority) be consumers. Which hits middle and lower classes and are considered regressive.

Tarrifs are a tax increase.

WW

False the middle class got huge cut and the economy will get 10 billion from the government i to middle class families that will stimulate the economy. Tax cuts are good we all do better.
When the government gets richer we all get poorer

 

[Mr Natural]

Boomers are socialists. Gub SS pay Gub healthcare... but not for anyone else.

Shouldn’t you be enslaved and sent off to risk life and limb in some meaningless military escapade?

Oh, that’s right, we Boomers did away with that nonsense.

You’re welcome!

 

[1srelluc]

Shouldn’t you be enslaved and sent off to risk life and limb in some meaningless military escapade?

Oh, that’s right, we Boomers did away with that nonsense.

You’re welcome!

We also got the air and water cleaned up....But do we get any thanks for that?....Oh hell no.

The last three generations have no inkling of the pollution we put up with back then when the "greatest/silent generations" were trying to kill us all.

Odd that, it took a faux NA and Nixon to really get that ball rolling.

Nixon​

President Richard Nixon signed the Clean Air Act on December 31, 1970, at the White House in Washington, D.C. The signing ceremony was attended by William Ruckelshaus, the first administrator of the Environmental Protection Agency, and Russell E. Train, chairman of the Council on Environmental Quality. Nixon's signing of the Clean Air Act marked a significant step in the U.S. government's commitment to environmental protection and public health. The act was a response to public concerns about deteriorating city air, natural areas littered with debris, and urban water supplies contaminated with dangerous substances. It aimed to reduce and control air pollution nationwide, fostering a strong American economy while improving human health. The Clean Air Act has been amended numerous times since its enactment, reflecting the evolving nature of air pollution and the need for continued regulation and enforcement.

 

[Greenbeard]

Medicare Trust Funds​

Medicare is paid for through 2 trust fund accounts held by the U.S. Treasury. These funds can only be used for Medicare.

Hospital Insurance (HI) Trust Fund​

How is it funded?​

• Payroll taxes paid by most employees, employers, and people who are self-employed
• Other sources, like these:
  • Income taxes paid on Social Security benefits
  • Interest earned on the trust fund investments

The HI Trust Fund (the one funded by payroll taxes and covering Part A benefits) will be exhausted shortly after Social Security’s trust fund, in about seven years. The rest of Medicare is primarily funded out of general revenue.

 

[Greenbeard]

Most will be in their mid-late 80's by then coasting for the last 20 years on the rest of our generosity allowing them to steal.

The benefit cuts begin in six years! The leading edge Boomers will be in their 80s, but tail end Boomers will be just a couple years removed from hitting retirement age.

 

[Thinker101]

Congrats Boomers! You win. You have accumulated more stuff than anyone AND you have set up more government perks than anyone according to a new Wall Street Journal article.

Today’s Boomers have tilted the economy towards themselves and saddled younger generations with their debt and payouts and the cost is swallowing the budget.

https://www.wsj.com/economy/over-65-congratulations-you-own-the-economy-5acea4c4?mod=hp_lead_pos8

View attachment 1220613
As of the third quarter of last year, people 70 and over controlled roughly 39% of all equities and mutual funds owned by households, compared with 22% in 2007, according to Federal Reserve data. Their share of net worth—assets minus debts—was 32%, up from 20% two decades earlier.

This is good news: there has never been a better time in America to be old. Yet it also exposes our disjointed national priorities. We keep pouring resources into making the elderly comfortable and happy when the economy’s pressure points lie elsewhere.

The elderly are mostly out of the job market and thus need not worry about being replaced by artificial intelligence. The majority own their homes, often debt-free. Everyone worries about health costs, but the elderly have publicly funded Medicare. None of this is true for the younger generations.

The cost is swallowing the budget. Federal spending on elderly programs has risen from 6.9% of gross domestic product in 2007 to 9.4% last year and will reach 11.3% in a decade, the Congressional Budget Office projects.

That is where the real threat to intergenerational harmony lies. Elderly programs, plus interest, are the primary driver of the gaping budget deficit. By 2032, Social Security will no longer be able to pay full benefits. Fixing the deficit and Social Security requires some combination of higher taxes or lower future benefits, both of which will largely spare today’s elderly. If you think the young are anxious now, just wait.

View attachment 1220612View attachment 1220614

Quit your damn whining and get a job.

 

[Dogmaphobe]

I am a boomer. I am responsible.


I only did it to you because I do not like you, Citygator.