Working Folks Fell Off the Cliff ?

[tech45]

I have read that payroll taxes are going up and I'm now paying for NASCAR. Can someone explain this to me ?

[54885488]

social security payroll taxes are going back to the 6.2 percent level that they were at during the bush years . I believe they were lowered to 4.2 percent at the beginning of obamas first term. Don't know about nascar i'm into super cross racing .

[tech45]

I'm going to bust into the pit area and demand ignition timing / RPM parameters if I'm paying for this crap. I hate nascar too.

[sweat hog]

I'm going to bust into the pit area and demand ignition timing / RPM parameters if I'm paying for this crap. I hate nascar too.

Yup!. Freedom of info act. Oops, abolished affordable care act page 1721.

[desert guy]

social security payroll taxes are going back to the 6.2 percent level that they were at during the bush years . I believe they were lowered to 4.2 percent at the beginning of obamas first term. Don't know about nascar i'm into super cross racing .

To the tune of two months rent for me.

[2sac]

$43. in increases to every $1. in cuts.

[54885488]

$43. in increases to every $1. in cuts.

Yea , hopefully the spending cuts come during the coming debt ceiling mess that's coming . Don't hold your breath though on that . Don't any of them understand a balanced approach . $1 for $1

[54885488]

To the tune of two months rent for me.

Yea me to .

[hvac71]

Yeah just looked at my check and notice it was about 35 dollars lighter then usuall but I have to remember this was a payroll holiday that I have been recieving so I guess the holiday is over...1 less case of beer and tank of gas for me...

[54885488]

I choose to look at it this way , taxes have gone back to prebush levels except for people under 350k . Tax cuts should have never been because it helped fuel are current economy. No body likes higher taxes but its part of the game . I wish we would have already had equal cuts in spending as new taxes . Im in the 40-50k bracket and my taxes are low anyway so raising some is ok . Plus if the 2 percent helps social security than im ok with it . Dont know if it does though .

[desert guy]

Used to be sufficent $$ in SS until it was raided.

[scrogdog]

Used to be sufficent $$ in SS until it was raided.

Not quite true. The money taken was replaced with vouchers which still counts as "on the books" so to speak.

That isn't the problem. The problem is that we are becoming Italy; the amount of elderly retirees is currently outpacing our ability to replace them with active working bodies. Thus, between 1945 and 1965, the decline in worker-to-beneficiary ratios went from 41 to 4 workers per beneficiary.

The program can stay in good health at 3 workers per retiree. Unfortunately, we are currently just below that at 2.9 workers per retiree. That will go to a flat 2.0 by 2030, which is why that is around the year they say the program will only be able to pay out about 75% of benefits.

That is, assuming that the Feds do not also default on the vouchers thing.

[printer2]

Not quite true. The money taken was replaced with vouchers which still counts as "on the books" so to speak.

That isn't the problem. The problem is that we are becoming Italy; the amount of elderly retirees is currently outpacing our ability to replace them with active working bodies. Thus, between 1945 and 1965, the decline in worker-to-beneficiary ratios went from 41 to 4 workers per beneficiary.

The program can stay in good health at 3 workers per retiree. Unfortunately, we are currently just below that at 2.9 workers per retiree. That will go to a flat 2.0 by 2030, which is why that is around the year they say the program will only be able to pay out about 75% of benefits.

That is, assuming that the Feds do not also default on the vouchers thing.

And that is the big elephant in the room that the conservatives that call for tax cuts ignore. You just do not have time to get your financial situation in order without raising money to pay down the debt before a good chunk of the population wants to retire. And with them retiring spending will go down reducing the economy and the government's cut of it.