Economy

JJ Husker said:
Then the problem becomes funding soc sec for the next 15-20 years without the younger earners contributing as much. Their cost can’t go to zero as it would take many years to completely phase it out as there are just way too many older people depending on it.
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Maybe we shouldn’t have set it up like a Ponzi scheme in the first place.   

 
JJ Husker said:
Nobody is going to just walk away from receiving SS they are due. It’s silly to think anybody would do that.
 

Now, for people under 45ish years old, you maybe could strike a deal that they give up any claim to future benefits with the trade off being much lower soc sec tax collected the rest of their life. I would’ve made that deal 15 years ago. Then the problem becomes funding soc sec for the next 15-20 years without the younger earners contributing as much. Their cost can’t go to zero as it would take many years to completely phase it out as there are just way too many older people depending on it.
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There are people that would PRETEND that they would do that...we all know that!

 
teachercd said:
I have been hearing "30 years" forever.  

What would your fix be?

I am not sure what the best route would be to fix it.
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Remove the cap rich aholes have. Currently, only the first 176,000 is eligible for ss tax. 

Elon Musk's annual comp package is 56 Billion. Taxing his full package at the 6.5% SS tax level would add 3,639,988,560 to the fund annually, alone.

 
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Born N Bled Red said:
Remove the cap rich aholes have. Currently, only the first 176,000 is eligible for ss tax. 

Elon Musk's annual comp package is 56 Billion. Taxing his full package at the 6.5% SS tax level would add 3,639,988,560 to the fund annually, alone.
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Actually, you would get zero dollars for SS tax out of that package no matter if you uncap it or not. C Suites have minimal income. Elon's 56 Billion is all unrealized stock options, and whenever he does cash them in it's capital gains tax only.

 
Archy1221 said:
Maybe we shouldn’t have set it up like a Ponzi scheme in the first place.   
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I agree.

Should’ve collected the ss tax, invested it in a dedicated untouchable account and done some actuarial work every year to make sure it would stay solvent, adjusting the tax rate and benefits as needed. Apparently that is too much actual work for a huge bureaucracy and congress people who work for us.

 
ZRod said:
Actually, you would get zero dollars for SS tax out of that package no matter if you uncap it or not. C Suites have minimal income. Elon's 56 Billion is all unrealized stock options, and whenever he does cash them in it's capital gains tax only.
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f#&% it. Let’s make this easy. I say we sacrifice Elon. Just take all his s#!t and send him to San Salvador.

 
JJ Husker said:
I agree.

Should’ve collected the ss tax, invested it in a dedicated untouchable account and done some actuarial work every year to make sure it would stay solvent, adjusting the tax rate and benefits as needed. Apparently that is too much actual work for a huge bureaucracy and congress people who work for us.
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👍.   Except if it was invested in an untouchable fund, based on the history of the S&P, there would be no need to adjust the tax rate and benefits.   

 
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