Per GOP: Social Security, Medicare & Medicaid up for cuts

[mugtang]

On 12/6/2024 at 12:02 PM, BYUcougfan said:

Well, at least you are honest about it.  Personally, I don't feel great spending $1,000 per year on a tax accountant.

90% of the population has no need to pay people to prepare their tax returns. 

[happycamper]

On 12/6/2024 at 3:02 PM, BYUcougfan said:

Well, at least you are honest about it.  Personally, I don't feel great spending $1,000 per year on a tax accountant.

wish granted!

you don't have to pay anything to a tax accountant. but your tax bill is 3000/year higher. 

[mugtang]

On 12/6/2024 at 12:08 PM, happycamper said:

wish granted!

you don't have to pay anything to a tax accountant. but your tax bill is 3000/year higher. 

He’s also getting off cheap.  $1,000 to prepare a return is a steal from a public accounting firm. 

[renoskier]

On 12/6/2024 at 10:35 AM, NorCalCoug said:

Yet 90% of this country has huge flatscreen TV’s, cable/streaming packages, iPhones with costly plans, etc. etc. etc.  It’s more a function of priority than capability for most.

OK boomer!

 

but I agree

3 tips from this boomer:

don't eat out more than once a week; make your own coffee, breakfast, and lunch

drive your car into the ground before buying a newer one

don't buy a new phone unless the old one breaks

 

[BYUcougfan]

On 12/6/2024 at 1:09 PM, mugtang said:

He’s also getting off cheap.  $1,000 to prepare a return is a steal from a public accounting firm. 

Public accounting firms are a rip off.  I was paying $1,200 for an analyst to enter numbers into tax software.  Every time I met with "my" accountant, it was clear he had no idea what was going on with my return.  I switched to a small partnership and my taxes went down along with my fee.

[BYUcougfan]

On 12/6/2024 at 1:08 PM, happycamper said:

wish granted!

you don't have to pay anything to a tax accountant. but your tax bill is 3000/year higher. 

The math definitely makes sense.  It would just be nice to not have to deal with such a complex tax code.  @mugtang is one of the wolves guarding the henhouse.  😘

[BYUcougfan]

On 12/6/2024 at 1:06 PM, happycamper said:

why lol. we've cut taxes forever while increasing spending. seems like you want your cake and eat it too

I just have to assume you are being snarky and not serious.  Otherwise, it is just too depressing.

[Chile_Ute]

On 12/6/2024 at 11:35 AM, NorCalCoug said:

Yet 90% of this country has huge flatscreen TV’s, cable/streaming packages, iPhones with costly plans, etc. etc. etc.  It’s more a function of priority than capability for most.

Land lines for everyone!

[Fowl]

Some of you may not have been reading your annual social security statement that was sent to you in October.  The cuts are already coming whether you like it or not.  On page 4 it says the following:

Social Security will be there when you retire

The Social Security taxes you pay go into the Social Security Trust Funds that are used to pay benefits to current beneficiaries. The Social Security Board of Trustees estimates that, based on current law, the Trust Funds will be able to pay benefits in full and on time until 2034. In 2034, Social Security would still be able to pay about $800 for every $1,000 in benefits scheduled.

www.ssa.gov/thereforme

 

The sad thing is that this has been known for decades and nothing has been done.  I remember on page 213 of my econ 101 textbook at SDSU in 1992 there was a cutout explaining this exact phenomenon.  W tried to shift some of the trust fund into equities in the 00's but the backlash was too much to overcome.

I think if SSDI runs out many of those recipients will be moved to SSI which is funded through the federal budget and not subject to a trust fund.

 

[RSF]

On 12/7/2024 at 2:07 PM, Fowl said:

Some of you may not have been reading your annual social security statement that was sent to you in October.  The cuts are already coming whether you like it or not.  On page 4 it says the following:

Social Security will be there when you retire

The Social Security taxes you pay go into the Social Security Trust Funds that are used to pay benefits to current beneficiaries. The Social Security Board of Trustees estimates that, based on current law, the Trust Funds will be able to pay benefits in full and on time until 2034. In 2034, Social Security would still be able to pay about $800 for every $1,000 in benefits scheduled.

www.ssa.gov/thereforme

 

The sad thing is that this has been known for decades and nothing has been done.  I remember on page 213 of my econ 101 textbook at SDSU in 1992 there was a cutout explaining this exact phenomenon.  W tried to shift some of the trust fund into equities in the 00's but the backlash was too much to overcome.

I think if SSDI runs out many of those recipients will be moved to SSI which is funded through the federal budget and not subject to a trust fund.

 

This is not the 1st time.  Around 2030 they'll do something to stretch the timeframe again.

[Mano]

On 12/6/2024 at 11:23 AM, CoachKenFTW said:

Social Security is a tax. Tax revenue belongs to the govt, not taxpayers. In the case of SS, democrats have using that tax money to influence elections for nearly a century. So, to quote a famous Democrat, let's "Get money out of elections". Let's cut Social Security.

The argument I always heard about higher income not being subject to ssi is that it is not simply a tax, but basically forced retirement savings so those with lower incomes can survive in their retirement years, and they are guaranteed this benefit. If it is just a tax, start subjecting income above the 140k ( or whatever current limit is ) to the same tax.

[Billings]

On 12/6/2024 at 6:45 AM, CoachKenFTW said:

We're going to be forced into much harder decisions and predicaments if we continue pretending that a "safety net" with all the inherent flaws of a Ponzi scheme is somehow sustainable. Benefits are going to drop 25-30% once the SSI Trust Fund runs dry in the early 2030s, and it's all downhill from there.

SSI and SSDi are not medicare

[Billings]

On 12/7/2024 at 12:07 PM, Fowl said:

Some of you may not have been reading your annual social security statement that was sent to you in October.  The cuts are already coming whether you like it or not.  On page 4 it says the following:

Social Security will be there when you retire

The Social Security taxes you pay go into the Social Security Trust Funds that are used to pay benefits to current beneficiaries. The Social Security Board of Trustees estimates that, based on current law, the Trust Funds will be able to pay benefits in full and on time until 2034. In 2034, Social Security would still be able to pay about $800 for every $1,000 in benefits scheduled.

www.ssa.gov/thereforme

 

The sad thing is that this has been known for decades and nothing has been done.  I remember on page 213 of my econ 101 textbook at SDSU in 1992 there was a cutout explaining this exact phenomenon.  W tried to shift some of the trust fund into equities in the 00's but the backlash was too much to overcome.

I think if SSDI runs out many of those recipients will be moved to SSI which is funded through the federal budget and not subject to a trust fund.

 

SSI usually pays a lot less than SSDI which is often paid based on a person's earnings

[mugtang]

On 12/7/2024 at 3:19 PM, Mano said:

The argument I always heard about higher income not being subject to ssi is that it is not simply a tax, but basically forced retirement savings so those with lower incomes can survive in their retirement years, and they are guaranteed this benefit. If it is just a tax, start subjecting income above the 140k ( or whatever current limit is ) to the same tax.

$168,600 for 2024.  
 

$176,100 for 2025

[GO STATE]

On 12/6/2024 at 6:45 AM, CoachKenFTW said:

We're going to be forced into much harder decisions and predicaments if we continue pretending that a "safety net" with all the inherent flaws of a Ponzi scheme is somehow sustainable. Benefits are going to drop 25-30% once the SSI Trust Fund runs dry in the early 2030s, and it's all downhill from there.

 

Raise the ceiling of SSI being taxes on our income…PROBLEM SOLVED!

 

[Fowl]

On 12/7/2024 at 3:27 PM, Billings said:

SSI usually pays a lot less than SSDI which is often paid based on a person's earnings

Yes because the person getting SSI never paid into SSDI or didn't pay enough to obtain benefits.  Depending upon the person's living situation, SSI will pay between $800-$1,100/mo.  Most receive the $1,100.  SSDI is based on the amount paid in, similar to SS.  

[thehowlin]

On 12/6/2024 at 3:44 PM, renoskier said:

OK boomer!

 

but I agree

3 tips from this boomer:

don't eat out more than once a week; make your own coffee, breakfast, and lunch

drive your car into the ground before buying a newer one

don't buy a new phone unless the old one breaks

 

It’s not eating out, smart phones and Starbucks coffees that are killing most Americans budgets, its housing costs, healthcare costs, and transportation costs. People spend too much on housing, healthcare, and cars and they focus on nibbling away at these tiny little drains on their budget.

If you can find a way to lower or eliminate your housing costs, it’s like getting a 25% raise. Research the term “house hacking”.

Buy a car without a car loan.

Healthcare costs are a whole other story. Very hard to lower or eliminate that expense.

[happycamper]

On 12/6/2024 at 3:57 PM, BYUcougfan said:

I just have to assume you are being snarky and not serious.  Otherwise, it is just too depressing.

lol i've heard the "we have to cut spending before raising taxes!!!!" line so many times in my life right before republicans cut taxes and raise spending that it's a tell the person talking is only capable of spouting bullshit

[BYUcougfan]

On 12/9/2024 at 6:38 AM, happycamper said:

lol i've heard the "we have to cut spending before raising taxes!!!!" line so many times in my life right before republicans cut taxes and raise spending that it's a tell the person talking is only capable of spouting bullshit

I don't even know what you mean by that.

[CoachKenFTW]

The summer I first started making real money, one of my paychecks was a lot bigger than the previous. Once I realized it was b/c I had reached the SS cap, it was a life changer. I was able to switch to working as a 1099 contractor, and learned how to restructure everything to stop getting ripped off. Now instead of earning a negative return like it would have been with SS, I'm making over 20% year over the last decade. In short, I'm really glad I stopped listening to you villagers.