"So Nobody Is Going to Pay Taxes Now?"

[Seymour Flops]

Sure, maybe the trust fund will magically stop being depleted and spit out infinite money forever. Three plus decades of Boomer delusional fiscal thinking in a nutshell.

No, it will continue to be mismanaged. It was a pyramid scheme from the start. I'm not defending the Social Security system, I'm doubting that it is about to catastrophically collapse.

Once the so-called "trust fund" is on the verge of being dangerously depleted, it will be supplemented by tax revenues and borrowed money, like everything else the government "provides."

That won't really be a change. The "trust fund" is nothing more than "investment" U.S. Treasury bonds, except not guaranteed by the credit of the U.S. as other such bonds are. That money "invested" into the U.S. treasury is immediately spent.

When bonds are cashed, there is no pot of money waiting for the bondholder. That comes out of the year's tax revenue and borrowed money.

At some point, SS payments will be decreased, or witholdings will be increased, or a combination. Or maybe they will just admit that it's just tax dollars, not some "fund" that the participants paid into.

 

[Greenbeard]

No, it will continue to be mismanaged. It was a pyramid scheme from the start. I'm not defending the Social Security system, I'm doubting that it is about to catastrophically collapse.

It's not going to "collapse," in about six years benefits will automatically shrink to match incoming payroll tax revenue and Boomers will take a ~30% haircut on their checks. And life will go on.

 

[Seymour Flops]

It's not going to "collapse," in about six years benefits will automatically shrink to match incoming payroll tax revenue and Boomers will take a ~30% haircut on their checks. And life will go on.

Yes, if that is what you meant, then I believe you were correct. That or pay the same but use the general fund (which the "trust fund" is anyway).

It was always a pyramid and something will have to give. It would help if they could get able-bodies people off of welfare and into jobs that pay into SS.

 

[task0778]

It's not going to "collapse," in about six years benefits will automatically shrink to match incoming payroll tax revenue and Boomers will take a ~30% haircut on their checks. And life will go on.

I don't think that is going to happen, the 2 political parties will come up with some changes that will preclude the 30% haircut cuz nobody wants to be the guy that becomes the scapegoat for that. Probably at the last minute as they argue about how to do it, but I'd be surprised if nothing gets done.

 

[Greenbeard]

I don't think that is going to happen, the 2 political parties will come up with some changes that will preclude the 30% haircut cuz nobody wants to be the guy that becomes the scapegoat for that. Probably at the last minute as they argue about how to do it, but I'd be surprised if nothing gets done.

Raising taxes is a nonstarter and I can’t imagine the appetite for taking on debt to fund Boomer cruises will be great. The most likely outcome is gridlock and inaction, and the problem sorts itself out by automatically cutting spending to match revenues.

 

[Failzero]

The federal government operates well beyond its means and original charter. It needs to be shrunk and more functions passed to the states. This would be less of an issue.

DOGE

 

[Dont Taz Me Bro]

DOGE

DOGE was a great idea, but poorly executed. Furthermore, unless Congress is serious about defunding these programs and departments (which they aren't) it's ineffective.

 

[task0778]

Raising taxes is a nonstarter and I can’t imagine the appetite for taking on debt to fund Boomer cruises will be great. The most likely outcome is gridlock and inaction, and the problem sorts itself out by automatically cutting spending to match revenues.

You don't much like senior citizens, do ya? I doubt that many of us are taking cruises somewhere, i know I never did. Anyway, I don't see any legislation to address the SSA shortfall in revenue without raising the ceiling on income subject to FICA. Maybe raise the eligibility age or something too. It could be gridlock and inaction, but if so then IMHO somebody is going to pay a political price. Hopefully fiscal sanity becomes a major political issue as we get closer to the day when SSA checks take a big hit.

 

[Admiral Rockwell Tory]

The Trump tariffs gobbled up all potential OBBB tax benefits and then some.

How do you figure that?

 

[Admiral Rockwell Tory]

I would prefer to do away with income tax, and simply tax wealth. Dormant Bank Accounts, Accounts with more than a million dollars, investments over a million dollars, luxury taxes. There are better ways to collect funds than taxing hard work.

Thank you for your stupid input Comrade!

 

[Admiral Rockwell Tory]

let local communities do as they please with their money.

They do. That is part of the problem.

 

[Admiral Rockwell Tory]

If a local community chooses not to fund Planned Parenthood with local tax money, more power to them.

What about funding from federal tax money? Should they also refuse that also?

 

[Admiral Rockwell Tory]

I don't want to pay to indoctrinate children into useless idiots. That mainly what public schools are producing today.

Both of my grandsons just graduated from public school. Are they idiots? Maybe you should rein in your big mouth!

In blue cities and blue states, you may have a point, but put away that damned broad brush or yours!

 

[Jarod the Original]

What about funding from federal tax money? Should they also refuse that also?

No

 

[Admiral Rockwell Tory]

No

Typical know-nothing response. How old are you, rookie?

 

[Muhammed]

The federal government operates well beyond its means and original charter. It needs to be shrunk and more functions passed to the states. This would be less of an issue.

Some prescient people warned about the slippery slope of federal overreach.

 

[1srelluc]

You don't much like senior citizens, do ya? I doubt that many of us are taking cruises somewhere, i know I never did. Anyway, I don't see any legislation to address the SSA shortfall in revenue without raising the ceiling on income subject to FICA. Maybe raise the eligibility age or something too. It could be gridlock and inaction, but if so then IMHO somebody is going to pay a political price. Hopefully fiscal sanity becomes a major political issue as we get closer to the day when SSA checks take a big hit.

SSDI needs to be cut out of SS. That would be 10% (savings) right off the top.

It was established in 1956, decades after old age SS was and should be something handled by the states.

 

[g5000]

It torques me no end to have to pay for schools when I never had a kid in public schools.

If you got a public education you should only pay for the years you were enrolled. For me and the wife it should have been 12 years and done.

Educating children is a public good. You benefit from the education others receive. If you can't see that, you are more foolish than even I thought.

Say, I don't want to pay for the roads in your state. I never use them.

 

[g5000]

- Left-wing Democrats: make the very rich pay a (never seen elsewhere) 5% annual wealth tax to fund free stuff

The article you linked says nothing about that. It talks about a tax on INCOME, not WEALTH.

Big difference.

.

- Centrist Democrats: shrink the US tax base further by exempting tens of millions from federal income taxes

I often wonder if so-called "conservatives" know anything about Thomas Jefferson who they profess to admire.


Equality: Thomas Jefferson to James Madison

But the consequences of this enormous inequality producing so much misery to the bulk of mankind, legislators cannot invent too many devices for subdividing property.

[snip]


Another means of silently lessening the inequality of property is to exempt all from taxation below a certain point, and to tax the higher portions of property in geometrical progression as they rise.

 

[Failzero]

Educating children is a public good. You benefit from the education others receive. If you can't see that, you are more foolish than even I thought.

Say, I don't want to pay for the roads in your state. I never use them.

Marxist Teachers & Profs from pre School to Post Grad School ? No thanx