Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

1) Lower retirement age (SS benefits) to 60, and raise payroll tax for wages up to $250,000.

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
 
Dawgs Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 09:01 AM
Original message
1) Lower retirement age (SS benefits) to 60, and raise payroll tax for wages up to $250,000.
2) Pass a fair trade reform bill that gives "job saving" incentives to US corporations.

3) End the Bush tax cuts for the rich.

4) Pass a bill that makes it easy for states to set up a single-payer/public option healthcare system.

5) Pass a stimulus energy bill that creates millions of jobs.

6) Pass an immigration reform bill.

7) End the wars and lower military spending to save 500 billion over 10 years.

8) Reform the tax code to make it impossible for corporations to use tax-havens.

9) Restore Glass Steagel.

10) End DADT, close gitmo, etc..

Dawgs top ten list for 2010-2012!!
Printer Friendly | Permalink |  | Top
slackmaster Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 09:02 AM
Response to Original message
1. What about our continued failure to fully adopt and embrace the Metric System?
WHAT ABOUT THE CHILDREN?!?!?!?
Printer Friendly | Permalink |  | Top
 
abluelady Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 09:04 AM
Response to Original message
2. You Make It Sound So Easy
I would ove to hear the responses from the right. I'm sure one of our DU members will know them. Seriously, your reforms would do so much good for so many. Of course the super rich might hurt and the greedy might hurt, but ahh, I bet their lifestyle wouldn't change in the least.
Printer Friendly | Permalink |  | Top
 
Swamp Rat Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 09:04 AM
Response to Original message
3. Excellent list
It's amazing so many Americans settle for so much less.

Printer Friendly | Permalink |  | Top
 
HCE SuiGeneris Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-01-10 12:42 AM
Response to Reply #3
24. No shit.
It baffles me.
Printer Friendly | Permalink |  | Top
 
earth mom Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-01-10 01:33 AM
Response to Reply #3
26. Love the artwork! It says it all doesn't it?!
:thumbsup:
Printer Friendly | Permalink |  | Top
 
Donnachaidh Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 09:05 AM
Response to Original message
4. Repeal and BAN *Corporate Personhood* - BAN corporate donations to anything political!
you forgot one of THE most important bits.
Printer Friendly | Permalink |  | Top
 
Dawgs Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 09:21 AM
Response to Reply #4
6. Agree.
:hi:
Printer Friendly | Permalink |  | Top
 
R. P. McMurphy Donating Member (394 posts) Send PM | Profile | Ignore Wed Jun-30-10 09:11 AM
Response to Original message
5. WOOF! WOOF!*
* translated - K & R for Dawgs excellent top ten list!
Printer Friendly | Permalink |  | Top
 
RUMMYisFROSTED Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 09:23 AM
Response to Original message
7. Why stop at $250K?
:shrug:
Printer Friendly | Permalink |  | Top
 
Dawgs Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 12:04 PM
Response to Reply #7
20. I tried to be realistic with my top ten list. I'm not sure $125K is even possible.
It's not a wish list for what I want, but a wish list for what I want that could get passed.
Printer Friendly | Permalink |  | Top
 
RUMMYisFROSTED Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 02:40 PM
Response to Reply #20
22. The "Get Passed" hurdle.
Got it.
Printer Friendly | Permalink |  | Top
 
lunatica Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 09:24 AM
Response to Original message
8. Not in Alice's Looking Glass
we call the USA.
Printer Friendly | Permalink |  | Top
 
Autumn Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 09:29 AM
Response to Original message
9. All very reasonable, in another
universe. But not in the one we have. K/R
Printer Friendly | Permalink |  | Top
 
unblock Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 09:30 AM
Response to Original message
10. better yet, abolish the payroll taxes entirely
raise the money needed to fund medicare and social security from the progressive income tax instead.
Printer Friendly | Permalink |  | Top
 
sabbat hunter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 10:02 AM
Response to Reply #10
11. i disagree
with that idea, as that will give later governments the opportunity to "choke out" SS by denying it funds from the general income tax. It needs a dedicated tax source.
Printer Friendly | Permalink |  | Top
 
unblock Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 10:21 AM
Response to Reply #11
13. i don't think so. there have been and will always be foes who want to starve it no matter what.
although my point was to make the tax progressive like the income tax, rather than regressive as it is now.
i'd be happy with another way to make it progressive and keep a dedicated funding source.
Printer Friendly | Permalink |  | Top
 
sabbat hunter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 10:27 AM
Response to Reply #13
14. just make it more progressive
rather than a flat tax that ends at ~$90k
Printer Friendly | Permalink |  | Top
 
Statistical Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 10:37 AM
Response to Reply #13
15. SS is progressive because the compensation is progressive.
Edited on Wed Jun-30-10 11:28 AM by Statistical
http://www.ssa.gov/pubs/10070.html#estimate

Essentially what you "get out" is based on what you put in however it is on a sliding scale.

SS takes top 35 wage earning years (adjusted for inflation) and then gets average monthly income of those 35 years.
Years worked beyond 35 do not raise benefit (however since top 35 years are looked at it has effect of "dropping" lower paying years).

Your benefit check at full retirement is:
90% of wages on first $761
32% of wages between $762 and $4,586
15% of wages over $4,586

(These numbers are for 2010 and are adjusted for inflation each year).

Put all that together

Avg. monthly wage Benefit
<= $761 90% of wages
$762 to $4,586 $685 + 32% of wages over $761
>$4,586 $1908 + 15% of wages over $4,586


So while everyone pays in at a fixed rate the "return" on that investment is higher for lower income members.

Sometimes real dollars makes more sense, compare two hypothetical workers.

Worker A has:
Inflation adjusted average income of $2,000 per month on highest 35 years of wages
Works total of 12 other years not included in SS calculation with average wage of $1,000 per month (only top 35 years are counted)
Retires at age 65 and lives 20 years on retirement.

Over entire working career Worker A contributes $61,008 in SS taxes (employer contributes another $61,008).
Worker B has first year benefit of $1157.48 a month and a total lifetime compensation of $277,795.20. This is excluding COLA increases.
Lifetime ROI on SS "investment" 455%.

Worker B has:
Inflation adjusted average income of $5,000 per month on highest 35 years of wages
Works total of 6 other years not included in SS calculation with average wage of $3,000 per month (only top 35 years are counted)
Retires at age 65 and lives 20 years on retirement.

Over entire working career Worker A contributes $143,592 in SS taxes (employer contributes another $143,592).
Worker A has first year benefit of $1930.50 a month and a total lifetime compensation of $463,320.00. This is excluding COLA increases.
Lifetime ROI on SS "investment" 323%.

Dollars to dollars:
Worker A gets $4.55 in benefits for each dollar paid into SS.
Worker B gets $3.23 in benefits for each dollar paid into SS.

Printer Friendly | Permalink |  | Top
 
unblock Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 10:46 AM
Response to Reply #15
16. excellent point, and more so to the extent benefits are subject to income tax
which in and of itself sucks, but it does make it more progressive in that when people like bill gates get social security they will pay the top marginal tax rate on something close to 85% of his benefits, whereas those whose smaller social security check is their only source of income will pay nothing, or nearly so.


on the other hand, this only applies to retirement benefits, meaning you have to live long enough to draw a reasonable amount before it becomes progressive overall. if you die before you get to that point, you only exerience the payroll tax, which in and of itself is regressive.

Printer Friendly | Permalink |  | Top
 
Statistical Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 10:49 AM
Response to Reply #16
18. Agreed as the infomercials say "individual results may vary".
Edited on Wed Jun-30-10 10:58 AM by Statistical
However from a macro-economic viewpoint the overall system is progressive.

It can be made even MORE progressive by raising the cap. Since wages above $54,816 (inflation adjusted) are only replaced at 15% (and even less after taxes) the more funding collected in that wage category the more progressive the system becomes.


Two more examples just to take it to the extreme.

Current cap on SS wages is $106,800 (once again inflation adjusted). Lets look at a "max wage worker" today (worker C) and under a new cap say $250,000 (worker D).

....

Worker C (current SS max wage earner) has:
Inflation adjusted average income of $8,900 per month on highest 35 years of wages
Works total of 15 other years not included in SS calculation with average wage of $5,000 per month (only top 35 years are counted)
Retires at age 65 and lives 20 years on retirement.

Over entire working career Worker A contributes $287,556 in SS taxes (which employer matches).
Worker C has first year benefit of $2558.87 a month and a total lifetime compensation of $614,088.
This is excluding COLA increases. Lifetime ROI on SS "investment" 213%.

Worker D (new $250,000 cap wage earner) has:
Inflation adjusted average income of $20,833 per month on highest 35 years of wages
Works total of 15 other years not included in SS calculation with average wage of $5,000 per month (only top 35 years are counted)
Retires at age 65 and lives 20 years on retirement.

Over entire working career Worker A contributes $598,291.32 in SS taxes (which employer matches).
Worker D has first year benefit of $4348.70 a month and a total lifetime compensation of $1,043,688.
This is excluding COLA increases. Lifetime ROI on SS "investment" 174%.

Printer Friendly | Permalink |  | Top
 
Dawgs Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 12:02 PM
Response to Reply #10
19. I have to admit that I'm not as educated as I would like to be on this.
I think, at a minimum, raising the payroll tax wage amount to a more reasonable number should happen now.

A more progressive tax would be better, and you guys have some great ideas, but I'm trying to think of what can actually get passed.

I'm not sure that any of my top ten would be impossible to get through Congress.
Printer Friendly | Permalink |  | Top
 
xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 10:13 AM
Response to Original message
12. Highly recommend. Nt
Printer Friendly | Permalink |  | Top
 
laughingliberal Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 10:48 AM
Response to Original message
17. K & R nt
Printer Friendly | Permalink |  | Top
 
SoCalDem Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 12:05 PM
Response to Original message
21. Yep.. going back to when things "worked" is the solution, but politicians will NEVER admit
they were wrong.. All you have to do is look at how things were when they worked.. There IS a roadmap to follow, but pols EAT the breadcrumbs so there is never a chance to "go back"..
Printer Friendly | Permalink |  | Top
 
slay Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 10:09 PM
Response to Original message
23. Also - Legalize and tax marijuana
at least for medical but preferably for recreational use as well. We've already lost trillions in taxes all cause of some old ass stupid 1937 law that made the plant illegal. Now it funds gangs and CIA black-ops and is opposed by pharmaceutical giants, the alcohol industry, the timber industry, etc. Lets legalize it and use the money to help fund social security, universal health care, schools, etc. Time for us to start thinking smart - as well as allowing people a recreational substance choice other than alcohol.
Printer Friendly | Permalink |  | Top
 
Dawgs Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-02-10 08:50 AM
Response to Reply #23
29. Oh my gosh!! I can't believe I forgot that one. My list just became top 11.
:hi:
Printer Friendly | Permalink |  | Top
 
slay Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-02-10 09:21 AM
Response to Reply #29
30. Glad to help
:) :hi: :smoke: :hippie:
Printer Friendly | Permalink |  | Top
 
Enthusiast Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-01-10 01:16 AM
Response to Original message
25. Can I vote for you? nt
Printer Friendly | Permalink |  | Top
 
earth mom Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-01-10 01:35 AM
Response to Original message
27. Huge K & R!
:kick:
Printer Friendly | Permalink |  | Top
 
Greyhound Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-01-10 03:22 AM
Response to Original message
28. Here's 50 for you.
As we move further and further down this road to ruin, I'm re-considering the idea of a Constitutional Convention to get the second Bill of Rights included.
:kick: & R
Printer Friendly | Permalink |  | Top
 
blindpig Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-02-10 10:09 AM
Response to Original message
31. In addition....

nationalize the energy, finance and private prison industries.

Repeal Taft-Hartley
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Sat Jul 26th 2014, 02:22 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC