inflation

[highfigh]

The easiest way to solve the SS fund problem is just raise the cap on salary to, well I say to infinity but how about a million bucks. There is zero reason why Elon Musk and Jeff Bezos don't pay into SS the entire year on what they make, v they are flying themselves into space at this point they have do much money.

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I agree, but how will the employers be able to afford that? If they have to pay 7.65% on the whole million, that could kill many companies- the increase would be almost $67K per employee with the current max income for contribution at $147K, as of this year.

You seem to be missing the fact that people who are extremely wealthy don't make their money from ordinary income and SS doesn't receive anything from investment/estate/real estate/personal property transactions. Elon Musk has said (in comments to Elizabeth Warren) that he would be paying $11 Billion in taxes for 2021- how is that NOT enough? Nobody in the history of the World has EVER paid that much. OTOH, the wealthy don't need income from SS- why would they want to contribute a large amount and not collect it? It's not safe to assume they would do it out of the kindness of their collective hearts.

How many times has Musk gone to space? Zero. Bezos is a putz, but he came up with a way to get things to people for a low price, with a great return/shipping plan and easy replacements. Unfortunately, it has killed B&M businesses.

 

[highfigh]

What I am reading GDP is rather high compared to recent years. So....

But wouldn't that be due to a large decrease in imports of foreign goods since availability is so bad??

 

[Hetfield]

I agree, but how will the employers be able to afford that? If they have to pay 7.65% on the whole million, that could kill many companies- the increase would be almost $67K per employee with the current max income for contribution at $147K, as of this year.

You seem to be missing the fact that people who are extremely wealthy don't make their money from ordinary income and SS doesn't receive anything from investment/estate/real estate/personal property transactions. Elon Musk has said (in comments to Elizabeth Warren) that he would be paying $11 Billion in taxes for 2021- how is that NOT enough? Nobody in the history of the World has EVER paid that much. OTOH, the wealthy don't need income from SS- why would they want to contribute a large amount and not collect it? It's not safe to assume they would do it out of the kindness of their collective hearts.

How many times has Musk gone to space? Zero. Bezos is a putz, but he came up with a way to get things to people for a low price, with a great return/shipping plan and easy replacements. Unfortunately, it has killed B&M businesses.

Ok, well here is an easy one again. Employer contribution still ends at 147 grand, individual keeps paying up to a million bucks. Also make a special cutout for billionaires, they are finished paying into SS fund by the time their hangover is wearing off from New Years.

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[highfigh]

Ok, well here is an easy one again. Employer contribution still ends at 147 grand, individual keeps paying up to a million bucks. Also make a special cutout for billionaires, they are finished paying into SS fund by the time their hangover is wearing off from New Years.

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If they stay drunk, they won't have a hangover and it might be easier to slip something past them.....

Just sayin'.

 

[Hetfield]

If they stay drunk, they won't have a hangover and it might be easier to slip something past them.....

Just sayin'.

Oh they are dunk, dunk on cash. By the way I'm not anti rich at all, but with that kind of wealth that a country like this makes possible they have obligations in my opinion. They have an obligation to give back to the county as a whole and the SS fund is probably the highest on the list. Yes I know they support charities and that's amazing but they have obligations to the county other than that. But hey I guess Fox/OAN/Newsmax would call me a socialist at this point.

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[SithZedi]

The easiest way to solve the SS fund problem is just raise the cap on salary to, well I say to infinity but how about a million bucks. There is zero reason why Elon Musk and Jeff Bezos don't pay into SS the entire year on what they make, v they are flying themselves into space at this point they have do much money.

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Agree with you there. I would also support a cap on distributions. I.e. if you have over a certain amount of net worth, you aren't able to draw on it. This does go against principle because they did pay into it.

Further to Highfigh's point, one of the purposes of the change by LBJ was to hide the deficits being run on the general government spending side by combining it with the surplus of SS. The Vietnam War, LBJ's Great Society Program, and the Space Program were the beginning modern day deficits as well as the inflationary spiral that began the problem of the 1970s.

 

[highfigh]

Oh they are dunk, dunk on cash. By the way I'm not anti rich at all, but with that kind of wealth that a country like this makes possible they have obligations in my opinion. They have an obligation to give back to the county as a whole and the SS fund is probably the highest on the list. Yes I know they support charities and that's amazing but they have obligations to the county other than that. But hey I guess Fox/OAN/Newsmax would call me a socialist at this point.

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I don't mind people being wealthy either, but I find the ones who seem to be similar to crabs picking up every little morsel and stuffing them into their mouths to be disgusting. Their favorite word is MORE! and their motto is "I WANT IT ALL!".

I don't like POTUS and Congress calling SS an 'entitlement' program as if it's a burden. It's only a burden if they give money to people who didn't pay into it and if they want to do that, they should come up with an alternative for them, so the rest will receive what they contributed and what was paid by their employers. It's not that I want those who didn't pay in left in the cold, but the cost of living in the US and the top incomes are so high that I seriously doubt those who formed this plan could have imagined them- in 1939, the max income for contribution was $3000, now it's $147K and now, the US has over 12 million millionaire households, but that doesn't include those with over $1Million in retirement accounts.

 

[highfigh]

Agree with you there. I would also support a cap on distributions. I.e. if you have over a certain amount of net worth, you aren't able to draw on it. This does go against principle because they did pay into it.

The top payout isn't really very much if a high earner's pay is compared- it's a very nice amount for millions of people, though. That could stay the same, but stepping back from the whole thing would make anyone ask "Why would I want to pay that much into a program that won't benefit me to the same degree?". If someone makes $500K and it's subject to FICA, they'll pay $38,250 but at the current max benefit, they'll receive less than $60K. I don't see it as a likely scenario, especially with Congress & others so hell-bent on taxing the wealthy. Their plan seems to be: go after their income and as I wrote, the wealthy don't make most of their money from ordinary income. All they need to do is ask Pelosi- her husband owns a venture capital firm.

 

[SithZedi]

The top payout isn't really very much if a high earner's pay is compared- it's a very nice amount for millions of people, though. That could stay the same, but stepping back from the whole thing would make anyone ask "Why would I want to pay that much into a program that won't benefit me to the same degree?". If someone makes $500K and it's subject to FICA, they'll pay $38,250 but at the current max benefit, they'll receive less than $60K. I don't see it as a likely scenario, especially with Congress & others so hell-bent on taxing the wealthy. Their plan seems to be: go after their income and as I wrote, the wealthy don't make most of their money from ordinary income. All they need to do is ask Pelosi- her husband owns a venture capital firm.

That's a good point. The super rich make most of their money via capital gains. Buffet makes 100k in salary but huge bucks in CapGains. That's how he was able to say he pays less income taxes than his secretary a few years ago for the Obama campaign.

For general knowledge and amusement. See Al Gore on SS in the 2000 election. He borrowed the idea from a young Paul Ryan but it was interesting to see this open discussion of ideas in the campaign. A much higher attention to detail and subject than we get now...

Al Gore on Social Security

 

[SithZedi]

Also, if we need investment advice, there's this, trade like a member of Congress!
The level of gall they have for the American people is impressive in a perverse way.

EXCLUSIVE: Unusual Whales Creates 'Nancy Pelosi ETF' So You Can Track Her Trades - Apple (NASDAQ:AAPL), Amazon.com (NASDAQ:AMZN)

Members of U.S. Congress are permitted to buy and sell stocks and options in public companies as long as they publicly disclose their trades. The rule has come under scrutiny recently and became one of the focuses of the online platform Unusual Whales.

www.benzinga.com

 

[Dude#1279435]

Also, if we need investment advice, there's this, trade like a member of Congress!
The level of gall they have for the American people is impressive in a perverse way.

EXCLUSIVE: Unusual Whales Creates 'Nancy Pelosi ETF' So You Can Track Her Trades - Apple (NASDAQ:AAPL), Amazon.com (NASDAQ:AMZN)

Members of U.S. Congress are permitted to buy and sell stocks and options in public companies as long as they publicly disclose their trades. The rule has come under scrutiny recently and became one of the focuses of the online platform Unusual Whales.

www.benzinga.com

Per Drudge.....

Congress considers banning its members from buying, selling stock...

 

[SithZedi]

Per Drudge.....

Congress considers banning its members from buying, selling stock...

I hope this is not more gas lighting.
You have to admit that Pelosi is a real piece of work. "We are a free market economy. They(Congress) should be able to participate in that," she said.

Any new law should extend to spouses, relations, lobbyists, Congressional staffers, anyone with access to inside information. This should be done because: "The Speaker believes that sunlight is the best disinfectant"!
More gall.

 

[Hetfield]

That's a good point. The super rich make most of their money via capital gains. Buffet makes 100k in salary but huge bucks in CapGains. That's how he was able to say he pays less income taxes than his secretary a few years ago for the Obama campaign.

For general knowledge and amusement. See Al Gore on SS in the 2000 election. He borrowed the idea from a young Paul Ryan but it was interesting to see this open discussion of ideas in the campaign. A much higher attention to detail and subject than we get now...

Al Gore on Social Security

Isn't it disgusting that a billionaire can do that, make the salary minimal,pay less takes and take your pay in a different way skirting the system. It's absolutely mind blowing wet allow that, and people will cheer it as smart and not really what it is, cheating the system legally. The rich are coddled in this country, no doubt about it.

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[Mikado463]

Isn't it disgusting that a billionaire can do that, make the salary minimal,pay less takes and take your pay in a different way skirting the system.

you can do it to, just ask your CPA !

It's absolutely mind blowing wet allow that, and people will cheer it as smart and not really what it is, cheating the system legally.

plenty of 'cheats' everywhere !

The rich are coddled in this country, no doubt about it.

I'm curious, in what Country aren't they ?

 

[Hetfield]

you can do it to, just ask your CPA !




plenty of 'cheats' everywhere !



I'm curious, in what Country aren't they ?

No, I really can't because I pay payroll tax, and it's very, very hard to cheat, just the little stuff that amounts to about nothing.
Let me ask you, what county do we live in because that's the only one I care about the very wealthy being coddled.

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[Mikado463]

No, I really can't because I pay payroll tax, and it's very, very hard to cheat, just the little stuff that amounts to about nothing.

understood, then start your own company........

Let me ask you, what county do we live in because that's the only one I care about the very wealthy being coddled.

truthfully I concentrate on my own wealth, those that piss and moan about others usually never get out of the back of the bus .........

 

[Hetfield]

understood, then start your own company........



truthfully I concentrate on my own wealth, those that piss and moan about others usually never get out of the back of the bus .........

Ok, so we just let them get away with whatever they feel like, buy politicians and get away with more.
I'm just talking about what is fair and good for the country. When private citizens have the money to fly into space I think we have crossed over in crazy town.

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[mtrycrafts]

But wouldn't that be due to a large decrease in imports of foreign goods since availability is so bad??

Don't know.
Then, imports would dictate GDP performance?

 

[SithZedi]

GDP is a formula is:
GDP = Consumer Consumption + Investment + Government Spending + (Exports - Imports) or:
GDP = C + I + GS + NX , NX is short for Exports - Imports.

Higher imports than exports would be a drag on GDP.
This doesn't capture the shadow economy(black market). That's one of the reasons why third world countries have lower than expected GDP.
Government spending can move GDP.

 

[Mikado463]

Ok, so we just let them get away with whatever they feel like, buy politicians and get away with more.
I'm just talking about what is fair and good for the country. When private citizens have the money to fly into space I think we have crossed over in crazy town.

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Point taken, but truthfully I'm concerned about my grandsons basketball game tomorrow night than some two bit billionaire ...........