Govt taking more of my check in 2013. DId your taxes go up, too? Are you Rich?

reply to post by camaro68ss


Some politicians are already eyeballing people's 401 K & pension plans. It is their wet dream to get their greedy little fingers on the last hope that some people have for a modest income after they retire.

They would like us to believe that they are better at managing our money than we are. Their record though belies that claim.

I own 2 companies.

I've dealt with livid employees regarding the cut in pay. As much as almost $200/wk in cuts in some cases.

People are pi$$ed.

Not to mention how much I pay in unemployment compensation % now that we need to pay people for years and years to NOT WORK... that's tripled my expense on UC alone.

The $$$ companies are losing, consumers are going to pay by means of a "pass through" tax in the form of higher prices.

Healthcare costs are skyrocketing, I'm exploring means to circumvent Obonnercare.

Personally I'm seeing significantly less on my personal income. Appx. 10% less.

reply to post by Sparky63


in what capacity? the distributions from pension plans are already taxed and, for those making over $200k, they are also tagging a doubling up of the medicare on that money.

perhaps some links would be of use here.

Originally posted by camaro68ss

Originally posted by leemachino

Originally posted by macman

Originally posted by leemachino


I am ok with paying 2% more in hopes that the benefits I have paid into for the past 20 years might still be around when I may need them.

You really think it will be around for you when you are ready for SS?

That is alot of money to pay for just "hope".

Its not that much money. I do believe it will be around when it comes time for me to collect. Unless the gov gives it to the bankers.
If congress would lift the cap so everyone pays the same % instead of the first 100k+ being taxed there wouldnt even be a need for the tax break to expire.
Dont blame Obama, call your congress man or woman. They let it expire.

Im 26 and been paying into SS for 8 years. I will not see SS check when im 65 years old. Its not going to happen. The people that pay into vs those who collect starts to invert by 2018. So by 2018 there will be more people collecting SS then paying in it. He’s a solution. I opt out, the government can keep the 8 years I’ve paid into it and I wave any future collections when I’m 65.

I feel I can invest my money better than any government agency.

Your problem is your “hoping” the government doesn’t give your money to bankers. I say stop giving the government your retirement money in the first place.

Even worse, and this is from the CBO, Medicares CASH drys up by 2016! thats 3 years from now! Still trust the government with your money? We are all paying into it and wont see a dime. Classic Ponzi scheme and no one is talking about it!

edit on 21-2-2013 by camaro68ss because: (no reason given)

One reason you wont see a SS check when your 65 is because at your age you wouldnt be eligible until 67.5

SS has a huge trust set aside as a safety net for when that inversion happens. The payroll tax should have never been reduced a few years ago in the first place. I hear people whining about $20-40 a week and yet i see those same people spending that much or more on Starbucks or lottery every week.

You say my problem is hoping, i dont have a problem with hoping. I dont have a problem with the tax cut expiring.

The only problem I have is with how the gov collects and distributes. Its a seperate tax for SS and yet that money goes into general fund. Then benefits are paid out from general fund. It if were a seperate fund like the taxes are collected seperately, I believe SS would be solvent for my future as well as yours.

If you want to opt out you could always find an "under the table" job and not pay taxes.

reply to post by tovenar

Yes me and everyone around me had tax increase. The Obama Puppet is a LIAR!!!!!

I know single mothers who live check to check, families struggling, gas prices almost at $5, not going or doing anything just to conserve on gas .....and these corrupt bastards in Washington raise the taxes.

The richest 1% have enough tax free $$$$$$ stashed in the Cayman Islands to pay off the Zillion-Dollar deabt for the next 20 years!!!!! They could of raised the taxes just on the richest and left everyone alone.

Here I am having to help out some single mother's, aunts, cousins and what not, and these bastards just take MORE and MORE and MORE!!!!!

Fuming mad.....

Originally posted by Crakeur
reply to post by Sparky63

 

in what capacity? the distributions from pension plans are already taxed and, for those making over $200k, they are also tagging a doubling up of the medicare on that money.

perhaps some links would be of use here.

Here is one link that deals with my concerns:

news.investors.com...

But many in Washington see our investment accounts not as the expressions of well-planned, disciplined decisions but as untapped reservoirs of wealth they can drain to fix the problems that they caused.....President Obama's National Commission on Fiscal Responsibility and Reform, for instance, proposed lowering the cap on the amount workers could place in their 401(k)s without incurring taxes.

And nearly three years ago, Newt Gingrich and Peter Ferrara wrote on these pages about the Treasury and Labor departments "asking for public comment on 'the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams.'"

"In plain English," said Gingrich and Ferrara, "the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years." ....And when they are served up in front of hungry politicians, they can be quickly devoured. All that will be left for the account holders will be a few crumbs.

Here is another one:
www.thegatewaypundit.com...

I have heard rumors of their intentions to do this for years. I hope it is not true.

reply to post by Sparky63


they can lower the allowable pension contribution amounts and, for those that can afford to max out their pensions, that would be horrible.

as to forcing a conversion of pension funds to gov't back annuities, it will never be mandatory because there's no way in hell the population will go for it. Unless, of course, they make it an impossible to refuse deal - guaranteed rate that exceeds the current average rate of return, tax benefits galore etc.

Oddly enough, I'm guessing that the majority of people that would be hurt by either of those options, would be the so called rich, the people making upwards of $200k a year. Folks making less are less likely to max out their pension contributions or have much in the way of pension savings, unless they work for corporations with plans that provide, regardles off employee contribution (profit sharing plans and whatnot).

The cap reduction is something that is, actually, an alternative that might, one day, be seriously discussed.

The second scenario, forced pension conversion, won't happen. It's more fear mongering to sway voter sentiment.

I would REALLY urge everyone to actually read the responses before jumping on with another "Obama is a liar and he raised my taxes" reply. It amazes me how numerous people can provide actual facts that get completely ignored. It's only a three page thread, folks!

To be very clear on this matter, CONGRESS chose to allow the payroll tax holiday, which reduced the amount you paid into social security, to expire. They could have chosen to extend it, but they did not. This is not a tax increase. It was a two year tax holiday that reduced the amount you paid into social security temporarily.

Have I said it enough? No?

The tax deal that Obama made and Congress voted to approve raised taxes on a very limited number of the highest income earners on their FEDERAL INCOME TAX.

Since Congress chose to let the SSI payroll tax holiday expire as well, everyone's SSI payroll deductions returned to the level they were at two years ago. This is NOT the same a your Federal Income Tax.

Originally posted by tovenar

So, am I the only person on ATS who has a job????

"Get used to it." Everyone who wants to say this in a post to me, needs to send me $30 a week from now on.

amen brother, sometimes it seems that way huh!

I'd be willing to bet that a lot, not all, but a lot of people here are receiving some kind of government aid instead of making an honest, hard-earned living. ( judging by the responses, of course)

Between the federal and local govt...Yes, we bring home less... due to the tax thing rolling back among other perfect storms. We expected it, not too happy with it. Particularly at THIS time. It would have been really not a big deal for us if the other shoe didnt drop.. EVERYTHING going up in price, weirdos raised our prop tax due to assessing the house too high, co pays rising with the obama care hysteria, stuff like that. We're taking it to court here pretty soon for review. The mayor lives a street over.. historic homes... his house is better ( completely restored) and he is paying on it at being wrth 70,000! LOL! They assessed ours at well more than twice that and we are still restoring and its definitely not as valuable as the mayors, 2 less bathrooms than he, etc. Here we have to petition for it to be reassessed.. and show comparable homes in the area and their assessment. Its rolled into our mortgage and suddenly our mortgage went up several hundred.. for taxes.. out of the blue! Obviously we were pissed and not the only ones in the area that this happened to. We'll see what happens. The town is a MESS financally and the mayor getting a slide on this along with using TIF money for his buddies business/properties is going to cause an uprising here before long.

I was on my 2nd career and I had to "retire"... as in I quit and we access my savings. I wanted to try a 3rd career before Im too old and I was really having issues being okay with myself working where I did ( PAs office) and feeling culpable in some things. Bad time to quit, but we discussed it and I quit. The husand makes great money, but with homeschooling, having one kid with a liver transplant and THAT continuing expense ( monthly meds are incredibly high.. thousands in copay), and etc.. you can pay your bills, but nothing we used to be able to do. I dont call that thriving and its not where we want to be... particularly at this point in our life together.

Originally posted by Gwampo

Originally posted by tovenar

So, am I the only person on ATS who has a job????

"Get used to it." Everyone who wants to say this in a post to me, needs to send me $30 a week from now on.

amen brother, sometimes it seems that way huh!

I'd be willing to bet that a lot, not all, but a lot of people here are receiving some kind of government aid instead of making an honest, hard-earned living. ( judging by the responses, of course)

Too many Takers
Not enough Makers
It's the American way of life now.
Parasites, societal leeches, they'd wither on the vine otherwise.

It amazes me how many people complain about this 2%. I equate it to a person going on vacation for 2 weeks, and then going back to work, and complaining that their company is taking away their vacation, and making them work. For goodness sake, people, this is NOT a tax increase, it is merely returning the rate to where it was 2 years ago, when Congress and the President decided to make political hay with this free "goodie", which further sunk the Social Security System into a much deeper hole than it already was in. I suppose this attitude on the part of so many people is symptomatic of the times we live in, where so many believe that they are "owed" something for nothing. News flash, people- there is no such thing as a free lunch.Someone gets something for free, and someone else has to pay for it.

reply to post by ProfEmeritus


Bingo!

reply to post by ProfEmeritus


So, this thread:



Basically, I should be happy to pay more money to the bureauted bloatocracy of Washington, and be grateful to let them spend money I earned.

Pardon me, but your sense of entitlement is showing.

reply to post by tovenar



All of my taxes have gone up I'm missing an additonal 64 dollars per week...

Clearly many here don't understand politics, or what was actually being offered in senate. If there weren't any reds in the house then maybe middle class taxes would've gone unchanged, but because of that the people the current administration wanted was dropped to 250k a year while putting taxes on the middle class was also a chip bargained by the reds in office.

reply to post by NoJoker13

Uh...How about no one paying higher taxes, regardless of their economic standard....

How about the Govt quit stealing money from people, to give to others or pissing it away on useless crap.

How about the Govt quit growing and learn to work within a budget, like everyone they seek to rule over...

Originally posted by leemachino
I am ok with paying 2% more in hopes that the benefits I have paid into for the past 20 years might still be around when I may need them.

Yeah...that's great! Pay more in HOPES that something MIGHT be around. Is that really your level of judgement of a YOUR President? Hell...anyone could provide HOPE that something you (and most of us) have paid into for our entire working lives MIGHT be there later. You know though...it was and is our money...not theirs. I mean...you do know that...don't you? So why is it OK for them (government) spending OUR money? In fact, that kinda sounds like the failed stimulus....throw OUR money at them in HOPES that something MIGHT change. Lets HOPE drug addicts MIGHT change, lets HOPE terrorists MIGHT change their minds.

But I guess you got what you elected him for. Or at least the HOPE part. I guess the CHANGE is that now they are taking the money in our pockets (or before it gets there) instead of just taking what we so stupidly paid into government run security. Fox running the hen house.

reply to post by tovenar

Does that 2% count for everyone because it has always been capped at 100k. So if you made 500k you would still only get taxed on 100k. Do you know?

reply to post by Sparky63


I pretty much did the same. No credit cards at all since '88, cash only. If somebody wants to steal my identity and open a credit account, they will probably help me as it can't get any worse.

You just have to follow the 6 "P"s.

Proper Planning Prevents Piss Poor Performance.