How to Fix Social Security

FRPLG

Actually economics is exactly the most realistic way to fixing a financial problem. I think you mean mathematics isn't the best way. Economics does in fact at its core rely on people acting in a way that is predictable. Predictably good or bad depending on the situation.

GTripp0012

Is there any particular example where this statement has actually held water?

I don't know one way or another, but it just sounds incorrect.

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jsarno

I voted privatize for the same reason you mention. Good post.

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FRPLG

I gotta say this is the first time I have ever heard someone make an argument to strengthen this tax.

Sheriff Gonna Getcha

Which "Bush tax cuts" would you repeal? I personally like the reduced capital gains tax and think there is plenty of evidence suggesting they can help stimulate the economy. The reduced capital gains tax pumped billions into the economy. Moreover, the Bush tax cuts arguably did more to help the poor than the rich.

Our budgetary and economic woes have very little to do with the tax cuts, they have much more to do with excessive spending. While the Iraq War is undoubtedly draining our coffers, government mismanagement (e.g., pork-barrel spending and earmarks) are doing their damage as well. It's not a GOP-DNC issue either; the Republicans generally support the costly war effort and the Dems largely killed legislation targeting earmarks.

I personally would like to see less money go to the feds and force them to spend less. I guess that's evidence of my quasi-libertarian leanings.

As for my liberal side, I'd like to see people earning over X amount cut from the Social Security rolls. IMO, a guy with a net worth in the millions doesn't need a few hundred extra bucks a month, notwithstanding the fact that he pumped hundreds of thousands into the Social Security system.

Finally, to appease my conservative side, I'd like to at least experiment with some privitization. I find it somewhat revolting that I don't get to decide what to do with MY money. Frankly, it pisses me off that I give the government so much money and get such a crappy return. Don't I get SOME say and some choices in the matter?

End of rant filled with twists, turns, and tangents.

saden1

My support for the "death tax" is based on a singular principle of fairness (not from your point of view I am sure). It's my belief that one shouldn't receiver tax free money even if it's coming from their parents. I see parents leaving money for their children as a form of payment and every time I get paid uncle sam takes his cut so why shouldn't he take a bite out of inheritance? Simply put I would like to see the money treated as if it were income and taxed progressively.

I suppose it should be noted that I have no intention of leaving my kids a windfall.

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FRPLG

It already is taxed as income essenitally and taxed pretty damn stiffly,

Oh and I am glad I am not your kids I guess.

70Chip

But the parents already paid taxes on the money once. And what about small businesses and family farms? Warren Buffet was before congress recently and he very selflessly offered his opinion that the death tax was important to insure that the rich paid their share. Then it was revealed that he has swooped in and bought up about thirty businesses that were distressed because of the burden placed on them by the death tax.

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Sheriff Gonna Getcha

How were the businesses distressed by the death tax?

70Chip

The death tax is like 50% so if you inherit a business from your parents that is worth 3 million dollars, which could be a small appliance store for example, you may be hit with a ginormous tax bill. Now, obviously Buffet isn't buying small appliance retailers but you see the point.

Estate tax (United States - Wikipedia, the free encyclopedia)

Buffett thinks this is one tax that's a good idea

Grover G. Norquist on the Death tax and Warren Buffett on NRO Financial=

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Sheriff Gonna Getcha

I have mixed feelings about the estate tax and this is going to sound cold, but those business owners should have better business sense. Death isn't exactly an unforeseeable event. Someone who owns a closely-held/family-owned business and who wants his or her family to continue the business should buy life insurance naming the successors and/or the business itself as beneficiaries. Life insurance isn't cheap, but it shouldn't force well-run businesses to go under.

70Chip

It's not about it being "cold". It's about sensible economics and being able to pass something on to your children. The people who should be paying this tax are people like Buffet and Gates and their ilk. I can see a logic in the idea that Gates should have to give back some of his billions. Especially since his products suck balls. But I digress. These people are the ones who can afford to set up avoidance mechanisms and never seem to pay taxes of any kind. Most government regulation misses its target. The really, really big companies can absorb all these rules and fees and retrofitting all their bathrooms for transgendered whatever. It's their up and coming potential competitors who get nailed. What it is is Liberal Fascism.

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saden1

OK, so what's the real difference between leaving your money to a total stranger vs leaving it for your children? Suppose I leave the money to someone that isn't my child? Should it be taxed? Should preferential tax treatment be given to your own kids?

I'm sorry but passing down wealth without taxing it is akin to a pyramid scheme. People at the top of the scheme will perpetually be at the top and the income gap in this county will grow exponentially. Not only that but a larger burden of the tax bill will be shouldered by the middle class.

Finally, I assure you you would do well to be my kid. Having a wealthy dad is awesome I tell you My kids will be well taken care of. When they are ready to go to college or buy their first car/home I will be there for them. I will prepare them to succeed in this world, I just won't hand them my estate upon my death. The estate is already earmarked for charity.

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