Niki Haley proposes some common sense changes to Social Security. (will it hurt or help her?}

[BluesLegend]

That was you doing the calculating and still got it wrong.

Dems called, they want people this stupid to stay off their side.

 

[Billy000]

https://www.cnn.com/2023/12/05/politics/nikki-haley-social-security-medicare-reform/index.html

I have always wondered, "WHY ON GOD'S GREEN EARTH ARE MILLIONAIRES AND BILLIONAIRES RECEIVING SOCIAL SECURITY CHECKS?" Niki's plan makes sense, even though some of the details are wonky at this early stage. This has go to give her a leg up (pardon the pun) on the rest of the repub field...especially the insurrectionist named trump.

If Haley became the Republican nominee, republican voters would support anything she said regardless of what. They are cultist pawns. They can’t think for themselves.

 

[kyzr]

If Haley became the Republican nominee, republican voters would support anything she said regardless of what. They are cultist pawns. They can’t think for themselves.

True we'd support Nikki, but because she's 1,000,000,000x better than dumbo Joe and the deep state swamp.

 

[JimH52]

Raise the cap, makes more sense, You could encourage them to donate the checks,
But if they earned them how can you take them away?

Haley is adding some refreshing policies to the debate. People are tired of the one horse pony..."I was cheated in 2020"...whine whine

 

[JimH52]

If Haley became the Republican nominee, republican voters would support anything she said regardless of what. They are cultist pawns. They can’t think for themselves.

Their allegiance to trump shows how easy they are to fool.

 

[Mac-7]

Because we were FORCED to pay into the damn thing for decades that's why so Haley go F yourself. We are not your goddamn piggy bank. It's not our responsibility to pay for other people's SS benefits. Rot in hell moochers.

I am not a haley supporter because in some ways she is a flake

But we do need to reform the SS and Medicare system

If she stimulates that argument I’m all for it

 

[Mac-7]

Haley is adding some refreshing policies to the debate. People are tired of the one horse pony..."I was cheated in 2020"...whine whine

Pretty soon we can replace with the democrat 2024 steal

 

[Vrenn]

Correct. The changes in the early 1980’s were because of the baby boomer bulge. It was supposed to fix SS for 50 years.

Since the fund will be depleted in 2034 they pretty much nailed it since 2034-1983 is about 51 years. In retrospect the fix needed to be a little larger for smoother 20 years worth for the bulge to work its way through.

Congress hasn’t “borrowed” against it, the T-bills are the holding instrument.

You seem to be implying that somehow Congress has taken extra money. That isn’t true. They have followed the same excess rules established in 1939.

WW

They bought special T-bills that they could borrow against. 2.9 billion in total since 1983 was put into those bills. And the only thing that congress has done is pay below par interest to the point that the 2.9 billion has not grown like it should have. It's a slush fund.

 

[Lakhota]

So, as the rich have become far richer, more and more of the nation's total income has escaped the Social Security payroll tax. For example, a CEO earning $20 million a year pays Social Security taxes on roughly 1% of their income, while a worker earning under the cap pays Social Security taxes on 100% of their income.

 

[WorldWatcher]

Yeah, okay, but what if the Law is changed to eliminate the "capital gains" tax break, and all income is taxed as regular income, including SS & Medicare deductions?

I've come to believe that we need a re-evaluation of SS Taxes in general. The workforce and economy are very different than they were in 1935 when the system was created. Now I'm leaning more toward, making SS Tax applicable to all income the same way it is determined for Income Tax (wage, interest, dividends, short term stock commodities, and long term capital gains) as a new revenue source. As such:

• Current SS tax of 12.4% would remain (6.2% by the EE and 6.2% by the ER).
• Non-wage income would be taxed at a rate equal to 25% of the total FICA rate or another way to say it as 1/2 of the individual EE rate. That would currently be 3.1%.
• Financial institutions would be required to collect the 3.1% at the time of posting, just like employers (ERs) collect it at the time of payment.
• Because the non-wage rate is 25% of the wage rate (3.1% compared to the FICA total of 12.4%), then 25% of non-wage income would be credited to SS Income for that year.
• Current cap of 160K on wage income could remain the same.
• A cap of 40K would also apply to non-wage income. (25% taxed, so 25% of wage cap)
• The sum of the wage credit and non-wage credit is posted as the total SS Income for the year which is then used to determine SS benefit amounts.

Example:

A high wage earner makes $300K in wages, taxes are collected on wages up to $160K for a total of $19,840 in wage tax. Applicable income credited for the year for future benefits calculations is $160K. If the same person has in additional $100K of non-payroll investment income, the SS Tax would be $3,100 at 3.1%. Total SS Taxes would then be $22,940. 25% of the $100K passive income would be credited to SS Income for the year equaling $25K since the tax rate is 25% of the full FICA rate. So the individuals total SS Income credited for the year would be $160 + $25K = $185K.

A "Low Wage" earner making say $40K would pay 6.2% ($2,480) on wages. If they had $500 in interest than $3.1% = $15.50). Total SS Income for the year would then be credited as $40,125. $125 being 25% of the $500 in interest.

What if all state and local and federal defined benefit pension plans are required to pay into 401Ks and SS & Medicare?

Because of double taxation probably.

#1 SS & Medicare are taxed when the wages were earned. Taxing them again when pensions are disbursed is taxing the same dollars multiple time.

#2 In terms of 401K's, that isn't the state/local/federal governments money. Once earned and deposited into the 401K the money is solely the property of the owner of the account (once earning are considered vested). The state/local/federal government has no ownership of money in a 401K.

WW

 

[WorldWatcher]

They bought special T-bills that they could borrow against. 2.9 billion in total since 1983 was put into those bills. And the only thing that congress has done is pay below par interest to the point that the 2.9 billion has not grown like it should have. It's a slush fund.

They don't "borrow against T-bills" when the T-bills are purchased by the SS Trust Fund, that money goes into the general revenue account. They don't borrow against the T-bills because the T-bills are the borrowing.

And just for clarification, the amount of the Trust in T-bills isn't 2.9 Billion, it's around 2.9 Trillion. Which with the baby boomer bulge hitting retirement is the problem. The large number of baby boomer (of which I'm one) will exhaust the fund in around 2034.

WW

 

[mudwhistle]

Niki hears socialist footsteps coming up behind her and needs to react in some way.
In fact, the entire political right is starting to lean left toward social change.

So far at least, Trump is owning it!

I think it has more to do with the debt.

They've been borrowing from the fund for so many years they're trying to find a way to not have to pay it back.

 

[Dagosa]

https://www.cnn.com/2023/12/05/politics/nikki-haley-social-security-medicare-reform/index.html

I have always wondered, "WHY ON GOD'S GREEN EARTH ARE MILLIONAIRES AND BILLIONAIRES RECEIVING SOCIAL SECURITY CHECKS?" Niki's plan makes sense, even though some of the details are wonky at this early stage. This has go to give her a leg up (pardon the pun) on the rest of the repub field...especially the insurrectionist named trump.

Nikki Haley when speaking through her wired shut jaws, wants to reduce your benefits so parties can keep stealing from the Medicare and SS trust funds.

 

[JimH52]

Her thinking may even convince me to vote for her if nominated....she has a much better chance of winning the independent vote than trump, the sexual abuse...insurrectionist does.

 

[BluesLegend]

The bill they owe, is it not written into law that it has to be paid back???????

Government gave the SS trust fund worthless IOU's for the $2 trillion they took. Worthless because where are they going to get the $2 trillion to pay us back?

1. By taxing us a 2nd time! Give us another $2 trillion taxpayers, thanks now here we paid you back with it. AHAHAHAHA!
2. By screwing people out of the benefits they were forced to purchase. Jack up the retirement age so many people die before they can collect a dime. Government keeps all their SS money.
3. By reducing the benefits, means testing, other forms of getting F'ed over.

 

[BluesLegend]

You whining about a small change in the SS or tax code to ensure that we keep the entitlement benefits we were promised is enraging

Screwing me out of 12.4% of MY money over and above the cap is NOT a small change. Especially considering how much I'm getting whacked at the higher income tax brackets on that money already. I'll be working for 30% on the dollar how is that fair? So get a 2nd job and pay your own share you mooching deadbeat rat bastards!

 

[BluesLegend]

1. We should all pay the same percentage of our income into SS.

Wrong. The mooching deadbeats hate that I only have to pay what they pay for the exact same benefits. That chaps their ass. Because they want to mooch off me.

 

[BluesLegend]

But we do need to reform the SS and Medicare system

LMAO the old government 'pull my finger' trick. It was already reformed. Government forced us to pay gobs more into the trust fund and what did government do with the surplus? YES THEY STOLE IT AND SPENT IT. Ahem, I'm sorry borrowed it without any means of paying it back. $2 trillion and spent it on other government crap. We have no reason to trust the government won't do the same thing again.

As for Medicare, same story. Obama stole $500 billion to fund his Obamacare government handouts.

 

[JimH52]

Niki Haley said this and I agree with her.

Haley has repeatedly said that she would support Trump in 2024 if he received the Republican nomination, even if he is convicted of criminal charges. She has, however, expressed her view that Trump cannot win a general election;[208][209] in a September 2023 appearance on Face the Nation, Haley said that she would "always" support the Republican nominee but added that "The American people are not going to vote for a convicted criminal."[210]

 

[initforme]

Keep wealthy people from having access to SS funds. That's a start. They are against working people.