DOGE Heads Musk and Ramaswamy Signal Social Security Cuts Are Coming Trump vowed to “not cut one penny” from Social Security, but his other statements

Walt said:
You could not be more wrong. Payroll tax is only paid on earned income(payroll, hence its name). It is not considered unusual for a wealthy person to have no earned income. Retired people also have no earned income.

Imagine you have $100 million invested 90% broad stocks, 10% Treasurys and Treasury obligations. With that sort of money, why bother getting a job. You take 4% of that money out, either from dividends, or by selling some of the stock/bonds. So now you have capital gains income of $4 million.

You would pay nothing in Social Security tax, and the maximum federal tax rate you would pay on the capital gains would be 20%. You would be able to take some nice deductions, and would only have to pay taxes on about half that $4 million. In the end, your entire federal tax would be 10%.

If you earned that much in earned income, you would be paying closer to 40% tax. Though you would only have to pay Social Security taxes for the first $168,600.

And we have not even touched on buy, borrow, die. You can buy an asset, borrow against that asset, and use the profits from the asset to pay off the debt. Because the money from the debt is not considered income, there is no taxes on it. Because profits are going towards a business debt, you pay no taxes on that. One day, when you die, the initial value of the asset is reset to value at the time of inheritance, so your beneficiary can sell it immediately, and pay no taxes. If the asset is real estate, you can even sell it without taking a capital gain, as long as you almost immediately buy a new piece of real estate.

And you would never pay a cent of Social Security taxes.


Capital gains, the main tax on the rich, has been reduced greatly by using the surplus from the payroll taxes that the rich pay almost none of.
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You're telling me I couldn't be more wrong yet just repeated exactly what I said. I stated payroll tax is only paid on earned income. The ratio of how much a wealthy person makes vis a vis earned income to investments is irrelevant in regards to S.S. (whether it's 99% to 1% or 50% to 50%), what is relevant is they pay the payroll tax on that earned income.

Regarding retired people who no longer work, is someone arguing they still make earned income? That doesn't really make sense.

I understand how capital gains taxes work but that's not what we're discussing. The amount of wealthy people (of working age) who have no income is negligible compared to the overall population.
 

Joe Biden attacks Republicans for positions he once held about Social Security​

CNN

"
CNN —

President Joe Biden and the White House have attacked Republicans in recent months for positions the president himself once held on Social Security and entitlement programs including sunset bills and raising the retirement age, a CNN KFile review of Biden’s record shows.

"Biden first introduced a proposal in 1975 that would have ceased funding all federal programs – including Social Security and Medicare – unless they were reauthorized by Congress. In fact, Biden’s bill was the first so-called federal sunset bill, something the president later boasted about in his 1978 Senate reelection campaign."

"
Biden, in one exchange pushing back against plans by then-President George W. Bush to partially privatize Social Security in 2005, said he was open to discussing benefit cuts to guarantee the solvency of the program.


“Raising the cap, raising the retirement age for people who are now 30 years old, raising the tax on Social Security, cutting benefits,” Biden said. “They’re all things that have to be discussed, quite frankly.”


In other clips from the 1980’s uncovered by CNN’s KFile, Biden proposed raising the retirement age up to possibly 70, saying that life expectancy in the United States supported retiring later. Biden also said he was open to raising the retirement age in the mid and late 2000s."

"
Biden once boasted that he was the first person to introduce a bill to require all federal programs be reauthorized or cease to be funded – including Medicare and Social Security.


Now, Biden is attacking some Republicans over proposals to do the same, citing a plan from Scott which – until recent changes – would have also sunset all federal legislation.


“I introduced the Senate’s first ever free-standing sunset bill in 1975,” Biden wrote in an article in 1984 for the Syracuse Law Review, referencing a 1975 bill he introduced that did not include exemptions for Social Security and Medicare. That bill passed the Senate by a vote of 87-1, but later failed in the House."

And yada, yada, yada. Liberals and Democrats have ZERO problem when Democrats try and do it. Fucking whiny hypocrites.
 
cawacko said:
You're telling me I couldn't be more wrong yet just repeated exactly what I said. I stated payroll tax is only paid on earned income. The ratio of how much a wealthy person makes vis a vis earned income to investments is irrelevant in regards to S.S. (whether it's 99% to 1% or 50% to 50%), what is relevant is they pay the payroll tax on that earned income.
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There is no financial reason that a very rich person needs any earned income, and more than half of them have no earned income. If you have $100 million in investments, you do not need to work 40 hours a week to get another $100k a year. So for those the number would be 0%, which does matter in regards to whether they pay payroll taxes, because it is zero.

Some of the very rich feel the need to control something, and therefore have a job in controlling it. Before Jeff Bezos quit his job, he had a job controlling Amazon. To avoid paying taxes, they generally take the lowest salary possible. The days of a $1 salary are mostly gone, the IRS caught on to that, but they can set their salary very low. So Bezos went with $80k a year.

Cawacko will say that is something, and I will respond that is nearly nothing. It is about 0.001% of his income. More importantly, the tiny amount that the very rich pay in payroll taxes is about one millionth of the payroll taxes.

One millionth of the payroll taxes paid, and yet they benefited from about half of the surplus in payroll taxes.

cawacko said:
The amount of wealthy people (of working age) who have no income is negligible compared to the overall population.
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The concept of working age does not apply to the very rich.
 
Walt said:
It struck me how much she looked down on working, and getting multiple sources of income, or "double dipping" as she called it.
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At one time she claimed to be wealthy and living in a large home in an affluent area, and enjoyed golfing and travel with her husband. Then it was revealed that there never was a husband, no golfing, the fancy home is a tiny shack in disrepair in a decaying older (1940s) transitioning neighborhood. She's always looked down on "poor" people despite the faux concern over their alleged plight under first Obama and now Biden. IOW she is one of those typical MAGAT voters who votes against their own best interests and who believes that some pseudo-zillionaire really cares deeply about her and other low-income citizens. You truly cannot explain stupid, can you?
 
TOP said:
It's easy when they all they do is follow a SCRIPT that is nothing but lies...I just remind them of the truth...
They look so silly...I would think they'd be tired of posting such nonsense...
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Indeed.

They post personal things that they can not possibly know.

Haters all...and losers all.
 
Earl said:
Indeed.

They post personal things that they can not possibly know.

Haters all...and losers all.
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It's pretty crazy.... and they do it to so many...
But, we have to be patient and tolerant, though, considering...
And continue to remember that we are blessed not to be them...
(It's still a complete mystery, though, why they're so upset that I'm a retired teacher and coach...perhaps someday I'll get an answer...;))
 
Guno צְבִי said:
McDonalds? she can barely feed herself on SNAP benefits
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True! @Magats_Love_NHB, she "borrowed" that fake donation thing from me. Every time she goes off on some virtue-signaling rant about abortion, I donate in her name to the PP clinic in her region. These are not fake donations like hers; I have posted the receipts. Predictably, the whining twat tried to get me banned, along with the help of her posse, for posting them. So I promised Damo I would not post them again, but still have plenty to share privately if anyone doubts that MY contributions are real or not. Her name is blacked out for privacy reasons, of course.

It's said that imitation is the sincerest form of flattery... even if it's just bragging about fake donations. :laugh:
 
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