Gone4Good;1107160P.S. said:According to CBO Social Security is underfunded by $6.5T. The $2.6T "trust fund" only covers about 29% of future obligations.
Too late...Might as well just move this on over to the political forum before the pig shows up.
..
P.S. According to CBO Social Security is underfunded by $6.5T. The $2.6T "trust fund" only covers about 29% of future obligations net of SS taxes. So not only did voters choose to spend the trust fund, they've also chosen to under tax themselves relative to the benefits they've promised themselves by a very large margin. Pretty irresponsible bunch these folks.
http://www.ssa.gov/oact/tr/2011/tr2011.pdfFor the 75-year projection period, the actuarial deficit is 2.22 percent of taxable payroll, 0.30 percentage point larger than in last year’s report. The opengroup unfunded obligation for OASDI over the 75-year period is $6.5 trillion in present value and is $1.1 trillion more than the measured level of a year ago. If the assumptions, methods, starting values, and the law had all remained unchanged, the unfunded obligation would have risen to about $5.8 trillion due to the change in the valuation date.
Scott Burns: Who stole the Social Security money? - Houston Chronicle
Sad state of affairs...
Isn't the middle class, along with everyone else, going to pay either way? Except...The real issue is not increasing your FICA... The issue is about increasing general taxes on business...
The really bad part of this is that much of it will still fall right on the backs of the middle class... the middle class will wind up paying back that trust fund with general taxes...
The data shows high tax rates but low taxes paid by US corporations. See the analysis by Bruce Bartlett hereUS Corp taxes are already among the highest in the world. Among other factors, that's already cost us millions of jobs that will never come back, and if anything may have accelerated since the recent great recession.
The data shows high tax rates but low taxes paid by US corporations. See the analysis by Bruce Bartlett here
I saw your first chart as tax rates. Not the same thing as taxes paid, so I posted a chart based on taxes paid.Both evidently tax/GDP but wildly different numbers, and both from OECD & NYT, what am I missing?
I posted a chart and a link to the source and expressed no opinion.Michael B: And so you contend that higher Corp tax rates won't result in higher prices to consumers or more US jobs offshore?
Discussion about fair share, taxes, classes and such, all together, usually ends badly.And if you look at the graph above, it would appear that individuals in the US aren't doing their fair share relative to most other countries (green bars). Evidently we're not paying nearly enough, the superrich, rich, middle class and everyone else should be paying more. Isn't that fascinating...
http://www.early-retirement.org/forums/attachment.php?attachmentid=12571&d=1314885349
Isn't the middle class, along with everyone else, going to pay either way? Except...
....
With regards to entitlements, we can either screw the younger folks now (55 or under), or we can screw everybody in 10 years....
Who are "the wealthy?" Me? You?
We see comparisons like this often. They don't include state and local and other taxes so they don't mean much. If they would do that the picture would be quite different.
I supose the goal of charts like this is to make us (wrongly) think we are undertaxed. These type charts are often from someone with a political agenda to push.
Yep, that's all it was used for. We didn't fight a few wars, we didn't spend a bunch of money in a "stimulus" program, nobody got any food stamps or government benefits. Every nickel of SS overpayments went to tax cuts, and every bit of the tax cut went to the wealthy.Thanks for posting the article. That Trust Fund money was used over the last 30 years to fund a huge tax cut for the extremely wealthy of the country.
Yep, that's all it was used for. We didn't fight a few wars, we didn't spend a bunch of money in a "stimulus" program, nobody got any food stamps or government benefits. Every nickel of SS overpayments went to tax cuts, and every bit of the tax cut went to the wealthy.
Every nickel of SS overpayments went to tax cuts, and every bit of the tax cut went to the wealthy.