Mr. Romney, I am one of the 47%
LesWaggoner BN 1
2012/09/19 06:18:42
and I am not a “victim”.
From 1946 until 1963 you would have been paying 91% of every dollar above $2,486,533 of your income. That is $15,937,254.97 just to cover the top marginal tax rate. It would take me 618 years 10 months 22 days 16 hours 57 minutes and 19 seconds to make what you made in 2010.
If I had to pay taxes on my Social Security income, as you would have me do, I would have paid $9380 or 26.75% of my income in federal taxes alone. On top of that I would have to pay my share of FICA and Medicare of $2677.50 in addition to $938 in state taxes. That is a grand total of $12,995.50 or 37% of my income. And you paid 13.9% of your $21+ million income?
Your claim is that Social Security is a federal expense. If that’s the case where did all the money that I paid in for my Social Security go?
Since Dwight Eisenhower was first elected in 1952 congress has been aware of the baby boom and that our lives were being extended through better medical care. For the past 60 years congress has chosen to ignore those two facts and continually “kicked the can down the road”.
If congress had been doing their job properly the percentage that we pay for FICA would have been increased in the early 1950’s and both my father, for 23 years, and I, for 50 years, would have contributed to Social Security for the coming generations.
Don’t tell me that I am a welfare case when you are living on tax welfare.
Top Opinion
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Matt 2012/09/19 19:42:23
Rusty, FICA is Social Security.
But let me tell you a secret. Well over 75% of us in the middle class end up without anything in the way of savings or investments to carry us into our sunset years. There always seems to be some immidiate need that is more important than saving for the future with each pay check.
The amount that comes out of your check is miniscule (4.2% + 1.45% Medicare) but your employer pays an additional 9.65%. As an investment you are getting a payback that is double your contribution without any risk. If you die prematurely your wife will collect your benefits.
The future does not look as good as it did before I retired and saving for retirement is getting more difficult with time. Since the late 1970's we have beedn losing the battle to keep our income up with inflation. Median wages in 2011 were the same as they were in 1995 but inflation has risen by 39.1%.
Bill Clinton s...
Rusty, FICA is Social Security.
But let me tell you a secret. Well over 75% of us in the middle class end up without anything in the way of savings or investments to carry us into our sunset years. There always seems to be some immidiate need that is more important than saving for the future with each pay check.
The amount that comes out of your check is miniscule (4.2% + 1.45% Medicare) but your employer pays an additional 9.65%. As an investment you are getting a payback that is double your contribution without any risk. If you die prematurely your wife will collect your benefits.
The future does not look as good as it did before I retired and saving for retirement is getting more difficult with time. Since the late 1970's we have beedn losing the battle to keep our income up with inflation. Median wages in 2011 were the same as they were in 1995 but inflation has risen by 39.1%.
Bill Clinton said it best at the DNC: http://www.youtube.com/watch?...
For me and others like me, Social Security has been a life saver. I have forgone Medicare because I am lucky enough to have a medical plan similar to "Obamacare" that costs me a total of $100 per month for both my wife and I.
The Social Security Amendments of 1965 signed by LBJ,, enacted July 30, 1965, was legislation in the United States whose most important provisions resulted in creation of two programs: Medicare and Medicaid. The legislation initially provided federal health insurance for the elderly (over 65) and for poor families. The signing of the act, as part of Johnson's Great Society, began an era with a greater emphasis on public health issues. Medicare and Medicaid became the United States' first public health insurance programs.
What has happened id that congress in its unlimited stupidity has chosen since 1952 to ignore the fact of the baby boom and the extension of our lifespans. Congress has continually kicked the solution down the road to this day.
If congress had had the sense to correct the issue in the 1950's both my father (for 26 years) and I (for 50 years) would have contributed additional funds to assure that the baby boom would not present a problem. The problem now is that not enough fundws are being added to the SS Trust Fund to cover the baby boom and the extension of our lifespans.
life expectancy was less than 65 back in 1935, so the Social Security program was designed in such a way that people would not live long enough to collect benefits?
The first lump sum payment was to Ernest Ackerman in January 1937 in the amount of 17 cents. The first monthly payout was in January 1940 (not available until then) was issued to Ida May Fuller in the amount of $24.75.
We did give up my Medicare in favor of a medical plan similar to "Obamacare" that costs us less than us $100 per month for both my wife and I.
By the way, I am only 71 and expect a few more years.
It sounded to me like Dickens' Scrooge.....
Ebenezer before his reform would be proud! I wonder how many links in the chain some of our politicians are forging.
Tax write-offs are legal. I have many myself. Giving your hard-earned money to the black hole called government is a waste. Government is slow, inefficient, and wasteful. until they stop spending money we don't have they don't deserve our tax money. $16 trillion debt folks. you can tax the rich all you want you will never pay that down the way things are going. you have no choice but to cut spending.
I don't hate the rich. I have a job because of them. let's celebrate success. anyone can make it out there if they work hard enough. government does not create prosperity nor are they the reason for our success. they are the ones holding us back. many of you think government is the solution to our problems. entrepreneurs have created whole new industries and created jobs so the system works as long as the government doesn't ruin it with their over-regulations.
I have liberal ...
Tax write-offs are legal. I have many myself. Giving your hard-earned money to the black hole called government is a waste. Government is slow, inefficient, and wasteful. until they stop spending money we don't have they don't deserve our tax money. $16 trillion debt folks. you can tax the rich all you want you will never pay that down the way things are going. you have no choice but to cut spending.
I don't hate the rich. I have a job because of them. let's celebrate success. anyone can make it out there if they work hard enough. government does not create prosperity nor are they the reason for our success. they are the ones holding us back. many of you think government is the solution to our problems. entrepreneurs have created whole new industries and created jobs so the system works as long as the government doesn't ruin it with their over-regulations.
I have liberal friends whose careers are not well. it is their fault. they don't go to school or better themselves. they want "a livable wage" but don't have skill sets that would attract employers. quit crying. quit getting angry at what other people are making. go make your own way. you will be much happier !!
What I have earned over the years doesn't come close to what Romney made in 2010 but I am now retired and help a family of ten here. On a monthly average it costs us 15.4% of our income to help them but the payback is wonderful.
Who did you help today?
Why didn't Mitt Romney give the $4 million to the 120,000 American workers whose jobs were exported to India and China by Bain Captial?