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Re: What American Wants Their Social Security Cut?

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@cstotes wrote:

T. He does want the fraud exposed and eliminated. That would cut the costs in half compared to current expenditures. That together with getting illegal aliens and others who have not paid in to the system off the roles would solve the problem. The numbers from increased employment are also helping funding by payroll deductions. I have been paying into Medicare since it began. \

 

Please show your stats.

 

So it begins.
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Re: What American Wants Their Social Security Cut?

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@mickstuder wrote:

 

We are the wealthiest country in the world at the wealthiest moment in our history. The United States of America can afford tuition-free public college, paid family leave (as well as medical and caregiving leave, which Shapiro and Biggs do not mention), and expanded Social Security benefits. We just need to require the wealthiest among us to contribute their fair share.

 

Over the last 50 years, workers have generated enormous increases in productivity.

 

But it’s their bosses who have reaped the gains. Billionaires, along with their bought and paid-for politicians, have rigged the system to benefit themselves instead of working people. The resulting explosion of wealth and income inequality is both immoral and destabilizing. Our country should fight that inequality by (1) expanding Social Security both to increase benefit levels and add paid family and medical leave, and (2) making public colleges tuition free. Citizens in other, less wealthy nations already enjoy these benefits.

 

Source - https://thehill.com/blogs/congress-blog/politics/373490-the-latest-devious-republican-attack-on-soci...

 

 The wealth of our nation was not achieved via a socialist wealth redistribution mindset. So, if you want to continue to enjoy our success, don't screw up that which created it.


 

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Re: What American Wants Their Social Security Cut?

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@gruffstuff wrote:

What American Wants Their Social Security Cut?\

 

 

Not me, I held up my end of the deal all my life, I expect the government to hold up their end.

 

Times are changing, the workforce is changing, automation, AI, the global market?

 

I don't care.

 

 


I don't think you or I have anything to worry about.

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Re: What American Wants Their Social Security Cut?

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What American Wants Their Social Security Cut?\

 

 

Not me, I held up my end of the deal all my life, I expect the government to hold up their end.

 

Times are changing, the workforce is changing, automation, AI, the global market?

 

I don't care.

 

 

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Re: What American Wants Their Social Security Cut?

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@mickstuder wrote:

The GOP also ended the Independent Payment Advisory Board, which was designed to help ensure Medicare remained strong, keep its rate of growth down and improving quality. Without IPAB, there is no mechanism to realize these goals.

 

 

 


My head hurts from reading much of this thread - much in the links is even WRONG-

I don't have time or the inkling to correct it all but here is one that I had no problem documenting the error.

 

On the elimination of the IPAB:

 HR 849 - Actions - 115th Congress (2017 - 2018) Protecting Seniors Access To Medicare

The House passed HR 849 in November 2017 - the vote was 307 to 111 - that means that overwhelming Democrats also voted for it in the House.  NOBODY liked the IPAB - the Democrats only stomached it when the ACA was passed but it never got off the ground because there was no willingness in the majority of EITHER PARTY for it to become a functioning part of government as it was designed in the ACA.

 

The Senate held onto the bill and then it was combined into and passed completely in the BIPARTISAN Budget Act of 2018 - February 2018.

 

 

* * * * It's Always Something . . . Roseanne Roseannadanna
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Re: What American Wants Their Social Security Cut?

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NOT wrote : I read the entire article because I was curious how Trump's income tax cuts would effect Medicare & SS and I have concluded that you are correct, that the article says it would have an adverse effect but I still can't figure out how? Trump just cut taxes and didn't change the percentages for SS/Medicare so "where's the beef"?

 

Before the tax cut Companies would reduce their tax burden by increasing their expenses so they would provide more raises and more bonuses to the workers.

 

This increased worker productivity, overall demand in the economy and drove the economy higher.

 

That increased economic activity meant more income was being generated and more revenue would flow into SS from the FICA paid on that income.

 

How do we know this is what happened? We look at the actual numbers:

 

From 2007 to 2017, Corporate Profits increased 36.9% and wages increased 17.9%. For every dollar in increased profit, the workers received 48 cents.

 

However, in 2018, corporate profits increased 31% but wages bearly budged, rising 0.1% which is less than projected inflation, and only 0.3% of the increase in profits - that's 3/10ths of a penny for every dollar in increased profits vs 48 cents BEFORE the Trump tax scam..

 

After the taxscam, companies are on track to divert TEN TIMES their tax cut into stock buy-backs which are on track to hit $1 TRILLION this year alone. This increases the value of the Oligarchs' stock options (and the remaining outstanding shares) and gives them even greater control over what the company will do in the future, but does NOTHING for workers, the economy or the SSTF.

 

All the money Corporations had "hidden" overseas to avoid taxes that was SUPPOSED to come back and create more, better jobs for Americans? So far, virtually every dime has gone for those stock buy-backs and the American Worker has not benefited from higher wages, better equipment or economic growth.

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Re: What American Wants Their Social Security Cut?

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Message 7 of 33

@mickstuder wrote:

@NOTHAPPENING wrote:

@mickstuder wrote:

@NOTHAPPENING wrote:

@mickstuder wrote:

@NOTHAPPENING wrote:

@mickstuder wrote:

Ever since Social Security came into existence, Republican politicians and their billionaire donors have attempted to destroy it. As an effective and incredibly popular government program, it is anathema to the GOP's anti-government ideology.

 

But precisely because it is so popular, including with Republican voters, attacks on our nation's Social Security system have failed time and time again.

 

Now Republican politicians are ramping up for a new, sneaky assault: Offering to provide young Americans some relief from crippling student debt and our country's shameful lack of paid family leave — if they forfeit some of their future Social Security benefits

 

The first iteration of this scheme came from Rep. Tom Garrett (R-Va.) who recently introduced the so-called Student Security Act of 2017. This bill would allow young people to pay off a portion of their student loans with their future Social Security benefits. It would force them to choose between financial security in young adulthood and financial security in retirement.

 

In a recent Wall Street Journal op-ed, Kristin Shapiro and Andrew Biggs proposed a similar plan to fund paid parental leave. This plan has all of the same pitfalls as Garrett’s, but thus far it has gotten more attention. Two major figures in the Republican Party, Sen. Marco Rubio (R-Fla.) and Ivanka Trump, are reportedly fans of the idea.

 

Like Garrett’s bill, the Shapiro-Biggs plan is an attack on young people. Our country faces a looming retirement crisis caused by the decline of traditional pensions, the inadequacy of 401(k)s, and decades of stagnant wages. The younger you are, the more serious the crisis.

 

Today, two-thirds of seniors rely on Social Security for most of their income; one-third rely on those modest earned benefits for virtually all of their income. Those percentages will go up as today’s young people age.

 

We are the wealthiest country in the world at the wealthiest moment in our history. The United States of America can afford tuition-free public college, paid family leave (as well as medical and caregiving leave, which Shapiro and Biggs do not mention), and expanded Social Security benefits. We just need to require the wealthiest among us to contribute their fair share.

 

Over the last 50 years, workers have generated enormous increases in productivity.

 

But it’s their bosses who have reaped the gains. Billionaires, along with their bought and paid-for politicians, have rigged the system to benefit themselves instead of working people. The resulting explosion of wealth and income inequality is both immoral and destabilizing. Our country should fight that inequality by (1) expanding Social Security both to increase benefit levels and add paid family and medical leave, and (2) making public colleges tuition free. Citizens in other, less wealthy nations already enjoy these benefits.

 

Source - https://thehill.com/blogs/congress-blog/politics/373490-the-latest-devious-republican-attack-on-soci...

 

 


Your third paragraph said it all: "Offering to provide young Americans some relief from crippling student debt and our country's shameful lack of paid family leave — if they forfeit some of their future Social Security benefits. ".

 

Notice the word "Offering" and the word "if"? This bill IF PASSED, would offer choice - something the left hates.  It did NOT require any to give up future benefits!


I did NOTICE THAT -

 

Social Security and Medicare trustees confirm: GOP policies have hurt both programs

 

The tax cuts enacted by Republicans and signed into law by Trump in December also will have a negative effect on Social Security in the near term, chiefly by reducing the program’s income from the taxation of benefits. “As a whole, the law has a significant net negative effect on the financial status of the OASDI program [that is, the retirement and disability components together] the trustees said.

 

Source - http://www.latimes.com/business/hiltzik/la-fi-hiltzik-social-security-20180605-story.html

 

 

 

 


I read the entire article because I was curious how Trump's income tax cuts would effect Medicare & SS and I have concluded that you are correct, that the article says it would have an adverse effect but I still can't figure out how? Trump just cut taxes and didn't change the percentages for SS/Medicare so "where's the beef"?


Social Security draws revenue from the income taxes levied by the IRS on benefits. Medicare also collects money. Thus, meaningful tax reform particularly for those in the middle class is apt to add to the financing pressures of both.

 

Income-tax revenue is important to Social Security because it is free cash flow that is forecast to grow rapidly. In the latest trustees’ report, the authors projected that the system would gather about $35 billion in revenue from income taxes in 2017.

 

While this sum is currently overshadowed by payroll tax revenue, income-tax support for Social Security is projected to grow at more than three times the rate of the economy to more than $80 billion over the coming decade. That figure approximates the payroll taxes of roughly 20 million active workers.

 

This tax primarily hits the middle class because the levy applies to people with income as low as $25,000, including part of what they get from Social Security.

 

With every dollar of income earned above the threshold, the rules expose more benefits to taxation.

 

By the time a senior has earned $75,000, 85% of his or her check is taxable.

 

If the tax rate for these individual falls, Social Security and Medicare will get less money in income taxes.

 The money that SS/Medicare gets is based on your gross income and the 85% of that money is NOT reduced at all! Your net income goes up because of lower taxes but the 85% tax is based on gross income (before taxes).

Less money going into these programs translates into reaching insolvency faster, and generating larger benefit cuts over time.

 

The GOP also ended the Independent Payment Advisory Board, which was designed to help ensure Medicare remained strong, keep its rate of growth down and improving quality. Without IPAB, there is no mechanism to realize these goals.

 

Source - http://justcareusa.org/2018-trustees-reports-show-gop-tax-cuts-hurt-medicare-and-social-security/

 

 


 


Source - https://www.marketwatch.com/story/the-tax-cuts-ignore-this-impact-on-social-securitys-finances-2017-...

 

 


What I learned from this is the IRS taxes the benefits workers get by taxing the tax (so to speak), so if the tax rate goes down, the SS/Medicare revenue goes down also, if I'm understanding this correctly?

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Re: What American Wants Their Social Security Cut?

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Message 8 of 33

@NOTHAPPENING wrote:

@mickstuder wrote:

@NOTHAPPENING wrote:

@mickstuder wrote:

@NOTHAPPENING wrote:

@mickstuder wrote:

Ever since Social Security came into existence, Republican politicians and their billionaire donors have attempted to destroy it. As an effective and incredibly popular government program, it is anathema to the GOP's anti-government ideology.

 

But precisely because it is so popular, including with Republican voters, attacks on our nation's Social Security system have failed time and time again.

 

Now Republican politicians are ramping up for a new, sneaky assault: Offering to provide young Americans some relief from crippling student debt and our country's shameful lack of paid family leave — if they forfeit some of their future Social Security benefits

 

The first iteration of this scheme came from Rep. Tom Garrett (R-Va.) who recently introduced the so-called Student Security Act of 2017. This bill would allow young people to pay off a portion of their student loans with their future Social Security benefits. It would force them to choose between financial security in young adulthood and financial security in retirement.

 

In a recent Wall Street Journal op-ed, Kristin Shapiro and Andrew Biggs proposed a similar plan to fund paid parental leave. This plan has all of the same pitfalls as Garrett’s, but thus far it has gotten more attention. Two major figures in the Republican Party, Sen. Marco Rubio (R-Fla.) and Ivanka Trump, are reportedly fans of the idea.

 

Like Garrett’s bill, the Shapiro-Biggs plan is an attack on young people. Our country faces a looming retirement crisis caused by the decline of traditional pensions, the inadequacy of 401(k)s, and decades of stagnant wages. The younger you are, the more serious the crisis.

 

Today, two-thirds of seniors rely on Social Security for most of their income; one-third rely on those modest earned benefits for virtually all of their income. Those percentages will go up as today’s young people age.

 

We are the wealthiest country in the world at the wealthiest moment in our history. The United States of America can afford tuition-free public college, paid family leave (as well as medical and caregiving leave, which Shapiro and Biggs do not mention), and expanded Social Security benefits. We just need to require the wealthiest among us to contribute their fair share.

 

Over the last 50 years, workers have generated enormous increases in productivity.

 

But it’s their bosses who have reaped the gains. Billionaires, along with their bought and paid-for politicians, have rigged the system to benefit themselves instead of working people. The resulting explosion of wealth and income inequality is both immoral and destabilizing. Our country should fight that inequality by (1) expanding Social Security both to increase benefit levels and add paid family and medical leave, and (2) making public colleges tuition free. Citizens in other, less wealthy nations already enjoy these benefits.

 

Source - https://thehill.com/blogs/congress-blog/politics/373490-the-latest-devious-republican-attack-on-soci...

 

 


Your third paragraph said it all: "Offering to provide young Americans some relief from crippling student debt and our country's shameful lack of paid family leave — if they forfeit some of their future Social Security benefits. ".

 

Notice the word "Offering" and the word "if"? This bill IF PASSED, would offer choice - something the left hates.  It did NOT require any to give up future benefits!


I did NOTICE THAT -

 

Social Security and Medicare trustees confirm: GOP policies have hurt both programs

 

The tax cuts enacted by Republicans and signed into law by Trump in December also will have a negative effect on Social Security in the near term, chiefly by reducing the program’s income from the taxation of benefits. “As a whole, the law has a significant net negative effect on the financial status of the OASDI program [that is, the retirement and disability components together] the trustees said.

 

Source - http://www.latimes.com/business/hiltzik/la-fi-hiltzik-social-security-20180605-story.html

 

 

 

 


I read the entire article because I was curious how Trump's income tax cuts would effect Medicare & SS and I have concluded that you are correct, that the article says it would have an adverse effect but I still can't figure out how? Trump just cut taxes and didn't change the percentages for SS/Medicare so "where's the beef"?


Social Security draws revenue from the income taxes levied by the IRS on benefits. Medicare also collects money. Thus, meaningful tax reform particularly for those in the middle class is apt to add to the financing pressures of both.

 

Income-tax revenue is important to Social Security because it is free cash flow that is forecast to grow rapidly. In the latest trustees’ report, the authors projected that the system would gather about $35 billion in revenue from income taxes in 2017.

 

While this sum is currently overshadowed by payroll tax revenue, income-tax support for Social Security is projected to grow at more than three times the rate of the economy to more than $80 billion over the coming decade. That figure approximates the payroll taxes of roughly 20 million active workers.

 

This tax primarily hits the middle class because the levy applies to people with income as low as $25,000, including part of what they get from Social Security.

 

With every dollar of income earned above the threshold, the rules expose more benefits to taxation.

 

By the time a senior has earned $75,000, 85% of his or her check is taxable.

 

If the tax rate for these individual falls, Social Security and Medicare will get less money in income taxes.

 The money that SS/Medicare gets is based on your gross income and the 85% of that money is NOT reduced at all! Your net income goes up because of lower taxes but the 85% tax is based on gross income (before taxes).

Less money going into these programs translates into reaching insolvency faster, and generating larger benefit cuts over time.

 

The GOP also ended the Independent Payment Advisory Board, which was designed to help ensure Medicare remained strong, keep its rate of growth down and improving quality. Without IPAB, there is no mechanism to realize these goals.

 

Source - http://justcareusa.org/2018-trustees-reports-show-gop-tax-cuts-hurt-medicare-and-social-security/

 

 


 


Source - https://www.marketwatch.com/story/the-tax-cuts-ignore-this-impact-on-social-securitys-finances-2017-...

 

 

( " China if You're Listening - Get Trumps Tax Returns " )

" )
" - Anonymous

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Re: What American Wants Their Social Security Cut?

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Message 9 of 33

@mickstuder wrote:

@NOTHAPPENING wrote:

@mickstuder wrote:

@NOTHAPPENING wrote:

@mickstuder wrote:

Ever since Social Security came into existence, Republican politicians and their billionaire donors have attempted to destroy it. As an effective and incredibly popular government program, it is anathema to the GOP's anti-government ideology.

 

But precisely because it is so popular, including with Republican voters, attacks on our nation's Social Security system have failed time and time again.

 

Now Republican politicians are ramping up for a new, sneaky assault: Offering to provide young Americans some relief from crippling student debt and our country's shameful lack of paid family leave — if they forfeit some of their future Social Security benefits

 

The first iteration of this scheme came from Rep. Tom Garrett (R-Va.) who recently introduced the so-called Student Security Act of 2017. This bill would allow young people to pay off a portion of their student loans with their future Social Security benefits. It would force them to choose between financial security in young adulthood and financial security in retirement.

 

In a recent Wall Street Journal op-ed, Kristin Shapiro and Andrew Biggs proposed a similar plan to fund paid parental leave. This plan has all of the same pitfalls as Garrett’s, but thus far it has gotten more attention. Two major figures in the Republican Party, Sen. Marco Rubio (R-Fla.) and Ivanka Trump, are reportedly fans of the idea.

 

Like Garrett’s bill, the Shapiro-Biggs plan is an attack on young people. Our country faces a looming retirement crisis caused by the decline of traditional pensions, the inadequacy of 401(k)s, and decades of stagnant wages. The younger you are, the more serious the crisis.

 

Today, two-thirds of seniors rely on Social Security for most of their income; one-third rely on those modest earned benefits for virtually all of their income. Those percentages will go up as today’s young people age.

 

We are the wealthiest country in the world at the wealthiest moment in our history. The United States of America can afford tuition-free public college, paid family leave (as well as medical and caregiving leave, which Shapiro and Biggs do not mention), and expanded Social Security benefits. We just need to require the wealthiest among us to contribute their fair share.

 

Over the last 50 years, workers have generated enormous increases in productivity.

 

But it’s their bosses who have reaped the gains. Billionaires, along with their bought and paid-for politicians, have rigged the system to benefit themselves instead of working people. The resulting explosion of wealth and income inequality is both immoral and destabilizing. Our country should fight that inequality by (1) expanding Social Security both to increase benefit levels and add paid family and medical leave, and (2) making public colleges tuition free. Citizens in other, less wealthy nations already enjoy these benefits.

 

Source - https://thehill.com/blogs/congress-blog/politics/373490-the-latest-devious-republican-attack-on-soci...

 

 


Your third paragraph said it all: "Offering to provide young Americans some relief from crippling student debt and our country's shameful lack of paid family leave — if they forfeit some of their future Social Security benefits. ".

 

Notice the word "Offering" and the word "if"? This bill IF PASSED, would offer choice - something the left hates.  It did NOT require any to give up future benefits!


I did NOTICE THAT -

 

Social Security and Medicare trustees confirm: GOP policies have hurt both programs

 

The tax cuts enacted by Republicans and signed into law by Trump in December also will have a negative effect on Social Security in the near term, chiefly by reducing the program’s income from the taxation of benefits. “As a whole, the law has a significant net negative effect on the financial status of the OASDI program [that is, the retirement and disability components together] the trustees said.

 

Source - http://www.latimes.com/business/hiltzik/la-fi-hiltzik-social-security-20180605-story.html

 

 

 

 


I read the entire article because I was curious how Trump's income tax cuts would effect Medicare & SS and I have concluded that you are correct, that the article says it would have an adverse effect but I still can't figure out how? Trump just cut taxes and didn't change the percentages for SS/Medicare so "where's the beef"?


Social Security draws revenue from the income taxes levied by the IRS on benefits. Medicare also collects money. Thus, meaningful tax reform particularly for those in the middle class is apt to add to the financing pressures of both.

 

Income-tax revenue is important to Social Security because it is free cash flow that is forecast to grow rapidly. In the latest trustees’ report, the authors projected that the system would gather about $35 billion in revenue from income taxes in 2017.

 

While this sum is currently overshadowed by payroll tax revenue, income-tax support for Social Security is projected to grow at more than three times the rate of the economy to more than $80 billion over the coming decade. That figure approximates the payroll taxes of roughly 20 million active workers.

 

This tax primarily hits the middle class because the levy applies to people with income as low as $25,000, including part of what they get from Social Security.

 

With every dollar of income earned above the threshold, the rules expose more benefits to taxation.

 

By the time a senior has earned $75,000, 85% of his or her check is taxable.

 

If the tax rate for these individual falls, Social Security and Medicare will get less money in income taxes.

 The money that SS/Medicare gets is based on your gross income and the 85% of that money is NOT reduced at all! Your net income goes up because of lower taxes but the 85% tax is based on gross income (before taxes).

Less money going into these programs translates into reaching insolvency faster, and generating larger benefit cuts over time.

 

The GOP also ended the Independent Payment Advisory Board, which was designed to help ensure Medicare remained strong, keep its rate of growth down and improving quality. Without IPAB, there is no mechanism to realize these goals.

 

Source - http://justcareusa.org/2018-trustees-reports-show-gop-tax-cuts-hurt-medicare-and-social-security/

 

 


 

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Re: What American Wants Their Social Security Cut?

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Message 10 of 33

@NOTHAPPENING wrote:

@mickstuder wrote:

@NOTHAPPENING wrote:

@mickstuder wrote:

Ever since Social Security came into existence, Republican politicians and their billionaire donors have attempted to destroy it. As an effective and incredibly popular government program, it is anathema to the GOP's anti-government ideology.

 

But precisely because it is so popular, including with Republican voters, attacks on our nation's Social Security system have failed time and time again.

 

Now Republican politicians are ramping up for a new, sneaky assault: Offering to provide young Americans some relief from crippling student debt and our country's shameful lack of paid family leave — if they forfeit some of their future Social Security benefits

 

The first iteration of this scheme came from Rep. Tom Garrett (R-Va.) who recently introduced the so-called Student Security Act of 2017. This bill would allow young people to pay off a portion of their student loans with their future Social Security benefits. It would force them to choose between financial security in young adulthood and financial security in retirement.

 

In a recent Wall Street Journal op-ed, Kristin Shapiro and Andrew Biggs proposed a similar plan to fund paid parental leave. This plan has all of the same pitfalls as Garrett’s, but thus far it has gotten more attention. Two major figures in the Republican Party, Sen. Marco Rubio (R-Fla.) and Ivanka Trump, are reportedly fans of the idea.

 

Like Garrett’s bill, the Shapiro-Biggs plan is an attack on young people. Our country faces a looming retirement crisis caused by the decline of traditional pensions, the inadequacy of 401(k)s, and decades of stagnant wages. The younger you are, the more serious the crisis.

 

Today, two-thirds of seniors rely on Social Security for most of their income; one-third rely on those modest earned benefits for virtually all of their income. Those percentages will go up as today’s young people age.

 

We are the wealthiest country in the world at the wealthiest moment in our history. The United States of America can afford tuition-free public college, paid family leave (as well as medical and caregiving leave, which Shapiro and Biggs do not mention), and expanded Social Security benefits. We just need to require the wealthiest among us to contribute their fair share.

 

Over the last 50 years, workers have generated enormous increases in productivity.

 

But it’s their bosses who have reaped the gains. Billionaires, along with their bought and paid-for politicians, have rigged the system to benefit themselves instead of working people. The resulting explosion of wealth and income inequality is both immoral and destabilizing. Our country should fight that inequality by (1) expanding Social Security both to increase benefit levels and add paid family and medical leave, and (2) making public colleges tuition free. Citizens in other, less wealthy nations already enjoy these benefits.

 

Source - https://thehill.com/blogs/congress-blog/politics/373490-the-latest-devious-republican-attack-on-soci...

 

 


Your third paragraph said it all: "Offering to provide young Americans some relief from crippling student debt and our country's shameful lack of paid family leave — if they forfeit some of their future Social Security benefits. ".

 

Notice the word "Offering" and the word "if"? This bill IF PASSED, would offer choice - something the left hates.  It did NOT require any to give up future benefits!


I did NOTICE THAT -

 

Social Security and Medicare trustees confirm: GOP policies have hurt both programs

 

The tax cuts enacted by Republicans and signed into law by Trump in December also will have a negative effect on Social Security in the near term, chiefly by reducing the program’s income from the taxation of benefits. “As a whole, the law has a significant net negative effect on the financial status of the OASDI program [that is, the retirement and disability components together] the trustees said.

 

Source - http://www.latimes.com/business/hiltzik/la-fi-hiltzik-social-security-20180605-story.html

 

 

 

 


I read the entire article because I was curious how Trump's income tax cuts would effect Medicare & SS and I have concluded that you are correct, that the article says it would have an adverse effect but I still can't figure out how? Trump just cut taxes and didn't change the percentages for SS/Medicare so "where's the beef"?


Social Security draws revenue from the income taxes levied by the IRS on benefits. Medicare also collects money. Thus, meaningful tax reform particularly for those in the middle class is apt to add to the financing pressures of both.

 

Income-tax revenue is important to Social Security because it is free cash flow that is forecast to grow rapidly. In the latest trustees’ report, the authors projected that the system would gather about $35 billion in revenue from income taxes in 2017.

 

While this sum is currently overshadowed by payroll tax revenue, income-tax support for Social Security is projected to grow at more than three times the rate of the economy to more than $80 billion over the coming decade. That figure approximates the payroll taxes of roughly 20 million active workers.

 

This tax primarily hits the middle class because the levy applies to people with income as low as $25,000, including part of what they get from Social Security.

 

With every dollar of income earned above the threshold, the rules expose more benefits to taxation.

 

By the time a senior has earned $75,000, 85% of his or her check is taxable.

 

If the tax rate for these individual falls, Social Security and Medicare will get less money in income taxes.

 

Less money going into these programs translates into reaching insolvency faster, and generating larger benefit cuts over time.

 

The GOP also ended the Independent Payment Advisory Board, which was designed to help ensure Medicare remained strong, keep its rate of growth down and improving quality. Without IPAB, there is no mechanism to realize these goals.

 

Trump and GOP initiatives are reducing the number of workers paying into Medicare and Social Security. And, their tax cuts reduce income for Medicare and Social Security. They also lower taxes on Social Security benefits. “As a whole, the law has a significant net negative effect on the financial status of the OASDI program [both retirement and disability] over the short-range projection period and a negligible net positive effect over the long-range projection period,” according to the Trustees.

 

As of 2019, the GOP tax cut ends the penalty on people who do not have health insurance under the Affordable Care Act, which will increase Medicare costs. More people will go without insurance pre-Medicare, now that they do not have to pay a penalty for so doing. And, that will mean that more uninsured will need hospital care, driving up hospital costs and, as a result, increasing the amount Medicare pays hospitals.

 

Sources

 

https://www.marketwatch.com/story/the-tax-cuts-ignore-this-impact-on-social-securitys-finances-2017-...

 

http://justcareusa.org/2018-trustees-reports-show-gop-tax-cuts-hurt-medicare-and-social-security/

 

 

( " China if You're Listening - Get Trumps Tax Returns " )

" )
" - Anonymous

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