Trump's Tax Plan will widen Social Security Shortfall

I’d attack the shortfall in two ways:

1) Increase the employer side of SS by a quarter % a year until we get to a 2% increase. This takes us to a 14.4% tax rate with 16% needed to make it permanently solvent, and
2) Raise the retirement age by two years.

These changes would make it solvent by everyone sharing in the shortfall without directly reducing worker take home pay.

 

Removing taxes on social security is yet another trick to give more money to the wealthy. They are taxed at 85% right now (should be 100%).

 

We disagree. He definitely did fine with leading us during WW2. But he screwed over future generations to give to his and younger generations. A disaster we live with to this day. And you and I likely will reap from it. Though not as much as our parents. But our kids and grandkids will have less because of him. It irks me to no end that our kids and grandkids peers who work a job living pay check to pay check are going to be told they get less and need to pay more.

If only he made it a true safety net. He could have gone down as one of the greatest. Instead he threatened to stack the court to push his disaster through…

 

17 presidential administrations, and 80 years have transpired.

You holding FDR accountable is like saying an 80 year old building, with no maintenance and no care, which had to he condemned, as the fault of the architect.

 

Same logic would apply to anyone complaining about Reagan policies.

 

increase the SS tax limit and raise the retirement age by 1 year.

 

I was confused but this cleared it up.

 

I’m a registered democrat but voted for Trump. Does that mean i don’t pay taxes or I pay high tariffs? Video wasn’t clear on that.

 

After paying into SS for decades, I will be pleasantly surprised to get MY money back in full. # notanentitlement

 

Because he is accountable. He laid the foundation that steals from younger generations. The foundation we cannot fix now because Republican and Democrat alike must get theirs (I paid in so…).

He should be held accountable for what he did. If he had created an honest true safety net instead of a redistribution program. He could have gone down as one of the greats. Instead he is one of the worst.

 

Would be yet another example of the Boomers dooming this nation's economy which is 100% why it will happen. The most selfish generation in human history will continue to pile on the misery on the people that follow.

Corporate profits at all time highs while people struggle with rent and groceries? Give em a tax break too!

 

I'm selfish for wanting MY money back?

 

It’s an insurance program. You've paid premiums, not put money away solely for your own account. I don’t know of a single insurance program out there that is sustainable with everyone getting back what they paid in. Historically SS paid out more in benefits than people paid in but the transition to less than paid in happened in the 2010-2015 time frame. I’m in that boat where I won’t see what I paid in.

 

So SS is a Ponzi scheme? NOT FULLY FUNDED?

 

Is car insurance a ponzi scheme? Do you expect to get all your payments back?

 

Nope. But there are many options. SS is a redistribution program from younger generations to older generations.

Most of us here on GC will be fine regardless. But it is wrong to tell our kids and grandkids peers that may work living paycheck to paycheck and have no family to help them later in life that we should get ours at their expense. Don't get me wrong our parents generation is getting theirs at our expense because our grandparents generation was getting theirs at our parents generation expense.

Time to turn it into a true safety net. Unfortunately that is not politically feasible.

 

Social Security is a safety net program. Before SS, about 50% of elderly died penniless, and 80% of the elderly population lived at or below the poverty line. Today, that number is down to under 10%! Without SS, it's estimated that number would quickly rise back up to 40% or higher.

 

You need a cap on donations more than term limits, which will just empower the lobbyists further. I mean, the average congressman averages 3-5 hours a day in a call center fundraising, does that not tell you something right there?

 

SS may have made a lot of sense when enacted. Things change (economies, technology, demographics, etc.). Both parties are afraid to take the lead (along with the slings and arrows) to make the substantive changes because the voters have been convinced that SS is sacred. Why not allow those who want to participate in SS stay with that program? Let others begin to withdraw their contributions (obviously this would have to be a scaled withdrawal program with lots of accountants making money figuring that out). Put the "safety net" concept where it belongs in the welfare programs.

Kinda curious that there is never a scare/threat that welfare programs are going bankrupt.

 

Guilty as charged.