Trump proposals would worsen Social Security finances, budget group says

[mystery-ak]

Trump proposals would worsen Social Security finances, budget group says
By
Haisten Willis
October 21, 2024 12:41 pm
.

A budget watchdog group warned Monday that former President Donald Trump‘s tax proposals could worsen Social Security‘s finances, opening up a new campaign issue in the waning days of the 2024 election.

The nonpartisan Committee for a Responsible Federal Budget, a Washington group that advocates smaller deficits, released an analysis that found Trump’s calls for adding tariffs, deporting illegal immigrants, and ending taxes on Social Security benefits, tips, and overtime could increase Social Security’s 10-year cash shortfall by $2.3 trillion.

The agenda could also make the public pension program insolvent three years earlier than expected — down from nine years to six years.

Under current law, revenues collected from taxes on Social Security benefits flow to the Social Security trust fund, as do payroll taxes collected on tips and overtime. Ending those taxes would lower the trust fund.

“Upon insolvency, the law calls for limiting Social Security spending to its revenue stream,” the analysis reads, “which we’ve previously estimated would mean a $16,500 cut in annual benefits for a typical dual-income couple retiring in 2033.”

more
https://www.washingtonexaminer.com/news/campaigns/presidential/3196756/trump-proposals-worsen-social-security-budget-group-says/

[GtHawk]

I still think it’s wrong that we are taxed on our income to pay into social security to pay our social security down the road and then taxed again on our social security benefits to pay into social security to pay our social security benefits down the road.

I guess we have Joe to thank for that.

[Weird Tolkienish Figure]

I still think it’s wrong that we are taxed on our income to pay into social security to pay our social security down the road and then taxed again on our social security benefits to pay into social security to pay our social security benefits down the road.

I guess we have Joe to thank for that.

Is SS taken out pre or post tax?

[Hoodat]

Is SS taken out pre or post tax?

Odd way of looking at a tax.  Income tax and SS tax are separate.  So in that regard, SS tax is pre-income-tax.

[Hoodat]

I still think it’s wrong that we are taxed on our income to pay into social security to pay our social security down the road and then taxed again on our social security benefits to pay into social security to pay our social security benefits down the road.

I guess we have Joe to thank for that.

It was Clinton.

[Hoodat]

A budget watchdog group warned Monday that former President Donald Trump‘s tax proposals could worsen Social Security‘s finances

It's a ponzi scheme that is insolvent right now.  It currently pays out more money than it brings in, and the government prints up new money to make up the difference, thus stealing value from the dollars you hold.

Social security cannot be fixed.  It can only be ended and replaced by allowing individuals to invest the 14% of their income usurped by social security taxes into actual investment accounts.

[Bigun]

It's a ponzi scheme that is insolvent right now.  It currently pays out more money than it brings in, and the government prints up new money to make up the difference, thus stealing value from the dollars you hold.

Social security cannot be fixed.  It can only be ended and replaced by allowing individuals to invest the 14% of their income usurped by social security taxes into actual investment accounts.

 

[jafo2010]

Congress began raiding the Social Security Trust Fund in 1984, leaving I.O.U.s.

Now many say that will not undermine the program, but in essence, Congress has been stealing this money to use as they wish, like giving Ukraine 100s of billions, etc.

At some point we will collapse financially as a nation.  That moment is approaching.  And at that point, welcome to THE ROAD storyline, where folks are struggling to survive day to day.

[Weird Tolkienish Figure]

Congress began raiding the Social Security Trust Fund in 1984, leaving I.O.U.s.

Now many say that will not undermine the program, but in essence, Congress has been stealing this money to use as they wish, like giving Ukraine 100s of billions, etc.

At some point we will collapse financially as a nation.  That moment is approaching.  And at that point, welcome to THE ROAD storyline, where folks are struggling to survive day to day.

I read it actually goes back to the Johnson administration. A big pot of untouched money has just always been too tempting to politicians of all stripes.

[verga]

It's a ponzi scheme that is insolvent right now.  It currently pays out more money than it brings in, and the government prints up new money to make up the difference, thus stealing value from the dollars you hold.

Social security cannot be fixed.  It can only be ended and replaced by allowing individuals to invest the 14% of their income usurped by social security taxes into actual investment accounts.

It was fine, when you had 7 people paying and 2 people drawing, on it now it is 1.1 to 1.

[Bigun]

It was fine, when you had 7 people paying and 2 people drawing, on it now it is 1.1 to 1.

And they started payments out at the same time the deposits started.  As has already been said elsewhere, it's a Ponzi scheme run by the government.

[IsailedawayfromFR]

As has already been said elsewhere, it's a Ponzi scheme run by the government.

Which is illegal by anyone but the govt

[catfish1957]

I've got my hopes that this will be moot once Musk guts the hell out of the Fedzilla Sow.

[Bigun]

Which is illegal by anyone but the govt

As many have discovered. Some examples:

Bucks County Man Sentenced to Over 11 Years in Prison for Running Ponzi Schemes, Money Laundering, and Stealing Over $6 Million in Federal Pandemic Relief Funds

Bernie Madoff: Who He Was and How His Ponzi Scheme Worked

[Hoodat]

Congress began raiding the Social Security Trust Fund in 1984, leaving I.O.U.s.

Congress began looting from Social Security in 1937.  It's been a ponzi scheme from Day One.  There is no trust fund.  Never has been.