Discussion: Social Security Advocates Sound The Alarm About The Latest Trump Tax Plan

TPM Article Topics
#51

I’m going to have to disagree. Among other things, the funding is easy for everyone to understand: there is a direct correlation between my labor and my “savings” for retirement. The more I earn, the more I can see my Social Security payout increasing.

And psychologically, I would argue that a payroll tax is critical in that it makes people feel like they have earned that payout. “I put my money into this program; I’m entitled to the rewards.” It’s the primary reason that Social Security is the “third rail” of politics. “Don’t you dare touch my money.”

Take that away, to where it’s nothing more than just another welfare program funded out of the general fund, without that direct correlation, it’s a hell of a lot easier to change it, even gut it.

9 Likes
#52

Welp, my considered opinion is not woth a damn because nobody will do it. And that is…remove the fica salary tax cap. That way Social security would be fully funded and likely there would be enough left over for Medicare to be expanded to everyone.

But don’t listen to my hair brained ideas. Go ahead and rework Obamacare and call it trumpcare. Or not and just axe it. Or destroy the two most popular government programs since there were government programs and watch you presidency, donnie, go down in flames before the 4 years is up. Fuck with retired people and they’ll turn on you, donnie. Fuck with those who have kidney diseases and everyone will turn on you because of your heartlessness. Yes folks, social security has a provision for those with kidney disease

5 Likes
#53

Donald, the answer to your fake payroll taxes is DOA!

Our answer is NO and furthermore, HELL TO THE NO, at that!

2 Likes
#54

Trump_Buck_Stops_HereWeb.jpg771×540 352 KB

5 Likes
#55

OT
Just saw the United Airlines removing a guy off one of their planes…VIOLENTLY.
I have not flown United in many years and after this I will not…ever.
Blood all over his face like he had been beaten by airline people somewhere off the plane. They apologized for the overbooking but NOT FOR THE VIOLENCE.

FUCK YOU UNITED AIRLINES

2 Likes
#56

Funding by payroll tax is necessary, in effect, because Americans have been brainwashed into thinking like mean-spirited assh*les. The whole idea that it’s your money because you paid it in is a fiction that only works as long as you don’t look too carefully at the progressiveness of payouts, or at survivors’ benefits or disability or a whole bunch of other things. (Much like insurance, as a matter of fact.)

If we were all civilized, simply agreeing that old people deserved not to eat dog food would be enough. But it’s not.

5 Likes
#57

As an old guy…thanks.

2 Likes
#58

They may know that–doesn’t mean they won’t try though.

2 Likes
#59

I promise to give it up…

As long as I can still roll around in smelly stuff —

2 Likes
#60

Oh yes Sam Brownback, the idiot former House GOP, gave up his seat to bring back his regressive policies to Kansas, like that other doofus from Louisiana, Bobby the ghoul Jindal. Good riddance to him. Thankfully he alone killed his future presidential hopes because of the shambles he left in his already poor state, Louisiana.

3 Likes
#61

Don’t confuse tax credits with tax deductions. The so-called Freedom Caucus hated Ryancare because it still contained tax credits – that is, amounts that offset the taxes owed by the individual, dollar for dollar. Worse, they were refundable tax credits… that is, if the credit were larger than the total tax owed before the credits, the difference would be refunded.

Tax deductions are amounts that reduce the income that is taxed. They do affect the tax owed, but only indirectly by reducing the taxable income. If you have little income, deductions have little value, because there is little income to reduce. Moreover, the first few thousand dollars of income are taxed at a very low rate. If you have taxable income of $30,000, your tax rate is on the order of 10-15%, so a deduction of 1$ reduces your taxes by 10-15¢. If you have taxable income before deductions of $500,000, however, your tax rate on the last dollar is around 39%. Every dollar you deduct is worth 39¢. Consequently, tax deductions are actively regressive… they are worth more for the rich than for the poor.

So: right-wingers hate (refundable) tax credits, because they are just as valuable (in $) and more valuable (as proportion of income) to poorer taxpayers. They love deductions, which help the rich more than the poor.

2 Likes
#62
President Trump campaigned on an explicit promise not to cut Social Security, a promise Altman and other advocates say he would betray with this plan.

So what? He also said that he wouldn’t decrease Medicaid, and that everyone would have health care insurance, with lower premiums and better coverage. That didn’t stop him from supporting Ryan’s healthcare bill.

2 Likes
#63

As someone in their thirties, we don’t think social security will be there for us because the Republicans want to destroy it and idiots keep voting Republican, and we see that and know we have to prepare accordingly.

1 Like
#64

Thanks for the response. Since this week I will be paying taxes, it’s nice to learn more about what we could do as a country with our tax code and opportunities. Now, in the tiny hands of trump and the republicans… I am not optimistic. Have a great day!

#65

The key here is to get the tax away from wages. The way to secure the future for Social Security is by raising the wage threshold, and this starts to cost those who have enough money to spend it on advocating for changing the source of SS funds.

#66

Corporate AMERICA AND THE KOCH BROTHERS WILL NOT BE HAPPY UNTIL THEY
DO NOT HAVE TO PAY THEIR 6.2% SHARE INTO SOCIAL SECURITY… THAT’S BILLIONS
OF DOLLARS OF LOW HANGING FRUIT FOR THE 1%… KEEP VOTING FOR REPUBLICANS
YOU DUMB PHUCKS !!!

#67

I often hear friends and co-workers say, “Social Security won’t be there when I retire,” to which I reply: it most certainly will. Without question. Any politician who thinks they are going to mess with seniors by messing with Social Security is delusional, and their delusions will quickly meet the reality of the ballot box. Seniors vote, period. And anyone who thinks they are going to scheme out an end to Social Security denies that reality at the risk of their political career.

Remember when W thought he would allow a small percentage of contributions to move to private accounts? That trial balloon was more like a lead balloon.

Honestly, I think we would be more likely to defund the military than Social Security. But, please, Paul Ryan: go head. Try. Explain to seniors why they’re better off with NO guaranteed benefits in lieu of a stock portfolio. Please, proceed.

1 Like
#68

It’s unlikely that any current politician is going to be able to kill social security dead. But if they keep whittling away at it, eventually the effect will be the same. Keep raising the retirement age, add “means testing”, and before you know it. One of the tricks the republicans use is to phase in their cuts so that the current old people keep getting a good deal but their kids get screwed.

1 Like
#69

Most tax credits are nonrefundable tax credits and so do not apply if no taxes are owed.

Right-wingers love these just fine, as an alternative to any other sort of government assistance.

1 Like
#70

isn’t that one of the reasons they love war so much death and destruction of brown people who may be muslims well that and lots of money. in their campaign coffers for the so called- patriotic congressmen and women who endorse such phuckin ignorance

Comments are now Members-Only
Join the discussion Free options available