MCViewPoint

Opinion from a Libertarian ViewPoint

Posts Tagged ‘social security’

A horrible future awaits for anyone who depends on government | The Daily Bell

Posted by M. C. on April 27, 2019

https://www.thedailybell.com/all-articles/news-analysis/a-horrible-future-awaits-for-anyone-who-depends-on-government/

By Joe Jarvis

Lice, cockroaches, and root canals all have better approval ratings than Congress.

Congress controls government spending. And nine out of every ten people say the government doesn’t spend tax dollars wisely.

57% say tax rates are too high.

(But only 13% want to cut right to the heart of the issue and abolish the IRS.)

And whatever side of the aisle you’re on, the voters’ choice of President seems to be getting more ludicrous with each election cycle.

We all agree there is plenty to bitch about when it comes to the government.

But I’m still waiting for people to realize that you can ignore most of what the federal government does.

I don’t cast a ballot on election day. I vote with my life choices.

Sure I’ll criticize the US government; they certainly deserve it. But I don’t fight them. I just step aside, find the loophole, and get on with my life.

When one loophole closes, another opens. For instance, I plan to move to Puerto Rico and pay a total tax burden of 4% by taking advantage of the amazing tax incentives of Act 20 and 22.

Identifying how to navigate around the beast is a much more valuable outlet for my energy compared to campaigning, rallying, or arguing.

Yet some people are hopelessly stuck in the system.

A recent survey found that 80% of millennials worry Social Security won’t be there for them when they retire.

And they’re right – it won’t. The Social Security Administration admits it will run out of money in 2034.

Luckily, millennials have decades, sometimes almost half a century to go until retirement.

You can’t save Social Security by voting, running for office, or rioting in the streets. It’s already over $50 trillion short on the promises it’s made.

But you can take your retirement into your own hands. Read the rest of this entry »

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It’s Unofficial: Social Security Is Broke

Posted by M. C. on April 20, 2019

The solvency of SS amounts to a pile of worthless IOUs.

https://www.garynorth.com/public/19402.cfm

The Social Security system in 2010 started cashing in its IOUs that it had been given for 70 years to the Treasury. The Congress had spent all of the money. Finally, the money coming in from FICA taxes was less than the money being paid out.

Congress had no money to pay to the Social Security Administration for the cashed-in bonds. So, Congress borrowed the money.

Unless FICA taxes are hiked or payments cut, SSA will continue to cash in its IOUs. It’s broke. Congress must bail it out.

The Ponzi scheme has hit a brick wall…

Be seeing you

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Guess who ends up paying those taxes meant only for the rich… | The Daily Bell

Posted by M. C. on April 15, 2019

https://www.thedailybell.com/all-articles/news-analysis/guess-who-ends-up-paying-those-taxes-meant-only-for-the-rich/

By Joe Jarvis

Imagine starting a small business in the USA in 1875.

Imagine working for yourself, or building a company from scratch. With no corporate taxes, and no income taxes, you kept the full rewards of your risk and labor.

It’s not surprising that in about 100 years the United States went from non-existent, to having the largest economy in the world.

Unparalleled economic freedom helped create the industrial revolution which spurred legendary economic growth from 1870 through the turn of the century.

For most of the 19th century, the main source of tax revenue for the federal government was tariffs—taxes on imported goods.

But in 1913, everything changed.

Around the world, communist and socialist philosophies were spreading. Marx was a hero. The Bolsheviks would come to power in Russia in just a few years. And America was caught up in the same craze.

There were all these rich people in America now, and the politicians wanted them to pay their fair share

In 1913, the 16th Amendment was added to Constitution, which allowed Congress to replace tariffs with an income tax as the main source of US federal revenue.

The first income tax code was just four pages long. And the top tax rate was 7% on income over $500,000—worth around $12 million today.

Plus, in today’s money, anyone earning under $76,000 per—most people—paid no income taxes at all. That’s how nice the tax code was…

But it didn’t take long for things to change. Tax rates went up, the exemption fell, and debts from the Great War mounted.

By 1918 the top earners handed over 77% of their income.

The top tax rate made it all the way to 94% by 1944 to pay for World War Two.

(Two years earlier, President Roosevelt proposed a 100% tax rate to fund the war, arguing “no American citizen ought to have a net income, after he has paid his taxes, of more than $25,000 a year.” – about $300k in today’s dollars.)

At the same time, the exemption fell to $500 (from $3,000) and the lowest tax rate spiked to 23% (a 23x increase) – meaning you coughed up 23% of your income over $7,000 in today’s dollars.

In just a few decades, the income tax went from barely skimming from the richest of the rich, to confiscating a quarter of the poorest people’s income…

They start off only targeting the rich. But inevitably, rates go up, and everyone pays.

The Alternative Minimum Tax is another great example. The AMT originally targeted 155 people who were making over what today would be $1.1 million per year, but weren’t paying any federal income taxes because of loopholes and deductions.

But the tax was never adjusted for inflation.

But by 2017, five million taxpayers were paying extra taxes because of the AMT, and more than half of them made less than $200,000 per year.

Same story with self-employment taxes…

Today, people who are self-employed pay double the payroll taxes as typical workers. The government forces them to cover both the employee and employer contributions to Social Security and Medicare…

Do you think if the people from 1913 could see America now, would they still vote for the income tax?

Probably not if they saw which people ended up with the burden…

Be seeing you

tax crime

 

 

 

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What Would Happen If Government Didn’t Handle That? – Foundation for Economic Education

Posted by M. C. on July 26, 2018

https://fee.org/articles/what-would-happen-if-government-didn-t-handle-that/

Gary M. Galles

Those who defend liberty are often challenged to supply exhaustive descriptions of what would happen were some aspect of our increasingly government-dictated lives returned to individuals’ voluntary arrangements. What would happen if government didn’t educate our children? If Social Security didn’t provide for retirement? If Medicaid and Medicare didn’t provide health care? If the USDA, FDA, FAA, etc., didn’t ensure our safety? If the EPA didn’t deal with pollution?

Anyone put on the spot with such questions must recognize that they are rhetorical traps. They are used to put an impossible burden of proof on voluntary arrangements, to allow proponents to dodge having to defend against criticisms of coercive policies… Read the rest of this entry »

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No, the GOP Did Not Just Repeal the Background Check System or Give Guns to the Mentally Ill

Posted by M. C. on February 16, 2018

http://www.nationalreview.com/corner/444582/no-gop-did-not-just-repeal-background-check-system-or-give-guns-mentally-ill

CHARLES C. W. COOKE

…And why would it, given the details? Here’s the American Association of People with Disabilities explaining what was at stake: This rule would require the Social Security Administration to forward the names of all Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) benefit recipients who use a representative payee to help manage their benefits due to a mental impairment to the National Instant Criminal Background Check System (NICS). Or, in layman’s terms: The rule would have allowed bureaucrats within one of our federal agencies to bar American citizens from exercising a constitutional right — and on the highly questionable grounds that to be incapable of managing one’s finances is, by definition, to be a “mental defective.” There were a host of reasons to object to this measure. Read the rest of this entry »

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People of the Lie – by Robert Ringer

Posted by M. C. on December 4, 2017

That said, I would suggest it’s a good idea to keep in mind Ronald Reagan’s admonition that government is not the solution to our problem, but, rather, government is the problem.  Then, once this reality is firmly entrenched in your mind, the challenge is to plan your life accordingly.

http://robertringer.com/people-of-the-lie/

The most masterful perpetrators of The Big Lie are those who wear personality masks intended to deceive.  They are, in the words of M. Scott Peck, “People of the Lie.”

A few examples include:

  • Media personalities who posit themselves as professional commentators while relentlessly pushing their hate-inspired agendas. They are, in fact, People of the Lie.
  • Politicians who cast themselves as champions of “women’s rights,” defenders of the “middle class,” or protectors of “the poor” in an effort to win votes. They are, in fact, People of the Lie.
  • Those who justify the use of violence by claiming to be in hot pursuit of “social justice.” They are, in fact, People of the Lie.
  • Et al.

Read the rest of this entry »

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The world’s first pension crisis – Sovereign Man

Posted by M. C. on March 31, 2017

https://www.sovereignman.com/international-diversification-strategies/the-worlds-first-pension-crisis-21239/

The problem for Social Security is that robots don’t pay tax. So the program will lose a LOT of tax revenue as a result.
Yeah but will they get an earned income credit? Don’t laugh. This is big government we are talking about. Maxine Waters and Diane Feinstein could get it passed.

The theory is workers displaced by robots will retrain and new workers will have the training.

We will see. There will be few low skill jobs and the economy can absorb only so many popular careers such as nursing. Challenging times ahead.

The government says the economy is great. To paraphrase Reagan – do not trust, verify. 

Be seeing you


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