Reply #9: We shouldn't have to pay Social Security back if we have paid it in [View All]

[MysteryToMyself]

They could lift the ceiling on what Social Security is paid on. Maybe have a gap, then start it at $500,000 earners. They could also dedicate the taxes the Baby Boomers will pay in when they withdraw from their 401ks. They are pushing that we should take out 4 to 5% a year, so it would be drawn out gradually at the very time the boomers need to draw Social Security. Most will probably take the most out the first year, but then can leave it in until they are 70, but even then they can roll it into an IRA for longer, I think.

Another thing they could do is surtax those who earn more than the Social Security ceiling on income taxes. Like if you are working and earning 120,000 then subtract the ceiling, then surtax the rest, which would have $28,000 taxed. That way those who make the least wouldn't have to be strained. The estate tax would have taken care of a lot of the shortfall, but I doubt they will let us have that tax. If it is spread out like that, then the tax rate could be very low, like a half of a percent and it wouldn't be so hard on anyone and our children would be protected.

Three are paying in now. It will go down to two paying in, maybe. That is why we have been paying in extra since 1983, so we wouldn't be a burden when we retire to the younger generation. There are a lot of new immigrants that are paying in. They raise the ceiling of the amount we pay on each year. I think it is at $92,000 that we quit having to pay on it.

They have been proven wrong about people living longer. Statistics say that we are dying younger, but the Bushites say it is a fluke.

Our bonds are not marketable, meaning they can't be sold. FDR did that so they couldn't be defaulted on. He mandated that we can only put it in US Treasury bonds because they the are safest in the world. (he didn't know the Bushites! Well actually he did, people like them fought Social Security tooth and nail. That is why he tried to make it indestructible.)

If nothing else, the gov can borrow the money to pay off the bonds as the boomers need them. Why not? They borrow for everything else.