BREAKING: Trump wants to eliminate Social Security's primary funding source

[red dog 1]

Last edited Tue Apr 11, 2017, 07:21 PM - Edit history (1)

Social Security Works.org
April 11, 2017

Last month Donald Trump and Paul Ryan attempted to gut Medicare and Medicaid to give
$1 trillion in tax breaks to the wealthy.
Thanks to your resistance, that effort went down in flames.
Now, rather than learning their lesson, Trump and Ryan are pivoting to an attempt to destroy Social Security to give tax breaks to the wealthy.

This plan is much more insidious than Trumpcare.
The Associated Press reports that as part of Trump's tax reform proposal, they are considering eliminating the FICA contributions that fund Social Security.
Because only the first $127,200 of wages are taxed, Trump's team are calling this a middle class tax cut.
But destroying Social Security's funding will hurt the very people Trump purports to help.

It was reported over the weekend that a GOP lobbyist close to Trump is promoting the plan to completely eliminate Social Security payroll contributions without a firm plan to replace Social Security's funding source.

Eliminating the payroll tax contributions is dangerous - Social Security has maintained it's universal popularity over the past 81 years because everyone pays in, and everyone benefits.
This dedicated funding stream also insulates Social Security from the annual appropriations process that Republicans use to squeeze other programs designed to help the middle class.

For decades, Republicans in Washington and Wall Street bankers have told us that Social Security is going broke - even though Social Security has a $2.8 trillion surplus and can pay out 100% of benefits for the next 17 years, and over 75% of benefits owed after that.

But Republicans' tax plans might be a self-fulfilling prophecy.
By starving Social Security of it's funding, they could finally receive their wish - replacing Social Security's guaranteed benefit with unstable Wall Street retirement plans.

DEMAND DONALD TRUMP AND REPUBLICANS IN WASHINGTON ABANDON THEIR ATTEMPTS TO DESTROY SOCIAL SECURITY.
SIGN THE PETITION TO PROTECT SOCIAL SECURITY'S FUNDING TODAY!
http://actionnetwork.org/petitions/sign-the-petition-dont-let-trump-raid-social-security-contributions

[Vinca]

1. That's insane. Even by GOP standards.

[hibbing]

2. I'm terrified

They are going to be relentless in dismantling all of the New Deal and the ACA. Along with their corporate media propaganda wing promoting this as a "middle class tax cut".


Peace

[Wounded Bear]

3. Goes along with that $5/month raise I got this last January...

Thanks, Republicans.

[The_Casual_Observer]

4. Bush already did this once. "Temporary Employee Payroll Tax Cut"

It's bad medicine in the long run for sure.

[aidbo]

8. President Obama had a payroll tax holiday too.

We need to raise the cap on payments in to SS, not slowly starve it to death.

[The_Casual_Observer]

10. Raising the cap potentially creates an interesting situation. Would those who end up paying in

the higher amount expect to get it back as higher payouts, thus negating the effect?

[aidbo]

15. I'm not 100% sure but I believe one's SS retirement payments are already based on..

..how much one made when working and when one decides to begin collecting. And of course inflation is factored in.

From the website:

We base Social Security benefits on your lifetime earnings. We adjust or “index” your actual earnings to account for changes in average wages since the year the earnings were received. Then Social Security calculates your average indexed monthly earnings during the 35 years in which you earned the most.

https://www.ssa.gov/pubs/EN-05-10070.pdf

[Alice11111]

17. No. There is a cap on payouts. Warren Buffet has advocated

for a long time, that above a certain income level, I think it is more than $1 million of AGI, there should be no SS payments. He has also called for a box on the income tax forms to decline SS. Great idea, and I think a lot of wealthy people would do it when their consciences are provoked.

How many people would find out how to be organ donors, but when someone gives you a box to check, almost anyone would feel like a jerk to say no.

It always baffles me when simple, common sense partial solutions are overlooked. These ideas have been rejected because they won't completely solve the problem.

Yet, they have taken the estate tax down so low, that no one but the very wealthy pay it. Give them a tax break of a million per child, grand child, great grand child, mother, father, sisters and brothers, niece &nephews, or more, maybe anyone, housekeepers, nannies...if they actually include them as beneficiaries. Beyond that, their lawyers can take advantage of the tax loopholes and trust accounts, just like they do anyway.

[The_Casual_Observer]

19. It's been advocated, but who knows what they would actually do in practice.

[Alice11111]

21. Congress would have to pass it...not w these sadistic,

selfish bastards. They WANT the system to fail, just like they want Obamacare to fail. That is what it means to be a Republican.

[Ilsa]

36. A lot of people don't "get it back".

They die young, and benefits are only paid to spouse and children in any, not to an estate. There is no way to guarantee anyone gets it back at any cut off.

However, I could argue that higher paid employees may have better access to better healthcare, even after retirement, and a healthier lifestyle, and thus live longer, so maybe they will get it back.

[Alice11111]

38. High wealth may be correlated to a lifespan increase of 15

years, according to a recent article in the NYT or WaPo, I can't remember which.

[Alice11111]

11. Agree! As an employer, we have to match contributions,

of course. As self employed, I have to pay both parts. Ouch. It is hard. Nonetheless, necessary.

This is such a HUGE, HUGE tax boost for businesses, and a defunding of the limited retirement system that we have in the US. Businesses won't even know what to do w all of the money, but in 10 years, 30pc of the country will be homeless.

I don't think it will happen, but there is still this chipping away. Then again, I never thought Melania Trump would be the designated first lady either.

[wryter2000]

29. He did

It was a bad idea then, but this is much worse.

[joshcryer]

32. He exchanged the sunset of Bush's bill for unemployement and SNAP.

It was a required compromise, but he gets shit on it for getting the country out of the worst crisis since the Great Depression.

[JCMach1]

5. I double dog dare them to release this plan before 2018.

[DemocraticSocialist8]

6. It's the same as with the ACA

If they do this, it will kill them politically in 2018 and 2020. That may be our best defense against some of his worst policies. I'm worried more about his plans for Black and Brown Americans because his supporters really couldn't give a damn about what happens to us. He can get away with a lot more by just pushing xenophobic policies that don't hurt his base.

[Alice11111]

25. I don't think that they give a damn about anyone who isn't a multi millionaire, at least.

They love the wealthy Saudis...remember Bush's kisses. They like Carlos Slim, or they did, until he broke his policy about not making political statements. I'm definitely not saying race is irrelevant. Trevor Martin and thousands of cases show it is huge in the justice system, work, and most all. I just think they don't care much about the wellbeing of ANYONE, regardless of race, unless they see them as the upper class elites, in terms of money, AND they are Republican.

[DemocraticSocialist8]

31. Well you're right with regards to wealthy right-wingers

They don't give a damn about anybody but themselves and their money. I was speaking moreso about working-class right-wingers who will only distance themselves from Trump if he starts to hurt them. If Trump started going after Black people for instance, I don't think that would hurt his 2018/2020 chances at all.

[Alice11111]

46. Black vote is about 12 pc, I think, plus most non blacks would

not stand for it. I know there are a lot of racists, though I was unaware of how many before the election, when the alt right, came out of the closet. I wish they would go back in the closet, for fear of being shamed, like they were before. Maybe it wasn't such a good idea to call them all out after all. Let them stay underground.

The Black vote is organized and active these days. Not all blacks vote or think alike, but they would not put up w being targeted, IMO. A lot of black millennials didn't turn out, but neither did a lot of millenials, over all.

[DemocraticSocialist8]

56. Oh I know Black ppl wouldn't put up with it

but most Black ppl don't vote Republican. Most Black voters are not right-wingers.

[Alice11111]

59. No, but DT always propped up a few Blacks & Hispanics

at his rallies. Most blacks found that offensive. How any blacks could vote for DT amazes me, but my friends tell me a few of their friends did. They chewed them. His, give me a chance, worked w a few, plus, immigration of Mexicans.

[OldHippieChick]

7. I predict AARP will be sending an

alert email tonite. This will not stand. Suspect it was a trial balloon they hoped would get by us. LOL! As if

[Alice11111]

9. TG for watchdog agencies w big ad budgets. Support them.

[spooky3]

33. Just to clarify, AARP is a private org. It is not an agency of

the government. Joining is cheap and everyone eligible to join who wants to support their efforts in this should consider joining.

[Alice11111]

49. Yeah, organization or advocacy group, would have been a better

word choice.

[annabanana]

12. sneaky fuckin' bastards!. . . . n/t

[Alice11111]

52. Good name. Do you live in AZ. Have a friend I teased w

that name.

[Achilleaze]

13. republicans want to throw America's elders under their freaking bus

so they will have enough money to keep sending their Tax-&-Draft Dodger-in-Chief off on gourmet golf trips at taxpayer expense. deplorable.

Why does the KGOP hate America's elders?

[Alice11111]

18. ...that would include the disabled and orphans as well

Maybe add a gal in a wheelchair and a little boy.

[stevenleser]

14. Hey JPR folks, hows that "Trump is better or no worse than Hillary" thing working out? nt

[Ilsa]

41. Here's their

Thread on it. They are all over the place, including reminiscing about Bill Clinton, Monica, and the blue dress.

https://jackpineradicals.com/boards/topic/heads-up-idea-circulating-for-drastic-cuts-to-social-security-payroll-tax/

[BumRushDaShow]

48. WTF?

[stevenleser]

57. You beat me to it. WTF indeed. They've definitely earned their nickname...

"Jackass Radicals"

[Lee-Lee]

16. Eliminating the payroll deduction????!!!???

That's complete insanity on a whole new level.

[George II]

20. Even republicans won't go along with this.

[Amimnoch]

22. Compromise.

They cut the FICA, but replace it with a tax on the war profiteers that fully pays back what was stolen from the fund in the first place to pay for our wars, THEN continues to replace the lost income from the FICA tax.

Do that, and I'm onboard.

[Augiedog]

23. Social security is the third rail of politics, good luck grabbing ahold of that.

[Bettie]

24. For the, shall we say, less aware among us

it would just seem like a huge sudden raise and make them love Agent Orange.

It would take a bit for them to realize that they've been screwed.

[Alice11111]

30. Yes, some could be convinced that the Repubs are trying to stop the govt from taking their money,

Like when GWB wanted to privatize SS, and he argued that the government shouldn't control how you invest your money. That's back on the table, BTW.

[Bettie]

34. Oh, I figured it was

and it is scary as heck for us...we're in our 50's. We started working at that tipping point where pensions were being phased out and 401K's were coming in while wages were stagnating.

So, without SS, we are, well never going to be able to retire, especially if Medicare is gone as well, since there aren't retiree health plans anymore.

[elleng]

26. trump may or may not 'want' to, who the hell knows what he wants?

isn't this screwball scheme from ryan?

[Alice11111]

50. Yeah, true, it was always Ryan's baby, and McTurtle likes

it. DT even said at one point, that he wanted to make SS better. That may be like he wants to make Healthcare better. Hard to tell since he has taken all possible sides of almost every issue. Since he is already campaigning for 2020, my guess, he won't do something in this term, to piss off more than half of Americans. God help us if he actually got re-elected.

[vkkv]

27. Here comes the Greatest Depression. Trump will crash the economy within 2 years.

[bdamomma]

63. Well, if his businesses

went bankrupt the country is next, unless he gets stopped.

[louis-t]

28. Because, like all trickle down assholes, he thinks

that will cause an uptick in spending which will make him look good. He doesn't look ahead to see the debt it will create because he is NOT a good businessman, he is NOT an economist, he is NOT a person who can see any further than the end of his own fucking nose.

[Alice11111]

35. "I love debt," he said it himself.

He used OPM to leverage his businesses, which is common. He went bankrupt multiple times. Then, bragged, "I walked away with a whole lot of money from Atlantic City." Plus, he left workets unpaid, who lost their houses.

Can you believe we elected this man, with that experience alone, to lead our country? Americans, in general, are not too smart, anymore. Can you imagine what the WWII generation, like my grandparents, who paid for things in cash, even houses and cars, would think about this mentality?

[Alice11111]

37. Sorry, have to add, 1 BK, and maybe you could say, he learned.

One BK, and he didn't even go back and pay his workers w his own money. 5 or 7 BKs or whatever, and he doesn't pay his workers. He not only doesn't know how to make or manage money, he is a heartless fraudster.
Who would turn over the management of your money to someone with multiple BKs, who defrauded his workers?

[radius777]

55. and Hillary did point all of that out in the debates,

especially the first debate, where she went at him pretty hard on those points. Hillary may not be the most charismatic speaker, but she is smart and tough, like a prosecutor.

So, in few years voters can't claim they were deceived or something, they knew the facts and made their choice, and will have to deal with the consequences, especially those who (for whatever dumb reason) didn't "like" Hillary and stayed home or voted third party.

[Alice11111]

60. Still pisses me off that people who voted for him excused

themselves because they didn't like Hillary. You are right, she did point it out. Some people say they didn't believe her or the media. Enough stuff came from his own lips to keep any rational Hillary Hater from voting for him. He acknowledged the BKs, which are public record anyway.
His sexual predator remarks....

[tomp]

39. IIRC...

....didn't obama institute a temporary reduction in payroll taxes as a kind of stimulus?

was that a signal that SS funding source was not inviolable?

[stevenleser]

58. You really are responding to this with a Whataboutism to a temporary measure? nt

[LakeArenal]

40. He has no plans.. Just wants to "starve funding" on everything except...

...well, you know......

[warmfeet]

42. I don't want to see people in the streets.

I don't want violence. This asshole in chief, apparently, does.

[Left-over]

43. I do not put anything past the repugnantcons or drumpf. The people doing this have nothing to lose.

[smirkymonkey]

44. They are willing to screw over a majority of the American people so they

can give millionaires and billionaires a ONE TRILLION DOLLAR tax cut! Think about how sick that is for a moment? How can anyone who isn't in the one percent possibly be ok with such a cruel, unfair proposition?

I hate these greedy, motherfu**ing bastards with every fiber of my being!

[Alice11111]

61. Amen!

[Honeycombe8]

45. This is very upsetting. I hope the Trumpers are going to be happy with this.

I think not. If you want to see some unhappy Trumpers, cut their Social Security and Medicare.

[Bernardo de La Paz]

47. Break it first & then eliminate it ("Oh, it's broken"). They tried that with ObamaCare. . . . nt

[liberal N proud]

51. The trump-thumpers will not object, they have no clue what FICA is and will welcome not paying it

You just cannot fix stupid.

[logosoco]

53. The only thing that is going to be United within this country is the military,

the prison system and a possible wall.

This is not a place I really care to live in.

I thought what made us United was how we pitch in to help each other out, build up a good educational system, maintain roads so we can all go around our business and see all the wonderful land that we all owned. And keeping tabs on those who wish to poison our air and water.

That's where I want to live. Not this trumplandia where, if it was a business (as his son thought it should be), I would certainly never go there and I would recommend anyone else to stay away!

[Alice11111]

62. I don't even think the military or ICE is united.

I agree. I deplore the values he is displaying for our country. Ashamed. I would move to Canada if I could.

Putin got more than he bargained for when he set out to divide us and spread hate. The Repubs were already the party of hate. Now, he is probably going to get a war. This Prez couldn't negotiate his way out of a shoe box. He insults China, slaps them around, and then issues a bullying statement, that if they don't get NK under control, he will. They were actually managing NK before he stuck his big arse in.

[Doodley]

54. If they do it, they will be wiped out in 2018 and 2020 and Dems will reinstate it.

[CousinIT]

64. He basically wants to DEFUND social security & call it a 'middle class tax cut'

https://www.democraticunderground.com/10028916209

[CousinIT]

65. Social Security funding and money MUST NOT go into the General Fund or to Wall St!

If funding is cut via taxes and/or it is replaced by some Wall St crap investments or $ from the General Fund - WE'RE DONE.

Once that money is in the Gen Fund, it will be STOLEN for more wars etc and CUT as part of budget crap.

Social Security DOES NOT ADD ONE RED CENT TO THE BUDGET. This is why cutting it as part of any budget plan is INSANE.

HOWEVER if it's put into the General Fund then it WILL add cost to the budget and it WILL be gutted.

AL GORE WAS CORRECT when he said Social Security should be put in a LOCK BOX where NOBODY other than its beneficiaries who paid in can get their hands on it.

If the funding source is changed to "General Fund" or WALL STREET we may as well kiss it goodbye NOW.

Social Security must remain publicly funded and that money must be UNTOUCHED by and SEPARATED from any General Fund or Wall St Casinos.

[red dog 1]

66. + 1