Social Security troubles may lead to tax raises

[rakedog]

http://story.news.yahoo.com/news?tm...20050218/ap_on_go_pr_wh/social_security_taxes

Increasing Social Security taxes for the wealthiest Americans could raise more than $100 billion a year — enough to shore up the retirement system's finances for 75 years, pay for President Bush's plan for private accounts, or part of each.

As it is, only the first $90,000 of a workers' wages are subject to the tax, but Bush says he's willing to consider changing that.

So THAT'S where bush is planning to get all that extra money that we're going to need on that social security change. But I bet the rich will get away with it... again...

 

[Giancarlo]

Oh please. You don't even know what personal saving accounts are. Furthermore, $100 billion a year is more then affordable for this country. It is a possible plan that seems fiscally responsible. The rich this, the rich that. You still can't accept the fact that a huge majority of the tax cuts were for the middle class. And these aren't troubles. What is wrong with you people? Do you know what returns are?

The current system guarantees 3-4% returns and that's inadequate. It may sustain us for another 20 years, but that's all I give it.

The Bush proposed system guarantees 10% returns and that's more then adequate. It will keep the system up and functioning. Additionally it promotes personal independence.

If anything the younger generations should support this. To not support it would be illogical.

 

[jack22]

Gian. Why the hell you always have to be so god dam iggnorant and rude?!?!?! You always jump on people's ass about something and are rude. You can;t have a conversation without calling someone a name or being mean. It is annoying me.

And i hate bush and this is another reason why.

 

[rakedog]

Oh please. You don't even know what personal saving accounts are.

Yes I do.

You still can't accept the fact that a huge majority of the tax cuts were for the middle class.

Now really, they went mostly to small buisness owners and managers... because of Bush's plan to have the buisness's thrive by keeping their taxes down.

The Bush proposed system guarantees 10% returns and that's more then adequate. It will keep the system up and functioning. Additionally it promotes personal independence.

Doesn't mean it will work. It will cost trillions to create all those accounts, and we don't even have an accurate plan yet. There is a bunch of debate in all the fields of his proposal.

If anything the younger generations should support this. To not support it would be illogical.

It's not that I DON'T want social security, but even if his plan works, and I invest my taxes in the wrong stocks (If I take the stock route)..... poof, there goes my money.

 

[Giancarlo]

Yes I do.

No you don't.

Now really, they went mostly to small buisness owners and managers... because of Bush's plan to have the buisness's thrive by keeping their taxes down.

You don't understand the facts of economics. The reality is they went to the middle class with family members. My family for example received a huge tax rebate check and is considered upper-middle income. It was good and helped my dad pay off a lot of bills.

Doesn't mean it will work. It will cost trillions to create all those accounts, and we don't even have an accurate plan yet. There is a bunch of debate in all the fields of his proposal.

You again don't understand the reality. You are the one acting ignorant in this regard. Don't you call me ignorant. I'm the one who is studying this in university. I study this everyday. It will cost about $1 trillion from what I heard. And this will be paid off over time. There are accurate plans on the table.

It's not that I DON'T want social security, but even if his plan works, and I invest my taxes in the wrong stocks (If I take the stock route)..... poof, there goes my money.

Again you aren't understanding. This isn't about the stock market. It seems you don't know enough about personal savings accounts. This has to do with the mutual funds sector. I have mutual funds and they give me 10-12% returns. This plan will work very well. Your opposition ensures a total destruction of social security by 2021. There will be no more social security after 2021 if we don't do anything.

You can;t have a conversation without calling someone a name or being mean. It is annoying me.

And i hate bush and this is another reason why.

I called you a name? Really? I was mean? I was debating. You open this thread for debate. You hate Bush because he is Bush. You really have no logical reasons to hate the man. I don't like some of his ideas. I just don't hate him.

 

[jack22]

I said thatlast part gian. I don't like bush and i have my reasons.

And you edited your post nice try.

 

[Giancarlo]

I said thatlast part gian. I don't like bush and i have my reasons.

And you edited your post nice try.

You two had the same avatars. It got confusing.

 

[jack22]

I understand

 

[rakedog]

No you don't.

Yes I do.... Just because I don't completely agree with some of the details of the plan, doesn't mean I don't understand it.

You don't understand the facts of economics. The reality is they went to the middle class with family members. My family for example received a huge tax rebate check and is considered upper-middle income. It was good and helped my dad pay off a lot of bills.

Then explain to me, why is it that the poorest people don't get most of the tax cuts? I live in upper middle class, and we revieved some tax cuts, but we could survive without it. The people who need it most is the working class. They don't have a lot of money, they can't always afford all this stuff. They should get the most of it, not you and I.

Don't you call me ignorant. I'm the one who is studying this in university. I study this everyday.

Um, what the hell? I never said that you are ignorant. I'm just saying my opinion.

It will cost about $1 trillion from what I heard.

And from what I heard, it would be upwards to 2 or 3 trillion. The cost of it really can't be set right now.

This has to do with the mutual funds sector. I have mutual funds and they give me 10-12% returns. This plan will work very well.

Bush said that he also considered giving people a choice of investing in stock markets and goverment loans.

Your opposition ensures a total destruction of social security by 2021. There will be no more social security after 2021 if we don't do anything.

Dude, I never said I opposed the reform as a whole. It is very likely that a reform IS needed. But we need to be careful about this. If doing this reform is going to cost us more and more money, then obviously, we have a problem.

You really have no logical reasons to hate the man. I don't like some of his ideas. I just don't hate him.

Yes.... I'm against most of his ideas, but it's kind of ignorant to say "I hate him".

 

[Giancarlo]

Yes I do.... Just because I don't completely agree with some of the details of the plan, doesn't mean I don't understand it.

Many people don't understand how social security functions.

Then explain to me, why is it that the poorest people don't get most of the tax cuts? I live in upper middle class, and we revieved some tax cuts, but we could survive without it. The people who need it most is the working class. They don't have a lot of money, they can't always afford all this stuff. They should get the most of it, not you and I.

The people who need it the most are the ones who are taxed the most. Lets face it, the rich pay more then 2/3rds of the taxes in this country. That's the way it is. The middle class then pay the second greatest amount. My dad really needed this and we were given quite a generous amount of money. I'm not minimizing the working class, but saying they do not work the same quality as the middle class which got the majority of the tax cut.

And from what I heard, it would be upwards to 2 or 3 trillion. The cost of it really can't be set right now.

No. $1 trillion from what I heard. And I think I'm going to trust my sources over you.

Bush said that he also considered giving people a choice of investing in stock markets and goverment loans.

Mutual funds, not stock markets. Mutual funds are stable and good. Bush's plan would give us independence and security.

Dude, I never said I opposed the reform as a whole. It is very likely that a reform IS needed. But we need to be careful about this. If doing this reform is going to cost us more and more money, then obviously, we have a problem.

Very likely? Not good enough. It is entirely likely. It is a must. It isn't a maybe. It is a must. The system will be bankrupt by 2021. We need to careful about this? I'm the one who understands this more. We need to bring in drastic reform like personal savings account, and Bush's plan is on track. Going to cost us more and more money, we have a problem? Dude wake up, there is no way out of this. We have to pay to fix the problem. Besides it will be an amount our nation can afford over the span of a decade.

Debunked.