The fix is simple, just raise taxes! I pay enough in taxes, I pay for my fair share. I would rather end social security and have a private retirement account. Increasing my taxes, once again just shows what a scam it is.

  • tswiftchair
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    3 months ago

    I pay a little over 50% of my income in taxes.

    Again, I don’t know your personal situation, but the top federal income tax bracket is 37% for individuals making over $500k. States with the highest income tax get up to 10% for over $5 million (New York) or 12% for over $12.3 million (California). And, of course, there are other taxes like capital gains. My point is, those paying over 50% in taxes are generally well above the median income, which is $40k for individuals and $75k for households.

    It’s unfair to ask the top 5% to continually pick up for the other 95%

    Again, this is an opinion and I would also like to point out that to be in the top 5% someone has to make $335k or more per year or have a net worth of ~$1 million or more. And those numbers still don’t generally put someone in the 50% tax range.

    And how much more would you like to pay? Half your income?

    If I, or the majority of other Americans, paid half our income, we would be in dire straights. It would be near impossible for an individual to have adequate housing, food, and transportation just about anywhere in the country for $20k per year (or $37.5k for a household). However, someone can live very comfortably just about anywhere in the country for $315k per year (37% of $500k).

    I want a smaller government. Not a nanny state.

    This is not currently an option. Neither Republicans or Democrats, Trump or Biden, are offering a meaningfully smaller government. In fact, depending on parameters, this hasn’t been an option for the last hundred years.

    • NeuromancerOPM
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      3 months ago

      Again, I don’t know your personal situation, but the top federal income tax bracket is 37% for individuals making over $500k

      You also have to include social security and Medicare. They are a tax as well. We have property taxes as well. The list of taxes we have is insane. State is another 10%.

      From my base pay of 17k a month. I end up with a little under 8k after taxes.

      If I, or the majority of other Americans, paid half our income, we would be in dire straights

      The stop asking me to do it.

      Neither Republicans

      Maybe you missed the platform most candidates were running on. It was the elimination of several government agencies. To me that’s a good start. The budget should also be tied to revenue. We need to balance the budget where expenditures do not exceed revenue.

      • tswiftchair
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        3 months ago

        The list of taxes we have is insane.

        We can go on and on about this forever. Your opinion is that taxes are too high.

        The stop asking me to do it.

        To be clear, your position is you would rather many Americans be destitute so that you would pay fewer taxes.

        Maybe you missed the platform most candidates were running on. It was the elimination of several government agencies. To me that’s a good start. The budget should also be tied to revenue. We need to balance the budget where expenditures do not exceed revenue.

        Trump himself stated, “I will never do anything that will jeopardize or hurt Social Security or Medicare.” He also added ~$8 trillion to the national debt in his previous term. Additionally, he said he would balance the budget prior to his first term and did not do it.

        • NeuromancerOPM
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          3 months ago

          To be clear, your position is you would rather many Americans be destitute so that you would pay fewer taxes

          We need to spend less. It’s not that complicated. Our spending is out of control. The only required expenditure is the military.

          Trump has said he will eliminate the department of education. That’s a first step in making the government smaller.

          • tswiftchair
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            3 months ago

            We need to spend less. It’s not that complicated. Our spending is out of control. The only required expenditure is the military.

            Spending less is very achievable but your initial post and claims were about cutting social security specifically. And if you’re saying we should only spend on military, that means cutting approximately 74% of federal spending and function. This is a deeply unpopular position that is not supported by either major political party, which makes it extremely unlikely to happen.

            Trump has said he will eliminate the department of education. That’s a first step in making the government smaller.

            Nevertheless, he did no such thing when he had the opportunity in his first term. Further, he has stated he would protect some of the largest expenditures in the budget.

            • NeuromancerOPM
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              3 months ago

              Spending less is very achievable but your initial post and claims were about cutting social security specifically

              It’s a good place to start. It keeps the poor, poor and causes our budgets to continue to grow.

              Nevertheless, he did no such thing when he had the opportunity in his first term

              The deficit spending was declining until Covid. Are you suggesting we shouldn’t have funded anything for Covid ? That’s the majority of the expense

              • tswiftchair
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                3 months ago

                It keeps the poor, poor…

                Research suggests otherwise:

                “Social Security benefits play a vital role in reducing poverty in every state, and they lift more people above the poverty line than any other program in the United States. Without Social Security, 22.7 million more adults and children would be below the poverty line, according to our analysis using the March 2023 Current Population Survey. Although most of those whom Social Security keeps out of poverty are aged 65 or older, 6.2 million are under age 65, including 900,000 children.”

                Source

                Data from the Social Security Administration itself also doesn’t seem to support this (PDF).

                The deficit spending was declining until Covid.

                This is incorrect. National deficit and debt increased every year under the Trump administration. Further, Trump’s own 2020 budget, which was released before Covid in March 2019, projected a $4.8 trillion deficit for 2020-2024 under his own policies (PDF).

                  • tswiftchair
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                    3 months ago

                    Your second source merely discusses a New York Times article that talks about how rich people benefit more from social security because they have longer lifespans. It does not suggest that getting rid of the program would help poor people. In fact, it even suggests raising the maximum earnings at which social security taxes are paid or reducing benefits for higher paid workers, which is effectively investing more in the program.

                    Your first source is much more in-depth but also doesn’t suggest that getting rid of the program would help poor people overall because it is specifically looking at inheritances. It does suggest that social security can worsen intragenerational wealth inequality because it can’t be passed on as inheritance and social security represents the majority of the wealth of poor retirees. Meanwhile, social security represents a small portion of the wealth of wealthy retirees so they are able to pass on more inheritance. Thus, intragenerational wealth inequality is worsened. But there is no indication that inheritances of the poor would be sufficient to replace social security. The paper also notes that other, more important factors contribute to intragenerational wealth inequality and states that wealth inequality would only be reduced to a minor degree without social security.

                    These sources actually suggest that wealthy people benefit more than poor people and, therefore, the program should be strengthened for the poor. Exactly the opposite of getting rid of it.