Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old Pharts are crushing us :-(
Old 10-30-2007, 12:39 AM   #1
Recycles dryer sheets
 
Join Date: Apr 2005
Posts: 306
Old Pharts are crushing us :-(

Now I have some else to blame for all my problems:

Ipod generation crushed by tax, says report - Telegraph

"Young people aged 18 to 34 are paying half their earnings in tax as they help fund the pension and health care costs of an ever more prosperous older generation"
__________________

__________________
-----------------------------------------------------
Whatever you do will be insignificant, but it is very important that you do it.
mickj is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 10-30-2007, 08:24 AM   #2
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
Let me be the first to thank them.
__________________

__________________
73ss454 is offline   Reply With Quote
Old 10-30-2007, 09:07 AM   #3
Full time employment: Posting here.
CCdaCE's Avatar
 
Join Date: Apr 2006
Posts: 887
"That's all right dad, you run up the bill, we'll pick up the check".

*duck*

-CC
__________________
"There's those thinkin' more or less, less is more, but if less is more, how you keepin' score?
It means for every point you make, your level drops. Kinda like you're startin' from the top..." "Society" - Eddie Vedder
CCdaCE is offline   Reply With Quote
Old 10-30-2007, 09:08 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
dex's Avatar
 
Join Date: Oct 2003
Posts: 5,105
Let me be the second to thank them.
__________________
Sometimes death is not as tragic as not knowing how to live. This man knew how to live--and how to make others glad they were living. - Jack Benny at Nat King Cole's funeral
dex is offline   Reply With Quote
Old 10-30-2007, 09:27 AM   #5
Thinks s/he gets paid by the post
grumpy's Avatar
 
Join Date: Jul 2004
Posts: 1,321
Both of our kids are in that age range. I don't think they are complaining. We are pretty generous with them and have told them we intend to fully fund the college education of grandkids (if and when they come along). They also are aware that they are likely to inherit a tidy sum from us. Guess they are the exception to the rule.

Grumpy
__________________
grumpy is offline   Reply With Quote
Old 10-30-2007, 10:15 AM   #6
Recycles dryer sheets
 
Join Date: Aug 2003
Posts: 474
Are there a lot of Brits here? While I would probably agree with the headline, I don't know how much we Yanks can learn from this review of the "Blair Years."
__________________
bongo2 is offline   Reply With Quote
Old 10-30-2007, 12:51 PM   #7
Recycles dryer sheets
 
Join Date: May 2006
Posts: 230
Quote:
'The Ipod generation has been reduced to galley slaves in the public spending empire of the baby boomers," Mr Bosanquet says. "The Government is in the process of mortgaging the future of a generation."
Over the top perhaps . . . but it is true. I can guarantee that the Baby Boomers definitely won't have Gen X writing odes to them as "The Greatest Generation."
__________________
terminator is offline   Reply With Quote
Old 10-30-2007, 12:53 PM   #8
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
For what it's worth, when my dad were alive, he basically told us kids that he didn't need his Social Security, and he figured we wouldn't get much (if any) directly, so he said he was saving it all and we'd get it one way or another, even if through inheritance.

But yeah -- if youth were as active and voted as much as seniors, this constant intergenerational wealth transfer would not be happening as we know it.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
The Book to read is BOOMSDAY!
Old 10-30-2007, 01:06 PM   #9
Recycles dryer sheets
DougViages's Avatar
 
Join Date: May 2007
Location: Belmont
Posts: 160
The Book to read is BOOMSDAY!

My DW and I have both read this dark comedy about an "X'ers" revolt against the Boomers. Fun read, by the author of "Thank You for Smoking". Yea, demographics are HELL. We have these huge burdens coming up in the USA, and Western Europe, with an older population and vast socialist systems, will bury its young workers in debt and taxes.

I have no real suggestions about any of this. Necessity being the Mother of Invention, the crap will hit the fan here down the road.
__________________
DougViages is offline   Reply With Quote
Old 10-31-2007, 05:04 PM   #10
Thinks s/he gets paid by the post
 
Join Date: Apr 2007
Posts: 1,304
I too thank them ... and wish them a long and prosperous future ... and keep those checks coming
__________________
Life is GREAT!
megacorp-firee is offline   Reply With Quote
Old 10-31-2007, 05:34 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2003
Location: Kansas City
Posts: 7,408
Wait a minute! - is this a rehash/rerun of ancient times? - The Beatles and Rolling Stones left and pissed and moaned about taxes so the Brit's elected Margaret Thatcher - so they could afford to come back.

Or is that just a fairy tale?

heh heh heh - . I haven't seen 'Are You Being Served?' reruns in a while.
__________________
unclemick is offline   Reply With Quote
Old 10-31-2007, 08:44 PM   #12
Moderator
bssc's Avatar
 
Join Date: Dec 2005
Posts: 9,923
In the States, taxation is lower than expenditures and the difference is made up by borrowing. It will be up to the iPod generation's kids to pay off this debt.
__________________
Angels danced on the day that you were born.
bssc is offline   Reply With Quote
Old 11-01-2007, 12:55 PM   #13
Dryer sheet aficionado
 
Join Date: Sep 2005
Posts: 42
18-34 year olds?

I just turned 35 a few weeks ago - Thanks suckers !!!
__________________
Mudd is offline   Reply With Quote
Old 11-02-2007, 11:48 AM   #14
Thinks s/he gets paid by the post
Jay_Gatsby's Avatar
 
Join Date: Oct 2004
Posts: 1,719
Quote:
Originally Posted by DougViages View Post
My DW and I have both read this dark comedy about an "X'ers" revolt against the Boomers. Fun read, by the author of "Thank You for Smoking". Yea, demographics are HELL. We have these huge burdens coming up in the USA, and Western Europe, with an older population and vast socialist systems, will bury its young workers in debt and taxes.

I have no real suggestions about any of this. Necessity being the Mother of Invention, the crap will hit the fan here down the road.
This is why you need to FIRE as quickly as possible. If you're not working, you're not paying into the system to support the Boomers. Not to engage in generational warfare, but I think our politicians have over-promised the Boomers on what is reasonable to deliver.
__________________
He had one of those rare smiles with a quality of eternal reassurance in it . . . It faced, or seemed to face, the whole external world for an instant and then concentrated on you with an irresistible prejudice in your favor. -- The Great Gatsby, F. Scott Fitzgerald
Jay_Gatsby is offline   Reply With Quote
Old 11-02-2007, 04:45 PM   #15
Thinks s/he gets paid by the post
 
Join Date: Dec 2004
Posts: 1,798
Quote:
Originally Posted by bongo2 View Post
Are there a lot of Brits here? While I would probably agree with the headline, I don't know how much we Yanks can learn from this review of the "Blair Years."

One big lesson, don't promise huge social programs.
__________________
You don't want to work. You want to live like a king, but the big bad world don't owe you a thing. Get over it--The Eagles
lets-retire is offline   Reply With Quote
Old 11-02-2007, 05:08 PM   #16
Thinks s/he gets paid by the post
lazygood4nothinbum's Avatar
 
Join Date: Feb 2006
Posts: 3,895
which old pharts are we talking about? aren't beneficiaries who hardly paid into the system mostly pretty much all dead by now? my mom collected all of about 10 years worth and she had paid into the system for her entire working life. i paid into the system my entire working life but have yet to see a dime. i have no personal (to my own life) problem with anyone shutting social security down; but if you do i want my money back first.
__________________
"off with their heads"~~dr. joseph-ignace guillotin

"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
lazygood4nothinbum is offline   Reply With Quote
Old 11-02-2007, 05:23 PM   #17
Recycles dryer sheets
 
Join Date: Oct 2007
Posts: 463
Quote:
Originally Posted by lets-retire View Post
One big lesson, don't promise huge social programs.
One of TickTock's Big Money Rules(tm):

Discount heavily promises of money/benefits to you in the future. Be inclined to take money NOW instead of promises later, even if the money now is substantially less.
__________________
TickTock is offline   Reply With Quote
Old 11-03-2007, 03:43 PM   #18
Recycles dryer sheets
 
Join Date: Jan 2006
Posts: 103
Quote:
Originally Posted by Jay_Gatsby View Post
This is why you need to FIRE as quickly as possible. If you're not working, you're not paying into the system to support the Boomers.
Anyone who pays federal taxes is paying into the system to support the Boomers. Since the federal government is allowed to borrow from the SS trust fund and issue it Treasury notes, the whole distinction between FICA and regular federal tax seems pretty illusory.
__________________
segfault is offline   Reply With Quote
Old 11-03-2007, 04:43 PM   #19
Thinks s/he gets paid by the post
Eagle43's Avatar
 
Join Date: Jan 2005
Location: DFW
Posts: 1,879
Forty-three years paying; four years collecting (so far). I need 39 more years to break even. Checks are good. I love checks and transfer payments and medical insurance and senior discounts. As a certified old phart, let me thank you now.
__________________
Resist much. Obey Little. . . . Ed Abbey

Disclaimer: My Posts are for my amusement only.
Eagle43 is offline   Reply With Quote
Old 11-04-2007, 09:10 PM   #20
Thinks s/he gets paid by the post
Jay_Gatsby's Avatar
 
Join Date: Oct 2004
Posts: 1,719
Quote:
Originally Posted by segfault View Post
Anyone who pays federal taxes is paying into the system to support the Boomers. Since the federal government is allowed to borrow from the SS trust fund and issue it Treasury notes, the whole distinction between FICA and regular federal tax seems pretty illusory.
This is assuming you're paying taxes while FIRE'd. I've met a few folks who have structured their investments to minimize the payment of taxes when they FIRE'd. All sorts of tax-free investments, tax offsets, etc... As for the Government raiding the SS trust fund and leaving IOUs, that's an entirely different subject. Fiscal responsibility has never been high on the priority list for most politicians, much less government bureaucrats. I'm in the government contracts arena, so trust me when I tell you this.
__________________

__________________
He had one of those rare smiles with a quality of eternal reassurance in it . . . It faced, or seemed to face, the whole external world for an instant and then concentrated on you with an irresistible prejudice in your favor. -- The Great Gatsby, F. Scott Fitzgerald
Jay_Gatsby is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 09:38 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.